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Smart Medical Devices Market Size & Share to Surpass $65.45 Billion by 2030 | Vantage Market Research
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WASHINGTON, April 10, 2023 (GLOBE NEWSWIRE) — The global Smart Medical Devices Market is valued at USD 28.81 Billion in 2022 and is projected to reach a value of USD 65.45 Billion by 2030 at a CAGR of 10.80% over the forecast period.
Smart Medical Devices Market Overview
The smart medical devices market is a rapidly growing industry that includes a wide range of medical devices equipped with advanced technology such as sensors, Bluetooth, and internet connectivity. These devices are designed to collect, store, and transmit patient health data in real-time, allowing for remote monitoring and analysis by healthcare professionals.
The market for smart medical devices includes devices such as smart wearable devices, health monitoring systems, insulin pumps, smart inhalers, and smart pills. These devices are used in various applications such as remote patient monitoring, chronic disease management, fitness tracking, and medication adherence.
The increasing prevalence of chronic diseases such as diabetes and cardiovascular diseases, along with the growing aging population, are the major drivers of the smart medical devices market. The demand for efficient and cost-effective healthcare solutions is also driving the growth of the market.
The market is expected to continue to grow in the coming years, driven by the increasing demand for personalized and connected healthcare solutions. However, there are also concerns around data privacy and security, which may hinder the growth of the market if not addressed adequately.
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Market Dynamics
- Increasing Prevalence of Chronic Diseases: The rising incidence of chronic diseases such as diabetes, cardiovascular diseases, and respiratory diseases is driving the demand for smart medical devices. These devices allow patients to manage their health conditions remotely and in real-time.
- Technological Advancements: The increasing advancements in technology such as IoT, AI, and machine learning are driving the growth of the smart medical devices market. These technologies have enabled the development of more advanced devices that offer more accurate and reliable data.
- Aging Population: The growing aging population is driving the demand for smart medical devices. The elderly population is more prone to chronic diseases and requires regular monitoring of their health conditions, which can be done efficiently with smart medical devices.
- Cost-Effective Healthcare Solutions: The rising healthcare costs are driving the demand for cost-effective healthcare solutions. Smart medical devices offer an affordable and efficient solution for remote patient monitoring and chronic disease management.
- Regulatory Frameworks: The regulatory frameworks governing the smart medical devices market play a significant role in shaping the market dynamics. The regulatory bodies are responsible for ensuring the safety and efficacy of these devices, which can impact the adoption of these devices.
- Data Privacy and Security: As smart medical devices collect and transmit sensitive patient data, data privacy and security are major concerns. The market dynamics are influenced by the measures taken to address these concerns and ensure the protection of patient data.
Challenges
- High cost of devices: The high cost of smart medical devices is a major challenge to the growth of the market. These devices are often expensive, which can make them inaccessible to people in low- and middle-income countries.
- Lack of awareness: The lack of awareness about smart medical devices is another challenge to the growth of the market. Many people are not aware of the benefits of these devices, which can limit their adoption.
- Regulatory challenges: The regulatory challenges in the healthcare sector can also hinder the growth of the market. For example, the approval process for new medical devices can be long and complex, which can delay the introduction of new products
Top Players in the Global Smart Medical Devices Market
- Smart Medical Devices Inc.
- ViVO Smart Medical Devices Ltd
- Dexcom Inc
- Abbott Laboratories
- Medtronic Plc.
- NeuroMetrix Inc.
- Omron Healthcare Inc.
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Top Report Findings
Based on application, the market is segmented into cardiovascular, diabetes, respiratory, neurological, and others. Cardiovascular is the largest segment of the market, accounting for a major share of the market in 2022. This is attributed to the increasing prevalence of cardiovascular diseases, such as heart disease and stroke. Diabetes is the fastest-growing segment of the market, with a CAGR of 10.80% during the forecast period. This is attributed to the increasing prevalence of diabetes and the need for continuous monitoring of blood sugar levels.
Based on distribution channel, the market is segmented into hospitals, clinics, pharmacies, and online retailers. Hospitals are the largest segment of the market, accounting for a major share of the market in 2022. This is attributed to the increasing number of hospitals and the need for these devices for the diagnosis and treatment of diseases. Clinics are the fastest-growing segment of the market, with a CAGR of 16.0% during the forecast period. This is attributed to the increasing number of clinics and the need for these devices for the diagnosis and treatment of diseases.
Based on region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is the largest segment of the market, accounting for a major share of the market in 2022. This is attributed to the developed healthcare infrastructure and the increasing prevalence of chronic diseases in the region. Europe is the second-largest segment of the market, accounting for a major share of the market in 2022. This is attributed to the developed healthcare infrastructure and the increasing prevalence of chronic diseases in the region. Asia Pacific is the fastest-growing segment of the market, with a CAGR of 10.80% during the forecast period. This is attributed to the rising disposable income, increasing awareness about healthcare, and the growing prevalence of chronic diseases in the region.
Top Trends in Global Smart Medical Devices Market
- Increased adoption of wearable devices: Wearable devices are becoming increasingly popular as a way to track health and fitness data. These devices can be used to monitor heart rate, blood pressure, and other vital signs. They can also be used to track sleep patterns and activity levels.
- Rising demand for remote patient monitoring: Remote patient monitoring is a growing trend in the healthcare industry. This involves using technology to monitor patients’ health remotely. This can be done through devices such as wearables, smartphones, and tablets. Remote patient monitoring can help to improve patient outcomes and reduce costs.
- Increasing use of artificial intelligence (AI) in healthcare: AI is being used in a variety of ways in the healthcare industry. For example, AI is being used to develop new drugs, to diagnose diseases, and to provide treatment. AI is also being used to develop smart medical devices.
- Growing demand for personalized healthcare: Personalized healthcare is a growing trend in the healthcare industry. This involves tailoring treatment to the individual patient’s needs. This can be done through the use of smart medical devices, which can collect data about the patient’s health. This data can then be used to develop personalized treatment plans.
- Advancements in wireless technology: Wireless technology is playing a major role in the development of smart medical devices. Wireless devices can be used to monitor patients’ health remotely and to transmit data to healthcare providers. This can help to improve patient outcomes and reduce costs.
- Regulatory changes: Regulatory changes are also impacting the smart medical devices market. For example, the FDA has recently approved the use of wearable devices to monitor heart rate and blood pressure. This is likely to lead to an increase in the adoption of wearable devices.
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Regional Analysis
North America: North America dominates the smart medical devices market, owing to the presence of major players, increasing demand for connected healthcare solutions, and favorable government initiatives. The region is also witnessing a growing trend towards home healthcare, which is driving the demand for remote patient monitoring devices.
Europe: Europe is a significant market for smart medical devices, driven by the increasing prevalence of chronic diseases and the need for cost-effective healthcare solutions. The region is witnessing a shift towards value-based healthcare models, which is driving the adoption of smart medical devices.
Asia Pacific: Asia Pacific is expected to witness significant growth in the smart medical devices market, driven by the increasing demand for connected healthcare solutions, the growing aging population, and the increasing prevalence of chronic diseases. The region is also witnessing a shift towards digital health solutions, which is driving the adoption of smart medical devices.
Latin America: Latin America is a growing market for smart medical devices, driven by the increasing demand for cost-effective healthcare solutions and the need for remote patient monitoring. The region is also witnessing a growing trend towards mobile health solutions, which is driving the adoption of smart medical devices.
Middle East and Africa: The Middle East and Africa are emerging markets for smart medical devices, driven by the increasing adoption of advanced healthcare technologies and the growing need for cost-effective healthcare solutions. The region is also witnessing a growing trend towards telemedicine and remote patient monitoring solutions, which is driving the adoption of smart medical devices.
Global Smart Medical Devices Market Segmentation
By Type
- Diagnostic and Monitoring Devices
- Therapeutic Devices
By Application
- Cardiovascular
- Neurology
- Respiratory
- Others
By End User
- Hospitals and Clinics
- Ambulatory Care Centers
- Home Care Settings
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 28.81 Billion |
| Revenue Forecast by 2030 | USD 65.45 Billion |
| CAGR | 10.80% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Smart Medical Devices, Inc., ViVO Smart Medical Devices Ltd, Dexcom Inc, Abbott Laboratories, Medtronic Plc., NeuroMetrix, Inc., Omron Healthcare, Inc. |
| Customization Options | If our report does not include the information you are searching for, you may contact us to have a report tailored to your specific business needs https://www.vantagemarketresearch.com/smart-medical-devices-market-1623/request-sample |
The key questions answered in the Smart Medical Devices Market Report are:
- What is the current size and future growth potential of the smart medical devices market?
- What are the major drivers and challenges of the smart medical devices market?
- What are the key trends shaping the smart medical devices market?
- Which product types and applications are expected to dominate the smart medical devices market?
- What is the competitive landscape of the smart medical devices market, and who are the key players operating in the market?
- What are the regulatory frameworks governing the smart medical devices market, and how are they impacting the market dynamics?
- What is the market share of different regions in the global smart medical devices market, and what are the key market trends in each region?
- What are the major opportunities for growth in the smart medical devices market, and how can companies capitalize on them?
- What are the major challenges facing the smart medical devices market, and how can they be addressed?
- What are the key strategies adopted by leading players in the smart medical devices market to stay competitive and enhance their market share?
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Overseas Expansion Strategy of K-OTT Introduced in France, KOCCA holds the ‘2024 Korea-France Content Forum’
– The ‘Korea-France Content Forum’ held to establish the Foundation for K-OTT’s oversea expansion
PARIS, May 24, 2024 /PRNewswire/ — The Ministry of Culture, Sports and Tourism (Minister Yu In-chon) and the Korea Creative Content Agency (President, Jo Hyun-rae, hereafter KOCCA) held the ‘2024 Korea-France Content Forum’ on May 24th during the Korea Expo in Paris, France.
The ‘2024 Korea-France Content Forum’ featured a keynote session (K-OTT’s Strategies in Global market) presenting K-OTT’s strategies for international expansion and a roundtable session (Strategies in the Era of Streaming) discussing the growth of OTT platforms and collaborative approaches with production companies.
The forum featured participation from various industry leaders including Kun hee Park (CEO, Wavve Americas), Sangjin Lee (Head of content IP Business, LG U+), Seung ae Sohn (Executive Director, Showbox), Ji ae Sohn (Ambassador for Cultural Cooperation), Moonju Kim (General Director, France Business Center, KOCCA), Isabelle Degeorges (President, Gaumont Television France) which produced the French Netflix original series, participated.
Strategy announcement by Wavve Americas (KOCAWA), the first K-OTT’s launched in Europe
During the Keynote Session, Park Kun Hee – CEO of Wavve Americas, the first domestic OTT Platform to launch services in Europe, Took the stage to discuss the international expansion strategy of KOCOWA, which started offering services in 39 countries including Europe since April of this year. Following this, Lee Sangjin, Head of Content IP Business of LG U+, presented the expansion strategy of LG U+ Mobile TV, encompassing diverse original content.
During the round-table session, participants shared thoughts and solutions regarding the survival strategies of local OTT platforms and production companies amidst the rapid waves of change brought about by the emergence of global OTT platforms.
In particular, through this forum, we were able to observe the proactive implementation of IP protection policies by local production companies in France, aimed at sustainable content creation. Isabelle Degeorges, CEO of Gaumont Television France, noted, “With the introduction of the European Audiovisual Media Services Directive (AVMSD), platforms and production companies can share IPs three years after supplying the content.” Kim Moon-joo, Director of the Korea Creative Content Agency’s France Business Center, participated as a panelist, introducing policies aimed at enhancing the competitiveness of K-OTT and fostering collaboration with production companies.
Park Kun Hee, CEO of Wavve Americas, who participated in the event, stated, “It was a meaningful opportunity to introduce our platform locally in Europe in line with KOCOWA’s expansion into the region”. Additionally, Kyoungbon Koo, Director Broadcasting & Video Content Division at KOCCA commented, “It was a meaningful occasion to not only introduce K-OTT’s strategies to Europe but also to exchange ideas on collaboration between Korea and France. We will continue to focus on activating various forms of collaboration with major international partners in the future”.
KOCCA supports the overseas expansion of excellent domestic OTT content and platforms through the newly established Local OTT Specialized Support Program this year. This initiative aims to enhance the competitiveness of domestic OTT platforms and content by adapting to the changing industrial environment.
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IoT Node and Gateway Market worth $604.7 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, May 24, 2024 /PRNewswire/ — The IoT Node and Gateway market is projected to grow from USD 424.6 billion in 2024 and is estimated to reach USD 604.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the IoT Node and Gateway market is driven by the Provision of increased IP address space through IPv6, Emergence of 5G technology, and Increasing need for data centers.
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Browse in-depth TOC on “IoT Node and Gateway Market”
410 – Tables70 – Figures390 – Pages
IoT Node and Gateway Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 424.6 billion
Estimated Value by 2029
$ 604.7 billion
Growth Rate
Poised to grow at a CAGR of 7.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Hardware, End-use Application and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Requirement for wireless spectrum and licensed spectrum
Key Market Opportunities
Accelerated IoT adoption in healthcare sector
Key Market Drivers
Rising use of wireless smart sensors and networks
By Hardware, the Logic Devices are projected to grow at a high CAGR of IoT Node and Gateway market during the forecast period.
Logic devices can adapt to changing requirements even after deployment. As new features or functionalities are needed, the logic within the device can be reprogrammed to accommodate these changes, extending the useful life of the product and reducing the need for hardware revisions. The integration of FPGA technology into IoT devices further enhances these advantages. The integration of FPGAs into IoT nodes and gateways empowers manufacturers to develop highly optimized, customizable, and scalable solutions that meet the diverse needs of IoT applications. Tesla’s Full Self-Driving (FSD) computer utilizes FPGAs to handle complex neural network computations for autonomous driving algorithms. This allows them to potentially improve their FSD capabilities through software updates that reconfigure the logic within the FPGAs.
BFSI segment in IoT Node and Gateway Market is projected to grow at a highest CAGR during the forecast period.
BFSI sector can use IoT technology to provide more convenient solutions for customers. IoT can be used to perform data collection in real time and for instant communication between devices. For instance, it can facilitate cashless payments using an RFID scanner to identify products in the shopping cart and mobile wallet. The adoption of mobile point of sale (mPOS) systems and kiosks is fundamentally reshaping the landscape of the BFSI market. mPOS facilitates transactions anytime, anywhere, benefiting unbanked populations and enabling temporary service points for events. Kiosks offer convenient banking functionalities, reducing wait times and freeing up staff for complex inquiries. These technologies drive cost savings by requiring less investment and automating routine tasks, allowing resources to be reallocated strategically. They provide rich data for personalized services, fraud detection, and operational optimization. mPOS systems and kiosks promote financial inclusion by extending services to remote areas, fostering economic activity and well-being.
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North America accounts for the largest share in IoT Node and Gateway Industry.
The North American IoT market is poised to grow, driven by government efforts to transition cities into smart urban centers. The growing need for sophisticated IoT solutions, fueled by the widespread availability of high-speed data, will further propel market expansion in this region. Furthermore, North America’s dynamic IoT node and gateway ecosystem features established players like Intel Corporation (US), Texas Instruments Incorporated (US), Dell (US), and Cisco Systems (US), driving competition, innovation, and affordability. Increasing research and development at industry levels is broadening the application areas of IoT in various industries, such as retail, consumer electronics, automotive and transportation, and healthcare, especially in the US. The increased demand for effective solutions and focus on early, accurate, and fast diagnosis of diseases has led to huge investments in technological developments in the healthcare sector.
Key Players
Key companies operating in the IoT Node and Gateway companies are Intel Corporation (US), Qualcomm Technologies, Inc. (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), Microchip Technology Inc. (US), Huawei Technologies Co., Ltd. (China), NXP Semiconductors N.V. (Netherlands), Cisco Systems, Inc. (US), Hewlett Packard Enterprise Development LP (US), TE Connectivity Ltd (Switzerland), Advantech Co., Ltd. (Taiwan), Dell Technologies (US), among others.
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atNorth Wins ‘Colocation Provider of the Year’ and ‘Digital Infrastructure Project of the Year’ at Industry Award Events
AtNorth recognized at the Electrical Review & Data Centre Review Awards and the Tech Capital Awards.
REYKJAVÍK, Iceland, May 24, 2024 /PRNewswire/ — atNorth, the leading Nordic colocation, high-performance computing, and artificial intelligence service provider has today announced further acknowledgement in the industry as it wins two significant awards.
The business has been awarded the `Colocation Provider of the Year’ award at the Electrical Review & Data Centre Review Awards. atNorth has undertaken a significant expansion strategy in recent years, that has ensured that the business can offer high performance infrastructure at speed and scale. This award reflects the business’ growth journey as it continues to innovate and adapt to technological advancements and client requirements.
atNorth has also won the `Digital Infrastructure Project of the Year’ at the Tech Capital Awards for its work with client, Shearwater Geoservices. The global marine imaging and processing leader achieved a 92% reduction in CO2 output and an 85% reduction in cost by moving a portion of its UK HPC infrastructure to one of atNorth’s Icelandic data center sites.
Fueled by the abundant renewable power sources of the Nordics, atNorth`s services deliver performance and efficiency for high density workloads in a sustainable way that enables clients to decarbonize their IT footprint and reduce overall costs.
Winners are voted for by a panel of industry experts for both awarding bodies in a process that aims to recognize the outstanding achievements within the digital infrastructure industry.
“We are thrilled to receive these acknowledgments for our data center services”, says Eyjólfur Magnús Kristinsson, CEO at atNorth. “atNorth has experienced significant growth over the last couple of years and this industry recognition is a testament to our dedication to delivering excellence across the board. We are determined to continue decarbonizing the world’s most demanding workloads in an efficient, sustainable, and cost-effective way.”
The news follows atNorth’s announcements of colocation clients Crusoe, BNP Paribas and Advania. The business has also received recent recognition from multiple other awarding bodies including; the Datacloud Global Awards, the Energy Awards, TechRound’s Sustainability60 and the UK Green Business Awards.
About atNorth
atNorth is a leading Nordic data center services company that offers sustainable, cost-effective, scalable colocation and high-performance computing services trusted by industry-leading organizations. The business acquired leading High-Performance Computing (HPC) provider, Gompute, in 2023 enabling a compelling full stack offering tailored to AI and other critical high-performance workloads.
With sustainability at its core, atNorth’s data centers run on renewable energy resources and support circular economy principles. All atNorth sites leverage innovative design, power efficiency, and intelligent operations to provide long-term infrastructure and flexible colocation deployments. The tailor-made solutions enable businesses to calculate, simulate, train and visualize data workloads in an efficient, cost-optimized way.
atNorth is headquartered in Reykjavik, Iceland and operates seven data centers in strategic locations across the Nordics, with additional sites to open in Helsinki, Finland and in Denmark in Q4 2024, as well as its tenth site ready for operation in Kouvola, Finland in 2025.
For more information, visit atNorth.com or follow atNorth on LinkedIn or Facebook.
Press Contact:Caroline BruntonKite Hill PR for atNorth+44 (0) 7796 274 [email protected]
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