Smart medical devices market seen reaching $132.1 billion by 2031

Allied Market Research says the global smart medical devices market will grow from $31.5 billion in 2021 to $132.1 billion by 2031, with a 15.4% annual pace. North America led in 2021, while Asia-Pacific is projected to grow fastest as demand shifts across device types, applications and sales channels.

Why it matters: - The forecast points to sustained demand for connected health tools as providers, patients and device makers push more monitoring and diagnostics outside traditional care settings. - The market’s expected jump from $31.5 billion to $132.1 billion by 2031 signals a larger opportunity for manufacturers, investors and startups targeting digital health hardware. - The report also highlights where growth is concentrated, which can shape product strategy, channel investment and regional expansion.

What happened: - Allied Market Research released a report on the global smart medical devices market. - The market generated $31.5 billion in 2021. - The market is projected to reach $132.1 billion by 2031. - The forecast implies a compound annual growth rate of 15.4% from 2022 to 2031. - The report examines market trends, competitive conditions, the value chain and Covid-19’s impact.

The details: - The report segments the market by product type, application, distribution channel and region. - Diagnostic and monitoring devices held more than four-fifths of the market in 2021. - Diagnostic and monitoring devices are projected to keep the lead through the forecast period. - Diagnostic and monitoring devices are expected to post the fastest CAGR in the report at 15.7%. - Therapeutic devices are also covered in the product analysis. - Cardiovascular applications accounted for nearly three-fourths of the market in 2021. - Cardiovascular applications are projected to remain the top revenue segment through 2031. - Cardiovascular applications are expected to grow at a 16.0% CAGR. - Blood glucose monitoring and other applications are also included in the study. - Pharmacies held around four-fifths of the distribution-channel market in 2021. - Pharmacies are projected to keep the largest revenue share in 2031. - Online sales are expected to grow the fastest, with a 16.9% CAGR. - North America held around two-fifths of global market share in 2021. - North America is expected to remain the top revenue region by 2031. - Asia-Pacific is projected to expand at the fastest rate, with a 19.7% CAGR. - LAMEA and Europe are also included in the regional analysis. - The report lists Abbott Laboratories, Biotronik, Apple, DexCom, Boston Scientific, Medtronic, Fitbit, Omron, Novo Nordisk, VitalConnect, Sonova and West Pharmaceutical Services among key players. - The report evaluates companies by product portfolio, operating segments, business performance and key developments. - The report cites expansion, partnerships and new product launches as strategies used by market players.

Between the lines: - Covid-19 disrupted manufacturing, raw material supply and labor availability, which hurt the market in the near term. - Lockdowns and transportation bans also disrupted distribution and cut revenue for market players. - Remote monitoring rose as hospital and clinic visits fell to reduce cross-contamination risk. - That shift did not immediately lift smart medical device demand, but the report expects demand to recover after the pandemic.

What’s next: - The fastest growth is expected in online distribution and Asia-Pacific, suggesting a broader shift in how and where smart medical devices are sold. - Companies focused on cardiovascular, diagnostic and monitoring products appear positioned for the strongest demand in the report’s forecast. - The report says the market will continue to evolve as players use partnerships, expansion and product launches to build share. - More information is available in the sample report and the purchase inquiry page.