The smart medical devices market is growing at a CAGR of 7.05%, covering COVID-19 impact analysis, size, share, research report analysis, global industry growth, business statistics, key leaders, competitive landscape
Coherent Market Insights announced a new analysis on Smart Medical Device Market Status 2021-2027 which has been prepared on the basis of in-depth market analysis with contributions from industry experts and top business vendors. The report covers the market landscape and its development prospects over the next few years. The report also contains a discussion of the major vendors operating in this market.
The market analysis report talks about the growth rate of the Smart Medical Devices market till 2027, the key factors that drive this market together with the sales, revenue and price analysis of the major market manufacturers, distributors , traders and resellers in the smart medical device market.
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A smart medical device refers to an electrical device with an integrated stand-alone treatment system and used to monitor a variety of fitness and health parameters on a daily basis. The devices provide a range of benefits for the patient as well as the caregiver to monitor and measure multiple healthcare regimens, including detection of reduced insulin levels by artificial intelligence in patients with type 1 diabetes and insulin administration. The smart medical device has radically changed the perspective of disease management by providing durable and easy solutions for patients in their homes and decreasing turnaround clinic visits. The integration of developing technologies, including the Internet of Things (IoT) in smart medical devices, has helped to create an interface between communication and functionality. The devices help to simplify medical complications, converting them into a logical format that helps get results in an understandable form. Smart medical devices potentially allow patients to deal with serious health issues, which once required the intervention of a healthcare professional.
Global smart medical devices market: market dynamics
The increasing demands for better disease management tools and the population preferring smart medical devices are the major factors that are expected to propel the growth of the global smart medical devices market during the forecast period. Chronic diseases, including diabetes, asthma and hypertension, as well as other chronic obstructive pulmonary disorders (COPD) have a high prevalence worldwide, increasing the demand for services and tools to manage their symptoms. For example, in 2017, according to the World Health Organization (WHO), people aged 18 and over affected by diabetes fell from 4.7% (1980) to 8.5% of the world’s population in 2014. In addition, the WHO even declares that around 235 million people worldwide are affected by asthma. The development of smart medical devices, including continuous glucose monitors and wearable devices with smart sensing to monitor patients with multiple chronic diseases, is expected to propel the growth of the global market smart medical device market over the forecast period. For example, the American company Health Care Originals developed in March 2017 an intelligent asthma management kit (ADAMM) capable of identifying an asthma attack even before the symptoms are noticeable by its wearer. Moreover, increasing patient awareness of fitness and disease monitoring is expected to further drive the growth of the global smart medical devices market during the forecast period. According to the survey article published by the University of Oxford in 2016, the Internet of Things linked to smart wearable devices is expected to connect around 20 billion object modules on the Internet by 2020. As a result, an increase rapid acceptance of smart wearable gadgets is expected to propel growth. of the global smart medical devices market during the forecast period. However, the inaccuracy of the medical parameter monitoring devices along with the differences in the displayed and actual results are expected to hamper the growth of the global smart medical devices market during the forecast period. For example, according to the 2016 study by Diabetes Technology & Therapeutics, the precision and accuracy of continuous glucose monitors (CGMs) were lower than those of glucose monitors for measuring capillary blood glucose, indicating the increased risk of errors for applications. CGM clinics.
Global Smart Medical Devices Market: Regional Insights
Based on the region, the global smart medical device market is divided into North America, Europe, Latin America, Asia-Pacific, Africa, and the Middle East. North America holds a dominant position in the global smart medical device market and is expected to retain its dominance during the forecast period, owing to technological advancements and the expanded recommendations from medical professionals for the use of these. devices. For example, the American start-up Cycadia Health launched in 2017 an innovative product called iTBra, which has built-in sensors that help track the health of the patient’s breasts by monitoring her rhythmic pattern as well as the condition of the breast tissue.
Additionally, Asia-Pacific is expected to experience robust growth in the global smart medical device market, owing to the huge patient base and new manufacturers bringing smart solutions to the market at marginally low costs. For example, Indian manufacturer Ten3T Healthcare Pvt. Ltd, developed Cicer, the portable monitor capable of measuring ECG and other indicators including heart rate, temperature and blood oxygen in real time at an affordable cost.
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Global Smart Medical Devices Market: Competitive Outlook
The major players operating in the global smart medical device market are Apple, Inc., F. Hoffmann-La-Roche, Fitbit, Inc., Abbott Laboratories, Dexcom, Inc., Medtronic Plc, NeuroMatrix, Inc. and Johnson & Johnson . Companies in the market are focused on providing advanced technological products to maintain their presence in the global smart medical device market. For example, Teradata, in April 2018, released the first 4D analysis that can be used in personal and portable medical devices to translate 3D geospatial location data, including time as a 4th dimension.
Depending on the type of device,
- Diagnostic and monitoring devices
- Blood glucose monitors
- Heart rate monitors
- Pulse oximeters
- Medical tricoders
- Breath analyzers
- Smart Watches
- Smart clothes
- Therapeutic devices
- Hearing aids
- Portable oxygen concentrators and ventilators
- Insulin pumps
Depending on the region,
- North America
- Latin America
- Asia Pacific
- Middle East
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