Smart Medical Devices Market worth over $55.8bn by 2027

Smart Medical Devices Market size is set to surpass USD 55.8 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

Smart medical devices market growth is due to increasing prevalence of chronic disease and technological advancements in the field. For instance, technological advancements in the industry have developed significant potential for investors with the focus on smarter devices and sensors alongside lightweight portable devices. In addition, rising prominence of ‘Internet of Medical Things’ has led to technologies such as monitoring biomedical signals as well as diagnosis with minimal human intervention.

 

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Smart medical devices are anticipated to gain popularity in the coming years

As several countries ramp up their existing healthcare infrastructure to cater to the increasing population and novel diseases, demand for sophisticated and advanced medical devices including smart medical devices and equipment is also noted to increase. With the advent of digital technologies across sectors, medical devices industry has been one of the first to adopt and commercialize these technologies. Furthermore, while being connected to the internet, smart medical devices are able to generate, store, and share vital health-related data with other devices and users, alike.
 

Security and privacy concern may slow down the smart medical devices market expansion

As the implementation of digital technologies intensifies in the healthcare sector, increasing concerns surrounding privacy are noted to remain at its peak. For instance, the smart medical devices poses greater amount of data generation and thus it is transmitted through wireless technologies. Therefore, cybersecurity and data privacy are two of the prominent concerns that cause a setback while adopting smart medical devices. Further, with its integration to cloud and remote servers, these are highly vulnerable to deliberate attacks and may cause financial losses in addition to data breach. This could adversely impact the organizational reputation as well as destabilize the business operations, thereby hampering the industry growth.
 

Browse key industry insights spread across 145 pages with 208 market data tables & 15 figures & charts from the report,Smart Medical Devices Market Size By Product Type (Diagnostic and Monitoring {Blood Glucose Monitors, Heart Rate Monitors, Pulse Oximeters, Blood Pressure Monitors}, Therapeutic Devices {Portable Oxygen Concentrators and Ventilators, Insulin Pumps, Hearing Aid}), By End-use (Hospitals, Homecare Setting), COVID19 Impact Analysis, Country Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/smart-medical-device-market
 

Increasing usage of insulin pumps in the U.S. will boost the market progression

The smart medical devices market for therapeutic devices segment is projected to witness 10.7% growth rate and will reach USD 12.6 billion by 2027 owing to growing prevalence of diabetes that will foster the adoption of insulin pumps. For instance, according to the American Diabetes Association (ADA) report, it is estimated that nearly 20% to 30% of diabetes patients use insulin pumps in U.S. Thus, rising usage of insulin pumps will drive the industry expansion. Additionally, the surging penetration of smartphones is rising the demand for connected devices that can transfer real-time patient data to physicians. Such advancements in the smart medical devices will surge the market demand. Growing spending on healthcare among the population will propel the segment growth.
 

Usage of smart medical devices in hospital settings will augment the segment revenue

Hospital segment in the smart medical devices market is poised to attain a CAGR of 11% through 2027 led by the elevated utilization of digital therapeutic applications for delivering affordable emergency care to patients. Moreover, by the emergence and usage of mobile care facilities, hospitals can help patients browse healthcare services and reduce stress. Thus, usage of smart medical devices in hospital settings will impel the industry progression. Presence of skilled professionals and availably of well-equipped smart medical devices among others will further influence the market value.
 

Government support to innovative smart medical devices will stimulate the growth for European region

Europe smart medical devices market is predicted to expand at a CAGR of over 10.9% by 2027 on account of government support to innovative smart medical devices. For instance, as per the Reflection and Orientation Paper, in 2016 European Union contributed USD 43.5 million for the innovation of wearable medical devices, thereby driving the market revenue. Smart and digitally accessed medical devices coupled with intensifying awareness among patients to manage their health conditions efficiently will surge the regional growth. Furthermore, presence of major industry players, rising demand for smartphone-compatible and wireless medical devices as well as rising awareness and focus on fitness will further enhance the industry demand.   
 

Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue

The eminent companies operating in the market include F. Hoffmann-La Roche Ltd, Abbott, Medtronic, Omron Corporation, Dexcom and Fitbit among others. These industry leaders focus on strategies such as innovative product development & launches, mergers & acquisitions and collaboration to garner more revenue and sustain market competition.

 

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