Smart Health Devices Market

Market Overview

The global smart health devices market size was valued at USD 11.11 billion in 2023. It is estimated to reach USD 73.17 billion by 2032, growing at a CAGR of 23.3% during the forecast period (2024–2032). The global smart health devices market is driving due to the surging cases of chronic diseases worldwide, owing to lifestyle changes, a rise in smoking, alcohol consumption, pollution, etc. This rise in chronic disease cases is anticipated to increase the demand for regular monitoring, thereby boosting the global market growth. Moreover, there has been a growing demand for home healthcare and telehealth services in recent years, especially after the COVID-19 pandemic, thus augmenting the market expansion.

Highlights

• Diagnostic and monitoring devices dominate the product type segment
• North America is the highest shareholder in the global market

Market Overview

Smart health devices are wireless devices that can monitor, diagnose, or treat various health conditions. They can be worn on the body, implanted in the body, or handheld. Some examples of smart health devices are smart watches, smart pills, smart syringes, smart glucose monitors, smart inhalers, and smart ECG monitors.

Smart health devices typically incorporate sensors, connectivity features (like Bluetooth or WiFi), and sometimes artificial intelligence to collect, track, and analyze health-related data. They can connect to smartphones, tablets, computers, or cloud platforms and transmit real-time data to healthcare providers, patients, or caregivers. Smart health devices can improve the quality, accessibility, and affordability of health care and empower patients to manage their health.

Market Dynamics

Global Smart Health Devices Market Drivers

Increasing Prevalence of Chronic Diseases

The rising incidence of chronic diseases, including cardiovascular diseases, cancer, diabetes, and respiratory disorders, is a key factor contributing to the smart health devices market growth. The World Health Organization reported that chronic illnesses are responsible for the deaths of over 41 million individuals annually, accounting for 74% of all global fatalities. Approximately 77% of deaths caused by chronic diseases occur in nations with low- and middle-income economies.

Smart healthcare devices enable patients to track essential indicators, such as vital signs, blood glucose levels, medication compliance, and symptoms. They can also promptly notify patients or their healthcare providers of any irregularities. Smart healthcare technologies can additionally assist patients in complying with their treatment regimens, decreasing hospital visits, and enhancing their overall well-being. Moreover, smart inhalers can monitor and record inhalation usage, dosage, and frequency. They can also offer feedback and send reminders to patients suffering from asthma or chronic obstructive pulmonary disease (COPD).

Growing Demand for Home Health Care and Telehealth Services 

The growing demand for home health care and telehealth services is estimated to boost the smart health devices market. The COVID-19 pandemic has increased the need for home health care and telehealth services, as many people prefer to avoid visiting hospitals or clinics to reduce the risk of infection. Smart health devices can enable home health care and telehealth services by allowing patients to remotely measure, record, and share their health data with their healthcare providers and receive diagnosis, treatment, and guidance without leaving their homes.

Smart health devices can also reduce healthcare costs, improve access and convenience of healthcare, and enhance patient satisfaction and engagement. As reported by Straits Research, the global market for home healthcare equipment reached a value of USD 392.85 billion in 2021. It is projected to grow at a CAGR of 11.9% from 2022 to 2030. According to a poll conducted by McKinsey & Company, almost 40 percent of respondents expressed their intention to continue utilizing telehealth services in the future. This is a significant increase compared to the 11 percent of customers who used telemedicine before the COVID-19 pandemic.

Global Smart Health Devices Market Restraint

High Cost of Smart Health Devices 

The high cost of smart health devices is one of the major restraints of the smart health devices market. Smart health devices are often expensive and unaffordable for many people, especially in developing countries. For instance, the average price of a smartwatch ranges from USD 100 to USD 500, while the average price of a smart pill ranges from USD 1,000 to USD 3,000.

The high cost of smart health devices can limit their adoption and penetration in the market and widen the health disparities among different income groups. Moreover, the high cost of smart health devices can also increase the healthcare expenditure for patients, insurers, and governments and pose a financial burden on the healthcare system.

Global Smart Health Devices Market Opportunities

Rapid Product Launches

The market participants are progressively introducing smart health devices to enhance their market share and improve the efficiency of advanced healthcare. For instance, in August 2022, Dozee, an Indian company that produces health devices, formed a partnership with Midmark India, a major hospital bed manufacturer in South Asia. This collaboration aims to introduce a connected bed platform specifically designed for non-ICU environments. As per a press statement, their smart bed would allow hospitals to consistently monitor the health status of patients in step-down ICUs and other wards that are not intensive care units. The smart bed can also be linked to a central control center and a hospital's Health Management Information System (HMIS).

Additionally, in March 2023, Validic Inc., a prominent firm in the digital health and customized care industry, further enhanced its healthcare Internet of Things (IoT) platform by including a Smart Meter. This integration introduces Smart Meter's advanced cellular-enabled monitoring devices, designed for patient convenience, to the expanding network of SmartPartners in England inside the Validic ecosystem. As a result, these new product launches are expected to generate opportunities for market expansion.

Regional Analysis

Based on region, the global smart health devices market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. 

North America Dominates the Global Market

North America is the most significant global smart health devices market shareholder and is expected to expand substantially during the forecast period. North America exerted significant influence over the global smart health devices market due to several factors, including widespread usage of smart health devices, prominent market participants, favorable government regulations, modern healthcare infrastructure, and high consumer awareness and disposable income. The North American market will continue its dominant position during the forecast period. This is primarily ascribed to the growing incidence of chronic illnesses, the rising number of elderly individuals, the rising demand for home health care and telehealth services, and the rapid advancements in smart health devices. According to the Population Reference Bureau, Americans aged 65 years or older are projected to rise from 52.0 million in 2018 to 95.0 million by 2026. Similarly, the proportion of this age group in the total population is forecast to increase from 16% to 23%.

Furthermore, the prominent players are introducing innovative products into the market. For instance, in September 2023, Garmin unveiled two new smartwatches, the Venu 3 and Venu 3S, specifically designed for the US market. The Venu 3 series smartwatches feature an AMOLED display, a wheelchair mode, nap detection, multiple health tracking modes, enhanced battery life, and more functionalities. Moreover, there has been an increase in research and development efforts aimed at creating smarter and more efficient health devices. For instance, in October 2023, fitness trackers, smartwatches, and other wearable technologies were widely used to monitor and regulate personal health. The FAMU-FSU College of Engineering researchers are enhancing the technology by creating flexible and elastic electrical components that enhance measurement precision, prolong battery life, and enhance user comfort. Therefore, these factors contribute to the expansion of the regional market.

The Asia-Pacific region had the most rapid growth in the market for smart health devices due to its substantial population, escalating rates of chronic illnesses, enhanced healthcare infrastructure, and increased disposable income and consumer awareness. The regulatory bodies in this region are increasingly approving innovative products, leading to growing support for them. For instance, in February 2023, Xplore Health, a provider of MedTech solutions, revealed that its medical watch CardiacSense has got approval from the Central Drug Standard Control Organization (CDSCO), the Indian Regulatory Authority under the Health Ministry of India. The approval was granted before the commencement of its commercial release in partnership with CardiacSense Ltd, an Israeli Medtech business. Consequently, these approvals increase the introduction of smart health devices in the market.

For instance, in January 2021, the Korean startup ICON.AI introduced the first-ever Smart Healthcare Device at CES 2021. The Smart Healthcare Device efficiently collects complete data by touching the detachable health tracker. This data includes heart rate information, blood pressure trends, and peripheral oxygen saturation levels. The entire process takes approximately 60 seconds. The Smart Healthcare Device comprises two primary components: a Smart Display Speaker equipped with Alexa Built-in and a Detachable Health Tracker. The Smart Display Speaker has an LCD Touchscreen, a 5W Speaker that delivers high bass and surround sound, and Bluetooth and WiFi connectivity. Hence, the collective influence of these elements contributes to the expansion of the regional market.

Segmental Analysis

The global smart health devices market is bifurcated into product type, sales channel, and end-user.

Based on product type, the global smart health devices market is segmented into diagnostic and monitoring devices, therapeutic devices, and others. 

The diagnostic and monitoring devices segment dominates the global market. The diagnostic and monitoring segment comprises devices such as smart watches, intelligent electrocardiogram (ECG) monitors, intelligent blood pressure monitors, smart glucose monitors, smart thermometers, and smart oximeters. The diagnostic and monitoring devices segment is projected to continue its dominance throughout the forecast period due to the significant demand for these devices in managing chronic diseases, tracking fitness, and monitoring wellness.

Moreover, the prominent stakeholders are introducing innovative goods in this market segment. For instance, in August 2023, Bonatra, a health tech startup, announced the debut of Wearable Smart Rings. According to the claim, the recently introduced Smart Rings are specifically developed to consistently track several health indicators, enabling users to extend their lifespan and improve their overall well-being. This is expected to stimulate the expansion of the segment.

Based on sales channels, the global smart health devices market is bifurcated into pharmacies, online channels, and others.

The online channel segment is experiencing rapid growth as many people invest in smart health devices online because of the convenience, wide range of options, and discounted prices available on online platforms. Online platforms frequently offer a more extensive array of smart health devices than physical retail outlets. This enables purchasers to evaluate attributes, costs, and evaluations effortlessly to identify the product that most aptly meets their requirements.

Additionally, it allows users to browse consumer evaluations and ratings, which serve as essential sources of information for prospective purchasers. This enables consumers to make more knowledgeable selections by considering the firsthand experiences of others. The online channel segment is expected to experience the most significant growth rate throughout the projected period, attributed to the COVID-19 pandemic's impact on increasing online shopping behavior and the adoption of e-commerce platforms.

Based on end-users, the global smart health devices market is bifurcated into hospitals, clinics, home care, and others.

Smart health devices have transformed home care by offering individuals simple and effective tools to monitor their health and well-being. Smart pill dispensers and medication reminder apps aid users in efficiently managing their prescription schedules. These devices can transmit notifications when necessary to consume medication, monitor the amount of medication followed, and even administer the accurate dosage at the designated time. Moreover, smart healthcare technologies enhance telemedicine appointments by allowing individuals to remotely communicate with healthcare providers. Smart thermometers, otoscopes, and stethoscopes provide virtual consultations and remote diagnosis of common ailments.

Recent Developments

• November 2023- DuPont announced a collaboration between DuPont™ Liveo™ Healthcare Solutions and STMicroelectronics, a leading global provider of semiconductor technology for various electronics applications. The collaboration aims to develop an innovative concept for a smart wearable device that can remotely monitor biosignals.
• January 2024- Samsung Electronics announced its intentions to launch a novel smart health device named the Galaxy Ring during this fiscal year.