Smart diagnostic and monitoring medical devices help the consumer to check various medical conditions such as high blood pressure, sleep apnea and others. These devices are connected to the smart phone either by plugging or by connecting through blue-tooth. Smart diagnostic and monitoring medical devices are very easy and convenient way to check blood glucose level, heart rate, blood pressure and others. These medical devices are integrated with features such as wireless data transmission, real time feedback, alerting mechanism, and more.
Market Size and Forecast
Global smart diagnostic and monitoring medical device market is anticipated to flourish at a CAGR of 8.5% over the forecast period. Further, the market of smart diagnostic and monitoring medical device is riding on the back of various factors such as growing prevalence of chronic diseases and rising awareness among the population towards healthcare devices On the basis of product type, blood pressure monitor is expected to project a highest CAGR by the end of 2024. Moreover, hospitals by end-user segment accounted for the largest market share in 2016. Likely, hospitals are estimated to grow at a highest CAGR by the end of 2024 owing to the increased adoption of smart diagnostic and monitoring medical device by hospitals.
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Geographically, North America region accounted for the largest market in smart diagnostic and monitoring medical device in terms of revenue in 2016. With 38.6% market share in 2016, North America captured the biggest market of smart diagnostic and monitoring medical device. Further, North America is expected to continue its dominance over the forecast period owing to growing number of geriatric population. Additionally, U.S. and Canada are the dominating countries of smart diagnostic and monitoring medical device market in this region. Moreover, presence of major key players of smart diagnostic and monitoring medical device in this region is also envisioned to bolster the growth of smart diagnostic and monitoring medical device market.
Europe region captured the second largest market of smart diagnostic and monitoring medical device in term of revenue 2016. Additionally, the growth of Europe region can be attributed to various factors such as growing adoption of advanced healthcare technology and rising expenditure on healthcare.
Asia-Pacific region is believed to be the fastest growing smart diagnostic and monitoring medical device market by the end 2024. Japan and China are the dominating countries in this region owing to growing population, rising disposable income and increasing health concerns.
Market Segmentation
Our in-depth analysis has segmented global smart diagnostic and monitoring medical device market into the following segments:
By Region
Global smart diagnostic and monitoring medical device market is further classified on the basis of region as follows: North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis. Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis. Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis. Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis. Middle East and Africa (GCC, North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis.
Growth Drivers and Challenges
Rising healthcare expenditure and growing adoption of technological advanced healthcare monitoring devices are believed to be the dynamic factor behind the rapid growth of smart diagnostic and monitoring medical device market across the globe. Moreover, increasing prevalence of chronic diseases and rising demand for wireless and smartphone compatible devices are projected to bolster the growth of smart diagnostic and monitoring medical device market by the end of 2024.
Furthermore, rising disposable income coupled with improvement in living standards and increasing awareness and focus on health & fitness are also predicted to boost the demand for smart diagnostic and monitoring medical device. Additionally, increasing penetration of retail business, spiked penetration of smartphones, high acceptance of advanced technologies and rising demand for accurate detection devices are projected to be the major factors propelling the growth of smart diagnostic and monitoring medical device market.
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However, high cost associated with the smart diagnostic and monitoring medical devices is expected to hinder the growth of smart diagnostic and monitoring medical device market over the forecast period. Moreover, lack of awareness among the population regarding smart diagnostic and monitoring medical devices is envisioned to dampen the growth of smart diagnostic and monitoring medical device market.
Key Players
Medtronic, Company Overview, Key Product Offerings, Business, Strategy, SWOT Analysis, Financials, Abbott Laboratories, Cleveland, Medical Device, Fitbit, Inc., Omron Healthcare Co., Ltd., Polar Electro, Inc., Dexcom, Inc., Hoffmann-La Roche Ltd, NeuroMetrix, Inc., Samsung Electronics Co.
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