Coherent Market Insights has announced new analysis on Smart Medical Devices Market Status 2021-2027 which has been prepared based on an in-depth market analysis with inputs from industry experts and top vendors in the business. The report covers the market landscape and its development prospects over the coming years. The report also contains a discussion of the key vendors operating in this market.
The market analysis report speaks about the growth rate of Smart Medical Devices market till 2027 manufacturing process, key factors driving this market with sales, revenue, and price analysis of top manufacturers of Market, distributors, traders and dealers of Smart Medical Devices Market.
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Smart medical device refer to an electrical device that has an integrated autonomous processing system and is used for monitoring a variety of fitness and health parameters on a daily basis. The devices offer a range of advantages for the patient as well as the caregiver to monitor and measure several healthcare regimens including sensing lowered insulin levels by artificial intelligence in patients of type 1 diabetes and administering insulin. The smart medical device has changed perspective radically of management of diseases by offering sustainable and easy solutions for the patients at their home and decreasing the turn-around clinical visits. Integration of developing technologies including internet of things (IoT) within smart medical devices has helped in building an interface among communication and functionality. The devices helps to simplify the medical complications, converting it to logical format which helps in obtaining results in an understandable form. The smart medical devices potentially allows the patients for dealing serious health conditions, which in earlier days needed a healthcare professional intervention.
Global Smart Medical Devices Market: Market Dynamics
Rising demands for better management tools for diseases and populace preferring smart medical devices are the major factors expected to propel growth of the global smart medical devices market over the forecast period. Chronic diseases including diabetes, asthma, and hypertension, along with other chronic obstructive pulmonary disorders (COPD) have high prevalence globally, which rises the demands for services and tool for managing their symptoms. For instance, in 2017, as per the World Health Organization (WHO), individuals aged 18 years and above affected by diabetes have surged from 4.7% (1980) to 8.5% of the population globally in 2014. Furthermore, the WHO even states that around 235 Mn people globally are affected by asthma. Development in smart medical devices including continuous glucose monitors and wearable devices with smart sensing for monitoring the patients enduring from several chronic diseases is expected to propel growth of the global smart medical devices market over the forecast period. For instance, the U.S.-based company- Health Care Originals, in March 2017, developed an Intelligent Asthma Management Kit (ADAMM) which is capable to identify asthma attack even before the symptoms are noticeable by its wearer. Moreover, increasing awareness among patients in fitness and disease monitoring is expected to further drive global smart medical devices market growth over the forecast period. As per the Oxford University published survey article in 2016, internet of the things related to smart wearable devices is projected to connect around 20 Bn object modules in the internet till 2020. Hence, rapid surge in acceptance of smart wearable gadgets is expected to propel growth of the global smart medical devices market over the forecast period. However, inaccuracy in the devices to monitor medical parameters as well as differences in the displayed and actual results is expected to hamper growth of the global smart medical devices market over the forecast period. For instance, as per the 2016 study by Diabetes Technology & Therapeutics, precision and accuracy of the continuous glucose monitors (CGM) was lower as compared to the blood glucose meters to measure capillary blood glucose, stating the raised risk of errors for clinical applications of CGM.
Global Smart Medical Devices Market: Regional Insights
Based on region, the global smart medical devices market is segregated into North America, Europe, Latin America, Asia Pacific, Africa, and Middle East. North America holds dominant position within the global smart medical devices market, and is expected to be retain its dominance during the forecast period, due to advancements in technology and broadened recommendations by healthcare professionals for usage of such devices. For instance, the U.S. based start-up, Cycadia Health, introduced an innovative product in 2017 called iTBra having inbuilt sensors which helps in keeping a track of the breast health of patient via monitoring its rhythmic pattern along with condition of breast tissues.
Moreover, Asia Pacific is expected to register robust growth in the global smart medical devices market, due to the massive patient pool and novel manufacturers offering smart solutions in the market for marginally low costs. For instance, the Indian manufacturer Ten3T Healthcare Pvt. Ltd, developed Cicer, the wearable monitoring device which is able to measure ECG as well as other indicators including heart rate, temperature, and blood oxygen, in real-time at affordable cost.
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Global Smart Medical Devices Market: Competitive Insights
Major players functioning in the global smart medical devices market are Apple, Inc., F. Hoffmann-La-Roche, Fitbit, Inc., Abbott Laboratories, Dexcom, Inc., Medtronic Plc, NeuroMatrix, Inc., and Johnson & Johnson. Market companies are focused on providing advanced technology products for sustaining their presence within the global smart medical devices market. For instance, Teradata, in April 2018, launched first 4D analytics which can be utilized in personal and wearable medical devices for translating the data of 3D geospatial location including time as a 4th dimension.
Market Taxonomy
Based on device type,
- Diagnostics and Monitoring Devices
- Blood Glucose Monitors
- Heart Rate Monitors
- Pulse Oximeters
- Medical Tricoders
- Breath Analyzers
- Smart Watches
- Smart Clothing
- Others
- Therapeutic Devices
- Hearing Aids
- Portable Oxygen Concentrators & ventilators
- Insulin Pumps
- Others
Based on region,
- North America
- Europe
- Latin America
- Asia Pacific
- Africa
- Middle East
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