Transparency Market Research states that the leading players operating in the global smart medical devices market held a huge share of 43% in 2015. Apple Inc., F.Hoffmann-La Roche Ltd., and Abbott Laboratories have been frontrunners in the overall market, grabbing the undivided attention of buyers with their sophisticated products. High brand recognition, growing presence across geographies, and strong product portfolio is expected to keep these companies in the lead in the coming few years.
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The research report states that the global smart medical devices will be worth US$66.1 bn by 2024 as compared to US$33.7 bn in 2015. Between the forecast period of 2016 and 2024, the global market is expected to rise at a CAGR of 7.8%.
U.S. Drives North America Smart Medical Devices Market during Forecast Years
On the basis of product, the global market is segmented into diagnostic and monitoring devices, therapeutic devices, and injury prevention and rehabilitation devices. Of these, the diagnostic and monitoring devices segment is expected to exhibit the highest growth rate in the coming years. This segment is further sub-divided into blood glucose monitors, heart rate monitors, cardiac event, EEG/ECG monitors, pulse oximeters, blood pressure monitors, fetal monitors, breathalyzer, blood analyte analyzers, and medical tricorder. This segment is expected to expand at a CAGR of 7.8% between 2016 and 2024.
Geographically, the global market is segmented into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Of these, North America is anticipated to lead the global market as it is poised to acquire a share of 40.9% by the end of 2024. The U.S. will drive the growth of the regional market in the coming years.
Increasing Pool of Geriatrics Spikes Demand for Smart Medical Devices
The ever-growing geriatric population has been the primary growth driver for the global smart medical devices. As this segment of the population is likely to be a wide range of diseases, it has triggered their dependency on smart medical devices for efficient disease management. Some of the commonly seen problems amongst the elderly population. The World Health Organization anticipates that the global geriatric population will 2 billion by the end of 2050, which is currently 566 million.
The increasing technological advancements along with growing awareness among patients to management their conditions in smarter ways are expected to propel the market growth. The increasing investments in the development of smart medical devices are also expected to foster the growth of the overall market. For instance, development of several fitness devices to monitor daily fitness activities along with managing calls and messages has helped several users to multitask efficiently. The trend of smart medical devices is expected to gain special traction from developing economies of the Middle East and Africa, Latin America, and Asia Pacific. The improving GDPs of nations in Asia Pacific, rising standard of living, and growing per capita income are expected to drive the demand for wearable health care technology in the coming few years.
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Perception of Luxury Prevents Consumers in Developing Regions to Spend on Smart Medical Devices
The strong market drivers in the global smart medical devices market are being tugged in the opposite direction due to their high cost. Though these devices offer multiple benefits, they are perceived as luxury items, especially in developing economies. Thus the unnecessary expenditure on these luxury items is being avoided by several consumers of emerging countries, thereby hampering the growth of the global market. The growing privacy concerns of the healthcare industry regarding patient’s data is also expected to restrain the growth of the overall market.
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