The market for smart medical devices is on a definitive upswing. Due to trade on an overall value of over $28 billion last year, the market is due to hit a gobsmacking $65.5 billion by 2030 at a compound annual growth rate (CAGR) of just under 11% over the forecast period. The “smart” aspect of this not-so-niche market entails the ever-broadening range of medical devices fitted with advanced tech, including sensors, internet connectivity, and Bluetooth capabilities.
A boon for clinicians in terms of the heretofore difficult process of health data aggregation, these devices have been introduced to help collect and transmit patient health data for analytic and remote monitoring purposes. Moreover, what these devices offer in the areas of chronic disease management, fitness tracking, and medication adherence is increasingly invaluable and does much to improve health equity, even as gaps in access seem to be growing on an unprecedented scale.
The bullishness in this market’s prognostication is buoyed by a number of factors, among them the increasing prevalence of chronic diseases such as diabetes and cardiovascular diseases; incredible advancements in tech such as AI, machine learning, and IoT; the increasing age of certain demographic groups; and soaring costs for healthcare creating a need for cost-effective solutions. Also in play are the loosening up of regulatory policies governing the consumer use of such devices, as well as the appeasement of concerns around data privacy and security enabled by the evolution of cybersecurity measures.