Towards Healthcare

Smart Medical Devices Key Players and Corporate Growth

Date : 08 October 2025

Smart Medical Devices Market Key Players

Smart Medical Devices Market Companies

  • Abbott Laboratories
  • Medtronic
  • Philips Healthcare
  • GE HealthCare
  • Siemens Healthineers
  • Dexcom Inc.
  • Insulet Corporation
  • Omron Healthcare
  • Fitbit (Google/Alphabet)
  • Apple Inc.
  • Garmin Ltd.
  • Boston Scientific Corporation
  • Johnson & Johnson (Biosense Webster, etc.)
  • Roche Diagnostics
  • Withings
  • iRhythm Technologies
  • Masimo Corporation
  • AliveCor Inc.
  • NeuroMetrix Inc.
  • Biotronik

Market Growth

The global smart medical devices market size is calculated at US$ 24.82 billion in 2024, grew to US$ 26.62 billion in 2025, and is projected to reach around US$ 49 billion by 2034. The market is expanding at a CAGR of 7.26% between 2025 and 2034.

Around the world, the widespread adoption of digital health solutions and breakthroughs in wireless technologies are acting as significant growth factors in the respective market expansion.

  • In August 2025, Vyome Holdings, Inc., a clinical-stage healthcare holding company, and Embryyo Technologies today signed an MoU (Memorandum of Understanding) to jointly pursue the global AI-powered medical device sector.
  • In July 2025, GE HealthCare entered into a research and development (R&D) investment and focused on leveraging AI solutions to advance accurate care by accelerating medical devices across the care journey.
  • In July 2025, Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, signed a definitive agreement to invest $200 million (around Rs 1,700 crore) for a 3% stake in Meril (Micro Life Sciences), a medical devices company.
  • In July 2025, Topcon Healthcare, Inc., a global player in ophthalmic medical devices and digital health solutions, invested in OKKO Health, a UK-based software medical device company, to expand home-based vision monitoring and patient engagement.

The Market Value Chain Analysis

R&D

The global smart medical devices market consists of finding a need, subsequently conceptualization, prototyping, and iterative testing to ensure the device's safety and effectiveness.

Key Players: Medtronic, Siemens Healthineers, and GE Healthcare, etc.

Distribution to Hospitals, Pharmacies

This can be done either by complex supply chains involving manufacturers, authorized distributors, or e-commerce/online platforms, while ensuring devices are stored in proper conditions and transported safely to healthcare providers.

Key Players: McKesson and Cardinal Health, Henry Schein, Entero Healthcare, etc.

Patient Support and Services

The global market includes diverse technical assistance, patient education, regulatory compliance support, post-market surveillance, and remote patient monitoring, delivered via specialized contact centers, online portals, and field support.

Key Players: Medtronic, McKesson,  e-Sanjeevani, and other platforms.

Latest Announcements by Industry Leaders

  • In September 2025, Spark Biomedical and Velentium Medical announced a partnership in neuromodulation device development, with the launch of OhmBody™, a division of Spark Biomedical, innovating a non-invasive wellness product. Daniel Powell, CEO and Co-Founder of Spark Biomedical, stated that this collaboration helps bring OhmBody to scale and deliver it to the masses.
  • In May 2025, Manipal Academy of Higher Education (MAHE), an Institution of Eminence Deemed to be University, and BPL Medical Technologies Private Limited announced a landmark Memorandum of Understanding (MoU) to promote industry-academia collaboration, fuel innovation in medical devices. Dr. H.S. Ballal, Pro Chancellor, MAHE, replied that this collaboration fosters the development of healthcare solutions that are not only innovative but also cost-effective for rural populations.

What are the Recent Developments in the Smart Medical Devices Market?

  • In September 2025, OpZira, Inc., a forward-thinking ophthalmic medical device company, launched to advance ophthalmic diagnostics with an innovative medical device portfolio.
  • In July 2025, GE HealthCare, a medical technology company, launched the Definium Pace Select ET, a new floor-mounted digital X-ray system created to escalate image quality and reduce workflow burdens in high-demand clinical settings.
  • In June 2025, Cardinal Health unveiled its multi-parameter, single-patient use monitoring cable and lead wire system that facilitates the continuous monitoring of cardiac activity, blood oxygen level, and temperature with one point of connection.

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