Smart Medical Devices Market: Inclination towards Fitness to Drive Growth in Diagnostic and Monitoring Devices over the Forecast Period

Global Smart Medical Devices Market – An Overview

The healthcare landscape is undergoing massive changes and a large section of these is positive. One of the most significant and positive impacts noted here is that of technological advancement. The benefits accrued are immense and this multitude is contributing to growth in demand for smart medical devices, which are a step further in efforts directed at improving healthcare outcomes.

The radical change brought about by these to the quality of lives of patients is particularly helpful in pushing the demand trajectory upward. As per Transparency Market Research, from 2016 to 2024, the global smart medical devices market is set to grow at a rate of 7.8% annually. This means that the market worth will increase from USD 33.7 billion in the year of 2015 to USD 66.1 billion in the year of 2024.

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It is significant to note here that a comprehensive understanding of the market growth requires a deep dive into patterns and projections of health issues and chronic illnesses. The higher the incidence, the higher the demand for smart medical devices will be as they will provide critical data to healthcare providers, track health parameters, warn in case of a approaching danger, and so on.

It therefore makes it extremely important for old people, especially those that live alone. By 2050, the world will see one in every six people aged over 64 years. In North America and Europe, one in every four will occupy this age group. A recent study on demographics found that 2 billion people will be in their 60’s and above by this same year. A very interesting fact here is that history was created in the recent past – year 2018 – when number of people aged 5 and below was less than the number of people aged 65 and above.

Additionally, chronic illnesses are seeing a steep increase in the number of cases. And, a number of lifestyle changes can be attributed to this growth. One of these is lack of proper exercise, poor dietary habits, smoking and drinking, and so on. Besides, massively increasing stress levels are also contributing to a number of health issues. It is also quite significant to note here that in the United States of America – a developed country with a robust healthcare infrastructure and favorable reimbursement policies, cases of chronic illnesses are quite high. Four in ever ten people in the region are experiences at least two chronic illnesses. Six in every ten people are suffering from one.

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Another factor that is propelling significant growth in the global smart medical devices market is the growing inclination towards fitness. Not only do these factors track progress, but also it helps in monitoring rehabilitation. The higher the number of people running, gymming, and playing sports for fitness, the higher is the demand for smart medical devices, driving global medical devices to further growth.

The global smart medical devices market is fragmented owing to presence of a decent number of players in the landscape. However, the leading players account for a significant share of the market, bringing a certain degree of consolidation. Players who have a notable brand recall and loyalty 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.

Innovation and technological advancement are key factors of growth for the market players and other than these two factors, it is worth noting that players will also try to enter key alliances to secure growth. Growing investments in the market are also helping it chart a higher growth trajectory.

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Inclination towards Fitness to Drive Growth in Diagnostic and Monitoring Devices over the Forecast Period

The global smart medical devices market report is segmented as per product, modality, and end-user. Basis the product, the report includes therapeutic device, diagnostic and monitoring device, and injury prevention and rehabilitation device. As per modality, the report covers portables and wearables. And, end-users include home care settings, clinics, and hospitals.

The report suggests that the diagnostic and monitoring devices will remain a prominent segment in the market owing to ageing population and growing need for these devices in injury rehabilitation. Increase in chronic illnesses is also a significant factor of growth in this segment.s

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Rapidly Ageing Population to Ensure North America Stays at the Forefront of Growth over the Forecast Period

The global smart medical devices market report covers key regions in terms of opportunities, growth prospects, threats, and so on. The report, prepared by Transparency Market Research, covers Latin America, Middle East and Africa, Asia Pacific, North America, and Europe.

Of these, North America will hold a prominent place in the regional charts owing to high adoption of technology and rapid advancement in it. This paves the way for extensive and intense use of smart medical devices.  Besides, upgradation of healthcare infrastructure and medical services is also leading to growth in the market. Additionally, a rapidly ageing population will help both North America and Europe, chart significant growth and account for a sizeable share of the market over the forecast period.

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New opportunities will also arise in the Asia Pacific (APAC) regional landscape for players to tap into owing to a number of factors such as increase in disposable income and increase in awareness levels. Besides, a large population - old and athletic – is charting tremendous growth in the market.

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