The global smart medical devices market is likely to witness growth at a CAGR of 7.8% during the forecast period of 2016 to 2024, according to the analysts of a new research report by Transparency Market Research. Further, the analysts highlight that market is projected to be worth of USD 66.1 Bn by the end of 2024. The total valuation of the market was USD 33.7 Bn in 2015.
The new study gives complete data and analysis on many crucial facets of the market for smart medical devices including the drivers, restraints, challenges, growth avenues, and threats. Apart from this, the readers can gain complete knowledge on the historical and present trends together with potential trends shaping the growth curve of the global smart medical devices market in the years to come.
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In parallel to the consistent growth in the worldwide population, a noteworthy increase in the number of people living various critical health issues is observed across the globe. Besides, the older populace number across the major parts of the world is consistently increasing. All these factors are expected to help in generating promising sales opportunities in the global smart medical devices market in the forthcoming years.
With increased awareness regarding the importance of health and fitness, number of people inclining toward the adoption of healthy lifestyle and fitness is growing at rapid pace. Moreover, a rising trend of tracking all their fitness activities including gymming, running, and playing sports for fitness is observed among this populace base. As a result, the wearable smart medical devices market is likely to gather prodigious sales opportunities in the forecast period 2016–2024.
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Industry Leaders Concentrate on Innovation and Technological Advancements
The global smart medical devices market experiences existence of many players. However, the nature of market seems to be consolidated as the leading players hold major part of the market share. To gain prominent position in the market for smart medical devices, enterprises are utilizing different tactics including strategic alliances. Major industry leaders are growing their focus on the innovation and technological advancements. Thus, analysts of report on the smart medical devices market highlight that the number of research and development activities are increasing.
Apple Inc., Abbott Laboratories, Fitbit, Inc., Dexcom, Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd., NeuroMetrix, Inc., Medtronic plc, Sonova. F. Hoffmann-La Roche Ltd., and Samsung Electronics Co. Ltd. are some of the top key players in smart medical devices market.
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North America: Prominent Growth Contributor in Market for Smart Medical Devices
Based on region, the global smart medical devices market is divided into many geographical sections such as the Middle East and Africa, Latin America, North America, Europe, and Asia Pacific. Among all regions, North America is one of the leading regions in the market for smart medical devices. The regional market is likely to gather prodigious avenues for growth in the forthcoming years on the back of many factors such as high technology adoption, growing activities for the upgradation of healthcare infrastructure and medical devices, and rapid growth in ageing population in the region.
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Global Smart Medical Devices Market Segmentation
The market survey on smart medical devices is presented in the form of various key segments. Modality, product, and end-user are some of the key factors considered for the segmentation of the global smart medical devices market. In terms of modality, the market is classified into wearable and portable. Based on product, the market is divided into therapeutic device, diagnostic and monitoring devices, and injury prevention and rehabilitation device. The main motive of segmentation of this market is offering all the market data in uncomplicated manner.
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