Smart Medical Devices Market - Overview
Global Smart Medical Device Market will witness a significant growth by 2023 growing at a phenomenal CAGR over the forecast period (2018-2023). Smart Medical Devices, as the name suggests are intelligent, autonomous instruments that improve workflow in healthcare settings by providing instantaneous and real-time actionable intelligence which help surgeons, healthcare practitioners and caregivers to achieve better patient outcomes. The concept of connected healthcare has revolutionized the treatments given to patients through advanced remote monitoring products.
The smart technology prevents the plunge, and thus, it also reduces the need extra cost incurred during a treatment procedure. Courtesy to the emerging technology, digital health and the inception of the IoT has made it easier to integrate smart wearable medical devices to the Internet fusing communication with functionality to provide continuous actionable data.
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Smart medical devices also offer the supporting hardware aligned with the emerging trends in the medical sectors such as delivering point-of-care service in the remote management of medical conditions for severally ill patients, in rehab centers, as well as to those who have unconfined to medical monitoring and support.
As a result, smart medical devices are increasingly garnering the demand and traction across the healthcare and home care settings as well. Owing to the efficacy of these devices to provide consistent actionable data which holds the potential for reducing costly hospital stays, these devices are becoming popular. Resultantly, the smart medical device market is growing pervasively over the past couple of years, accounting for a significant market, globally. Massive advancements in technology and the vast uptake of smart technology drives the growth of the smart medical device market on the global platform.
Additional factors supporting the market growth include the significant growth in home healthcare and the miniaturization of smart devices. The increasing prevalence of chronic and lifestyle-related diseases that require routine vital statistics analysis is fueling the demand for smart medical devices. Also, the augmenting demand for wireless monitoring devices is positively impacting the market.
On the other hand, factors impeding the growth of the global smart medical device market include delayed FDA approvals and the concerns over cybersecurity that are growing continually. Nevertheless, the additional interest of FDA to look into the cybersecurity matters in the healthcare is estimated to support the market growth during the forecast period.
Industry/ Innovation/ Related News:
November 29, 2018 – A research team from Nanyang Technological University (Singapore), an autonomous research university and Tan Tock Seng Hospital (Singapore) announced their latest innovation - a smart medical device that can enable early intervention of congestive heart failure. The new smart handheld medical device is portable and is made up of an acoustic sensor connected to a smartphone.
Global Smart Medical Device Market – Segments
The MRFR Analysis is segmented into five key dynamics for the convenience of understanding;
By Type: Off-Body, On-Body, and Handheld.
By Technology: Spring Based, Rotary Pump, Expanding Battery, Collapsible Reservoir, Pressurized Gas, and Motor Driven among others.
By Application: Oncology, Auto-Immune Disorders, Cardiovascular Diseases, Diabetes, and Infectious Diseases among others.
By End-use: Clinic, Hospital, Home Care Setting, and Ambulatory Services among others.
By Regions: North America, Europe, APAC, and the Rest-of-the-World.
Global Smart Medical Device Market – Geographical Analysis
North America accounts for the leading position in the global smart medical devices market followed by the European and Asia Pacific regions, respectively. The region has one of the best medical facilities around the globe.
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The US, heading with the huge technological advancements and high per capita healthcare expenditures leads the regional market. The availability of technologically advanced medical devices is undoubtedly impacting the market growth positively. Well-established healthcare infrastructure, skilled professionals and doctors are pushing up the growth in the regional market.
The European region holds the next largest share in the global smart medical device market, following the North American market closely. The resurging economy in this region is playing a vital growth in the market increase by availing the best possible healthcare and rising healthcare expenditures. Additionally, government support that encourages manufacturers of smart medical devices to develop new and better devices, is in turn, fostering the market growth in the region.
The Asia Pacific region stands as a profitable market for smart medical devices. The ever-increasing population in the APAC region and rapidly improving healthcare infrastructure are positively impacting the market growth. The developing economies are expected to provide immense opportunities for the growth of smart medical devices.
The spreading awareness among individuals towards the availability and benefits of these devices drives the market growth in the region. Furthermore, the high per capita income alongside the rising healthcare concerns are leading to increasing the market size of the smart medical device market. Furthermore, increasing adoption of technologies is positively impacting the market growth in the region.
Global Smart Medical Device Market – Competitive Analysis
Well-established players adorn the global smart medical devices market as highly competitive. Those players with their global presence are posing challenges to the local vendors. The key strategies traced from the analysis of recent developments of the key players include product launch, agreement & partnership, acquisition, and expansion.
Some of the leaders of the market include Johnson & Johnson Services, Inc., Becton Dickinson and Company, F. Hoffmann-La Roche Ltd., Unilife Corporation, Amgen, Inc., Debiotech S.A., Insulet Corporation, SteadyMed Therapeutics, Inc., Enable Injections, West Pharmaceutical Services, Inc., Sensile Medical AG, and CeQur SA.
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
Chapter 5. Market Factor Analysis
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