Smart Medical Devices Market 2021 Regional Growth To 2027 By Top Players
The global market size for smart medical devices is anticipated to witness significant gains over the years with escalating incidences of chronic diseases. These devices are digitally linked gadgets that aim to improve patient care by gathering patient data in real-time and interacting efficiently with doctors through other technologies. The gadgets can also analyze the patients’ health and allow medications to perform better accuracy while providing a personalized experience.
On that note, according to a recent report by Global Market Insights, Inc., the global smart medical devices market size is projected to hit a mark of USD 55.8 billion by 2027.
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This growth is chiefly ascribed to the multiple benefits which are being served through smart medical devices. Some of these benefits include obtaining real-time information, tracking prior health records, and recognizing prospective health risks.
That apart, these devices are easy to operate and so not require any professional training. This is increased the penetration of smart medical devices in personal and home care settings. In fact, the segment is projected to rise with a yearly growth of 11.4% during the projected years. Even the segment has registered the largest profit portion of the market, last year.
Glucometers, pulse oximeters, digital blood pressure monitors, insulin pumps, and more such devices can be count as smart medical devices for homecare settings. Through these devices, an individual can monitor glucose level, blood pressure, oxygen level at the home with utmost effectiveness and accuracy.
Also, with the rising popularity of abovementioned devices, the diagnostic and monitoring category is predicted to develop substantially in the market, by surpassing USD 43.2 billion through 2027 with 11.3% of yearly growth rate. In addition, the increasing cases of chronic diseases such as diabetes and asthma would pump up the segment growth.
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Considering the regional landscape, the Asia Pacific market is considered to have huge opportunities for smart medical devices. The industry is largely expanding in the region, and it is anticipated that it will grow by 15% CAGR in forthcoming years. This regional growth can be attributed to the favorable government policies and rising awareness towards the early diagnosis of chronic diseases.
In order to full fill the robust demand for smart medical devices, prominent industry players are emphasizing at different tactics, such as technology development, mergers, geographical expansion, and new product launches. These activities will also help businesses to strengthen their position in the market.
For instance, VitalConnect introduced its cardiac monitoring solution for VitalPatch RTM in November 2020, for patients who require regular Holter surveillance. A single ECG analytical solution based on AI can monitor 21 cardiac arrhythmias. This product would add value to the company’s existing portfolio and extend its client base.
Meanwhile, Google is working to develop smart contact lenses since 2014, which will help diabetes patients to measure glucose level through tears fluidal composition. Such technological advancement can be considered as the foundation stone for upcoming smart medical devices.
Abbott, F. Hoffmann-La Roche Ltd, Omron Corporation, Medtronic, Fitbit, and Dexcom are some of the important players active in the industries.
In a nutshell, the snoring population, improved living standards, rising disposable income, as well as the high demand for novel and innovative products will spur smart devices market share.
Partial Chapter of the Table of Content
Chapter 2 Executive Summary
2.1 Smart medical devices industry 360° synopsis, 2016 - 2027
2.1.1 Business trends
2.1.2 Product type trends
2.1.3 End-use trends
2.1.4 Regional trends
Chapter 3 Smart Medical Devices Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Increasing prevalence of diabetes, asthma and other diseases
3.3.1.2 Booming medical device industry
3.3.1.3 Increasing internet penetration rate and adoption of big data
3.3.1.4 Increasing importance of real time data driven approach for diagnostics and treatment
3.3.2 Industry pitfalls & challenges
3.3.2.1 Privacy concerns
3.3.2.2 Lack of suitable infrastructure in low- and middle-income countries
3.4 Growth potential analysis
3.4.1 By product type
3.4.2 By end-use
3.5 COVID-19 impact analysis
3.6 CDMO analysis
3.7 Supplier landscape
3.8 M&A activities
3.9 Porter's analysis
3.10 Competitive landscape, 2020
3.10.1 Company matrix analysis
3.11 PESTEL analysis
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