The leading players in the global smart medical devices market are focused on introducing smart medical devices with better technology. Top three players, Apple Inc., Abbott Laboratories, and F.Hoffmann-La Roche Ltd. who held a share of 43% in the global market in 2015, are expected to expand their geographical reach through meaningful collaborations. Transparency Market Research states that building brand value and a comprehensive product portfolio are expected to be winning strategies of leading players in the global market.
The research report states that the global smart medical devices market was valued at US$33.7 bn in 2015. The research analysts anticipate the market to rise at a CAGR of 7.8% between 2016 and 2024, raising the market value to US$US$66.1 bn by the end of 2024. The changing dynamics of the healthcare industry and the adoption of technology in delivering better patient care are expected to determine the future of the global smart medical devices market.
Rapid Technological Advancements Propel Uptake of Smart Medical Devices
The sudden rise in the number of geriatrics and the changing demand of patients is the pivot of the global smart medical devices market’s progress. The susceptibility of this population to a wide range of diseases and disorders is driving the need for better healthcare that is designed to diagnose, monitor, and track patient’s condition. These trends have translated into a phenomenal demand for smart medical devices that offer the aforementioned services thereby reducing the burden on the physicians, caregivers, and primary caregivers.
Remarkable technological advancements are also responsible for the augmenting demand of smart medical devices. The introduction of efficient diagnostic tools and fitness devices have revolutionized the perceptions about disease management and lifestyle choices. Today, diabetics can easily track their disease with blood glucose monitors, which are equipped with storage capacities to maintain a record of the disease management and progression. Similarly, fitness watches equipped with heart rate monitors have also been a great help in motivating users to monitor their general cardiac health on a daily basis.
Demand for Diagnostic and Monitoring Devices to Remain Steady
The fast-selling product in the global smart medical devices market are the diagnostic and monitoring devices. Thus, this segment is expected to assert its dominance in the coming years as well. With a CAGR of 7.8% between 2016 and 2024, this segment is expected to exceed others in terms of revenue due to a wide range of products it offers. The diagnostic and monitoring devices segment offers products such as heart rate monitors, blood glucose monitors, EEG/ECG monitors, pulse oximeters, cardiac event, fetal monitors, blood pressure monitors, breathalyzer, medical tricoder, and blood analyte analyzers.
Geographically, North America smart medical devices market is expected to hold a dominant position in the global market. The market will be driven by the well-established healthcare sector in the U.S. The report states that the North America market will account for a share of 40.9% in the global market by the end of 2024. High adoption of technology, better awareness amongst patients, and investments in the medical sector are expected to favor the regional market’s growth in the coming years.
Concerns about Privacy Likely to Hamper Market Growth
A myopic point of view of consumers that perceives smart medical devices as luxury products is expected to hamper the growth of the overall market. This understanding of the smart medical devices, which offer multiple benefits, is preventing consumers from spending. Furthermore, increasing concerns about the privacy of patients and healthcare institutes is also projected to reflect negatively on the global market.
This review is based on Transparency Market Research’s report, titled “Smart Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”.
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