The digital revolution across the globe is changing the way healthcare professionals work. Industrial experts anticipate that over the next few years, smart technologies will empower patients to take responsibilities for their health. In today’s time, patients are able to wear devices that monitor their activities and diagnose diseases. As the medical fraternity will continue to embrace latest technologies, smart medical device providers will continue to experience winning streak. As per a study by Transparency Market Research (TMR), the global market for smart medical devices was valued at US$33.7 bn in 2015 and is poised to rise to US$66.1 bn by 2024, expanding at a CAGR of 7.8% between 2016 and 2024.
Smart medical devices have gained tremendous popularity in recent times, owing to the numerous benefits they provide. Further advancements over the forthcoming years in technologies implemented in these devices will result in reduced workloads of doctors, slashed healthcare costs, and faster diagnosis. A TMR analyst states that the rising demand for these devices can be attributed to the expanding base of geriatrics, who are susceptible to a wide range of illness.
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What are the strategies adopted by new players to establish themselves in the global smart medical devices market?
The global market for smart medical devices is a highly competitive arena, with the leading players accounting for a combined share of 43% in 2015. Abbott Laboratories, Apple Inc., and F.Hoffmann-La Roche Ltd. were the leaders in the market, grasping the undivided attention of buyers with their sophisticated and diverse offerings. Expanding geographical outreach, strong brand recognition, and diverse product portfolio of these companies are creating significant entry barriers for new players.
However, the immense growth potential of the market is attracting new players to venture into the market. Therefore, they are focusing towards product innovation to enhance their visibility in the market. For instance, a Seoul-based startup Healcerion in February 2017 introduced a pocket-sized ultrasound imaging device that helps visualize internal complications and easily connect to smartphones and tablets. Through such innovations, emerging players are expected to find their feet in the global smart medical devices market.
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How are different regions contributing to the growth of the global smart medical devices market?
North America is anticipated to be the front runner in the global market and register significant CAGR during the forecast period. The higher acceptance of advanced technologies and ongoing upgradation of healthcare and medical services are supplementing the growth of the region. On the other hand, the market in developing regions such as Asia Pacific, Latin America, and the Middle East and Africa is estimated to gain significant traction over the forthcoming years. The improving economic conditions, rising standard of living, and increasing consumer per capita income are translating into the greater uptake of smart medical devices in these regions. However, the strong perception of these devices being luxury items among the populace in these regions is hampering the growth of the market.
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