Top 10 Companies in Smart Medical Devices Market - Company Overview, Recent Developments and SWOT Analysis 2030
The Smart Medical Devices Market is driven by growing need for smartphone-compatible and wireless medical equipment, as well as technological advancements in devices and increased awareness and attention on fitness, are driving the smart medical devices market. The demand for wearable medical devices such as sensors, ECG devices, and smart watches with fitness trackers has increased because these devices are simple to use and interpret the results do not require a great deal of expertise. As a result, the user can keep track of his or her health condition by monitoring vital signs without having to visit clinics or hospitals on a regular basis. Wearable medical gadgets with this capability are predicted to gain popularity among the elderly population. According to the United Nations' World Population Prospects 2019 report, one in every six persons on the planet will be over the age of 65 by 2050, up from one in every eleven in 2019. In 2019, the world's population of people aged 65 and up totaled 703 million. In 2050, the number of elderly people is expected to increase to 1.5 billion. Globally, the proportion of people aged 65 and more climbed from 6% in 1990 to 9% in 2019, with a projected growth to 16% by 2050. The measurement of blood glucose levels, heart rate, and ECG requires users to use simple navigation buttons on the device or control the settings through connect mobile application, making these devices more accessible to the elderly and those with limited technological knowledge.
Here are the top 10 companies operating in Smart Medical Devices Market
Founded in: 1886
Revenue in USD: 93.78 billion (2021)
Headquarter: New Brunswick, New Jersey, U.S.
Number of Employees: 144,500 (2021)
Johnson & Johnson is a public company which is headquartered in New Brunswick, New Jersey, U.S. Johnson & Johnson is an American multinational company. Johnson & Johnson is the developer of pharmaceutical products, medical devices, consumer packaged goods, etc. Johnson & Johnson is involved in various business sectors like in pharmaceutical sector includes – Immunology, neuroscience, cardiovascular & metabolic disease, infectious disease & vaccines, oncology, pulmonary hypertension, etc. Medtech sector includes – Orthopaedics Surgery, interventional solutions, etc. Consumer health sector includes – Medicines, baby care, women’s health, oral care, wound care, skin health, etc.
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In January 2022, Johnson & Johnson Medical Devices Companies and Microsoft has announced that the initiative will establish Microsoft as Johnson & Johnson Medical Devices Companies preferred cloud provider for digital surgery solutions. Putting data on uniform cloud platform will be enable the physicians & surgeons to gain insights about patients with potential for increasing consistency & improving the standard of care.
Founded year: 1888
Revenue in USD: 43.08 billion (2021)
Headquarter: Abbott Park, Illinois, U.S.
Number of Employees: 113,000 (2021)
Abbott Laboratories is a public company which is headquartered in Abbott Park, Illinois, U.S. Abbott Laboratories is an American multinational company. Abbott Laboratories is a medical devices & healthcare company. Abbott is the seller of branded generic medicines, medical devices, nutritional products, diagnostics, etc. In nutritional products Abbott provides adult nutrition product like ZonePerfect, Ensure, Pedialyte, MitraClip, Glucema, i-STAT, Freestyle Libre, BinaxNOW, etc.
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In January 2022, Abbott has announced the developing of new consumer biowearables ‘Lingo’ which is designed for tracking signals in the body like glucose, lactate, and ketones by sensor technology and thus will help the people to understand better about general health and take action. Newly wearable device are designed to translate body’s unique language into actionable data which will help in tracking and measuring general health & wellness.
Founded year: 1949
Revenue in USD: 30.12 billion (2021)
Headquarter: Dublin, Ireland, Minneapolis, Minnesota, U.S.
Number of Employees: 95,000+ (2022)
Medtronic plc., is an American company. Medtronic is medical device company which opeartes in more than 150 countries in the world. Medtronic has four buisness sectors like diabetes group, minimally invasive therapies group, cardiac & vascular group, and restorative therapies group. Medtronic is the developer and manufacturer of therapies and healthcare technologies which helps in treating more than 30 chronic diseases like Parkinson disease, heart disease, diabetes, down syndrome, spinal disorders, urinary incontinence, chronic pain and obesity. Medtronic’s largest business unit is the CRDM (Cardiac Rhythm Disease Management).
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In August 2022, Medtronic plc. has announced the partnership with BioIntelliSense for exclusive U.S. distribution of multi-parameter wearable used for continuous patient monitoring from in-hospital to home. Biobutton wearable offers upto 1,440 vital signs measurements for daily monitoring patients. HealthCast intelligent patient manager portfolio is designed for visualization, connectivity, and remote patient monitoring. Thus, the partnership will enable the Medtronic patient monitoring business to offer accessing of medical grade device and providing continuous vital sign measurements of general care patients in hospital as well as at home after discharge.
Founded in: 1896
Revenue in CHF: 62.80 billion (2021)
Headquartered in: Basel Switzerland
Number of Employees: 100,920 (2021)
F. Hoffmann-La Roche AG, is known as Roche. Roche is the Swiss multinational healthcare company. Roche operates under two sectors like diagnostics and pharmaceuticals. Roche has become the fifth largest pharmaceutical company in the world. Roche is the leading provider of cancer treatments worldwide. Roche is the developer of drugs used in cancer treatment, metabolic disease treatment, and virus disease treatment. Roche is the world’s largest spender in pharmaceutical research & development.
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In January 2022, Roche has launched ‘cobas pulse system’ for blood glucose management solution with mobile digital health capabilities for improving patient care. The newly launched ‘cobas pulse system’ is safe, reliable to use and easy to clean. Cobas pulse system has outstanding features which meets the criteria of latest guidelines of glucose meter.
Founded in: 2007
Revenue in USD: 1,434.79 million (2019)
Headquartered in: San Francisco, California
Number of Employees: 1694 (2020)
Fitbit Inc., is an American company. Fitbit is the consumer electronics and fitness company. Fitbit is the producer of physical fitness monitor, wireless-enabled wearable technology, and activity trackers like pedometers, smartwatches, & monitors for quality of sleep & stairs climbed, heart rate, and related software.
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In August 2020, Fitbit has launched three new wearables such as – Fitbit Sense a smartwatch will allow electrodermal activity sensor & comprehensive stress management solution, compatible ECG app with new metrics like oxygen saturation, skin temperature and six month Fitbit premium trial. Versa3 is designed for workouts to keep you on track & motivate to move. Inspire 2 includes 24/7 heart rate tracking, sleep tracking, all-day calorie burn, and swimproof functionality.
Founded in: 1976
Revenue in USD: 365.82 billion (2021)
Headquartered in: Apple Park Way, Cupertino, California, U.S.
Number of Employees: 164,000 (2022)
Apple Inc., is the American multinational technology company. Apple Inc., offer products like iPad, AirPods, iPhone, Apple Watch, and Mac. Apple Inc., offer services like Apple Pay, Apple Card, App Store, Apple TV, Apple Music, etc. Apple Inc., also offer other products like home & accessories, wearables like Apple Watch smartwatches, AirPods line of wireless headphones, Beats headphones, Apple TV digital media players, and HomePod Mini smart speakers.
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In September 2022, Apple Inc., has launched the new design ‘Apple Watch Ultra’ with wide range of features and has become the incredible tool for endurance athletes. Newly launched product help in delivering most accurate GPS of any Apple Watch to date by providing users most precise distance, route data, and pace for training & competing.
Smart Medical Devices Market is estimated to be US$ 42.24 billion by 2030 with a CAGR of 19.8% during the forecast period
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Founded in: 1999
Revenue in USD: 2,448.50 million (2021)
Headquartered in: San Diego, California, U.S.
Number of Employees: 3,900 (2019)
DexCom Inc., is the public company. DexCom is the developer, producer, manufacturer, and distributor of CGM (continuous glucose monitoring) systems used for management of diabetes. DexCom manufacturing facilities are located in Arizona, Mesa, and Batu Kawan in Malaysia. DexCom offer medical devices product.
Founded in: 1958
Revenue in KRW: 74,721.63 billion (2021)
Headquartered in: Yeongdeungpo District, Seoul, South Korea
Number of Employees: 75,000+ (2020)
LG Electronics Inc., is the South Korean multinational company. LG Electronics is the electronics company and a part of LG Corporation. LG Electronics is the world’s second largest TV manufacturer in the world. LG Electronics has 128 operations globally. LG Electronics offer products which includes, wearable devices, smart phones, solar modules, refrigerators, computer monitors, washing machines, home theater systems, etc.
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In January 2022, LG has launched new digital medical device for pain which is pain-relief home device called as ‘MediPain’.
Founded in: 1979
Revenue in USD: 11,888 million (2021)
Headquartered in: Marlborough, Massachusetts, U.S.
Number of Employees: 41,000 (2021)
Boston Scientific Corporation is a public company. Boston Scientific Corporation is a biomedical engineering firm and multinational company. Boston Scientific Corporation is the manufacturer of medical devices which are used in interventional cardiology, interventional radiology, neurovascular intervention, peripheral interventions, vascular surgery, urology, oncology, gynecology, electrophysiology cardiac surgery, etc. The company also develops drug-eluting stent used for opening clogged arteries.
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In June 2020, Boston Scientific Corporation has launched new ‘DIRECTSENSE’ technology with visualization and local management of tissue response to radiofrequency ablation during cardiac ablation procedure.
Founded in: 1947 (company), 1985 (holding)
Revenue in CHF: 2,601.90 million (2021)
Headquartered in: Stafa, canton of Zurich, Switzerland
Number of Employees: 14,242 (2018)
Sonova Holding AG is the public company. Sonova is the internationally active Swiss group of companies. Sonova is the developer and marketer of hearing care products like wireless communication devices, cochlear implants, and hearing instruments. Sonova brand includes, Unitron, Sennheiser, Hansaton, Phonak, AudioNova Group and Advanced Bionics.