Smart medical devices have gained traction in the recent past due to the multitude of benefits they provide to the patient and the caregiver. These devices have radically changed the way a disease is managed, by storing copious amounts of data in a logical format to draw insightful inferences. From understanding patterns of diseases or health issues, smart medical devices have largely helped users to keep an efficient tract of their health and fitness regime. Owing to these reasons, the global smart medical devices market is expected to soar at a CAGR of 7.8% to reach US$66.1 bn by 2024 as compared to US$33.7 bn in 2015.
Smart medical devices are being used as important tools by physicians to detect various disease by monitoring vital signs. Chronic disease such as hypertension and diabetes have thus received a fresh perspective from both the medical industry as well as the patients. From a broader perspective, these devices have drastically reduced the workload for healthcare providers by closely monitoring patient health and taking quick action in case of any major change in the readings. The report predicts that the demand for smart medical devices will be attributable to the growing pool of geriatrics, who are prone to a wide range of illnesses. Furthermore, the rapid technological advancements in the fitness devices have also lured in a large base of consumers who are interested in monitoring their heart rate, calorie intake, and the number of calories burned. The user-friendliness of these devices is also expected to fuel the uptake of smart medical devices in the coming few years.
The various products available in the smart medical devices market are On the basis of product, the global market is segmented into therapeutic devices, diagnostic and monitoring devices, and injury prevention and rehabilitation devices. Of these, the diagnostic and monitoring devices segment is expected to dominate the global market. Growing awareness toward fitness is expected to drive the uptake of these devices. The quick and easy accessibility to fitness prompts, near-accurate monitoring of health condition such as diabetes and blood pressure, and wide availability of devices in varying price range is expected to work in favor of this segment.
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In terms of geography, the global smart medical devices market is segmented into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. North America is expected to exhibit excellent growth rate in the coming years. The adoption of technology in the region and its acceptability amongst the overall population is estimated to benefit the regional market. The ongoing upgradation of medical and healthcare services in the region have also played a crucial role in swift sales of smart medical devices all across North America.
Some of the leading players operating in the global smart medical devices are Abbott Laboratories, Apple Inc., Dexcom, Inc., Fitbit, Inc., F. Hoffmann-La Roche Ltd., Johnson & Johnson, Medtronic plc, NeuroMetrix, Inc., Samsung Electronics Co., Ltd, and Sonova. F. Hoffmann-La Roche Ltd. These players are expected to retain the lead in the coming years due to their penetration in emerging economies and product innovation. The growing investments in the development of sophisticated products are also anticipated to drive the soaring revenues of these players in the coming few years.
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