The global smart medical devices market 2020 is poised to witness substantial growth over the review period.
Smart Medical Devices Market Highlights
Growing mobile usage, increasing demand for wireless & smartphone-compatible medical devices, increasing fitness literacy, and increasing emphasis on health & fitness are significant drivers that over the projected timeframe are expected to drive global market growth. Moreover the growing technological advancement in blood glucose monitors, wearable neuro stimulators, and other diagnostics and monitoring devices, along with demand for wireless, healthcare infrastructure, is likely to drive the market manifold.
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In addition to these, the growing prevalence of chronic diseases, rising consumer healthcare spending, and increasing demand among individuals for wearable devices to track and control their health are some other factors that are projected to further drive the target market’s growth over the forecast period.
In addition, the growing production of smart medical devices such as continuous glucose monitoring and smart wearable sensing devices to monitor patients suffering from different chronic disorders is another consideration that is expected to fuel target market growth over the forecast timeframe.
In addition, growing demand for improved resources for disease control and increasing customer preference for smart medical devices are some of the other drivers that are projected to fuel global market growth to some degree.
Nevertheless the inaccuracy of sensors in the monitoring of medical parameters and the discrepancies between the real findings and the results seen are some of the key factors that are likely to curb global demand growth over the projected timeframe.
Increasing producers focus on strategic merger & acquisition activities and innovative product launches to improve their product portfolio and consumer base worldwide are some of the factors that are expected to generate potential revenue opportunities for target market players over the forecast period.
Smart Medical Devices Market Segmental Analysis
Off-body (belt clip), on-body (adhesive patch), and hand-held are the forms used in the smart medical devices market.
The motor-driven, spring-based, expanding battery, rotary pump, collapsible tank, pressurised power, and others are part of the research on the demand for smart medical devices.
Parts such as infectious diseases, asthma, oncology, cardiovascular diseases, auto-immune disorders, and others are included in the smart medical devices market study.
A hospital, pharmacy, home care settings, ambulatory surgical centres, and others are the end customers of the market for intelligent medical equipment.
- Rotary Pump
- Expanding Battery
- Pressurized Gas
- Collapsible Reservoir
- Auto-Immune Disorders
- Cardiovascular Diseases
- Infectious Diseases
Smart Medical Devices Market Regional Overview
Due to the high prevalence of lifestyle illnesses caused by overly sedentary lifestyles and bad eating habits, North America is a critical region. The region includes the United States, home to a number of market players that are leading the market for Smart Medical Devices. Moreover, a further factor expected to support the growth of the target market in this region is the increasing recommendation of healthcare professionals to use these devices. The regional market is expected to be driven by the presence of a well-established healthcare industry with rising spending and government support for the development of advanced therapeutics for cancer, diabetes and other chronic diseases.
In Europe, the global market is expected to grow moderately over the forecast period due to increased investment in innovative and collaborative wearable medical device projects across different countries in the region.
Asia Pacific has a large population of diabetics and a large population of patients suffering from cardiovascular problems. In addition, the presence of a really large population of patients, among whom the geriatric demographic is significant, makes it a potentially lucrative market for the Smart Medical Devices market. Governments in the region are increasing their support for the healthcare sector and it is expected that increasing investments will promote the adoption of Smart Medical Devices. In addition, the increasing, rising disposable population is expected to drive demand in combination with increased awareness of advances in healthcare technology and as a result, smart medical devices market growth.
Smart Medical Devices Market Competitive Landscape
Some of the prominent players operating in the global Smart Medical Devices market are Becton Dickinson and Company, Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd., Amgen, Inc., Unilife Corporation, Debiotech S.A., SteadyMed Therapeutics, Inc., Insulet Corporation, Enable Injections, Sensile Medical AG, West Pharmaceutical Services, Inc., and CeQur SA.
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