Smart Medical Devices Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1969
Smart Medical Devices Market size is projected to experience significant growth from 2017 to 2024.
Smart medical devices market size is likely to witness momentous growth owing to soaring adoption of smartphones across the globe, surging demand for smartphone-compatible and wireless medical devices, rising awareness and focus on health and fitness. Moreover, steep rise in health concerns worldwide, mounting preponderance of chronic diseases, strengthening expenditure on healthcare and the high-pitched demand for wearable devices will impel the smart medical devices growth exponentially. Companies such as Fitbit, Apple and Medtronic have been launching ingenious products, which will in turn accelerate the business growth. Smart blood pressure monitors and smart clothing will help garner a momentous market share over the forecast period.
Spiraling technological advancements, owing to whooping investments in the field of smart medical devices, smart and digitally accessed medical devices coupled with intensifying awareness among patients to manage their health conditions efficiently will drive the smart medical devices market growth. For instance, Google’s smart contact lenses for diabetes patients wearing glasses. The novel technology originates from the fact that an individuals’ glucose level can be measured through their tears’ fluidal composition.
Insulog launched a campaign for a connected insulin tracker for diabetic patients using insulin pens. Aim of this campaign was to meet the needs of the patients, still using manual data entry or pen-paper to manage their diseases. Prohibitive costs pertaining to the technological advancements coupled with limited reimbursement policies can impede the smart medical devices market growth over the forecast period.
The diagnostic & monitoring segment directed the industry in 2016 with a substantial revenue share, but noted a moderately lower growth rate comparing to the therapeutic segment. The paramount factors attributable to the business growth includes elevating awareness, rising healthcare spending, and supporting initiatives by the government relating to the improvement in patient care.
Online channel is the sturdiest growing segment be indebted to rising inclination towards online purchasing through smartphones, increased flexibility and availability of a wide range of products. Hospitals segment is envisaged to grow at fastest rate owing to elevated utilization of digital therapeutic applications for delivering affordable emergency care to patients. By the emergence and usage of mobile care facilities, hospitals can help patients browse healthcare services and reduce stress.
North America held the largest revenue share in 2016 due to cognizance of advanced technologies and presence of a well-proportioned healthcare sector. The regional market has benefitted greatly owing to growing per capita income, favorable economic conditions and improved standard of living.
Europe smart medical devices market is foreseen to gain significant industry revenue share over the forecast period. As per the Reflection and Orientation Paper, in 2016 European Union contributed USD 43.5 million for the innovation of wearable medical devices, hence, driving the business growth. Asia Pacific is the fastest growing region due to soaring population, improvement in standard of living, owing to waxing disposable income and the demand for novel products which positively impacts the demand for smart medical devices in the region.
Key industry players include Apple, Fitbit, Abbott, Dexcom, F. Hoffmann-La Roche, Zephyr, Medtronic, and Johnson & Johnson. The major players focus on innovative product launch and strategic alliances with an aim to expand their business portfolio as main strategies. In January 2015, Medtronic announced the acquisition of Covidien. This acquisition will increase the market penetration by expanding its product portfolio and lessen the production cost.
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