Smart Medical Devices Market Overview:

Advancement in healthcare technology is aiding the biotechnological and pharmaceutical companies to develop smart medical devices that can assist in multiple functions such as patient monitoring, automated admission of biologics and other drugs, self-administration of drugs and others. Market Research Future (MRFR) has published a report stating that the global smart medical devices market is marked to expand at a noteworthy growth rate in the forthcoming years.

Market Drivers and Restraints:

Changing lifestyle and dietary habits are leading to increased prevalence of various acute as well as chronic disorders all over the world. With rapid incorporation of advanced technology in the healthcare sector, various medical devices are being developed to ease the diagnosis, treatment and monitoring procedures. Increasing demand for medical devices that can assist patients during treatment and facilitate remote real-time monitoring and increasing adoption of technologically advanced medical devices in the healthcare sector of various developed and developing countries are some of the primary factors that are propelling the growth of the global smart medical devices market. However, low penetration of technologically advanced healthcare solutions and high cost of the devices are likely to restrain the growth of the global smart medical devices market in the forthcoming years.

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Key players:

The prominent players profiled by MRFR that are operating in the global smart medical devices market are Becton Dickinson and Company, Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd., Amgen, Inc., Unilife Corporation, Debiotech S.A., SteadyMed Therapeutics, Inc., Insulet Corporation, Enable Injections, Sensile Medical AG, West Pharmaceutical Services, Inc., CeQur S.A. and others.

Industry Updates:

In October 2018, Flex, a multinational technological manufacturer, has announced its collaboration with Novo Nordisk, a Danish multinational pharmaceutical company, for the development of digital health solutions through smart medical devices for diabetes patients.

In October 2018, Royal Philips, a Dutch multinational technology company, has announced that it has signed a memorandum of understanding with Ypsomed, a leading developer and manufacturer of injection and infusion systems, to develop and deploy digital services to address device-related challenges and support self-medication for patients suffering from diabetes and rheumatoid arthritis.

Market Segmentation:

The global smart medical devices market has been segmented on the basis of type, technology, application and end-use. Based on type, the smart medical devices market has been segmented into on-body (adhesive patch), off-body (belt clip) and hand-held. Based on technology, the smart medical devices market has been segmented into spring-based, motor-driven, rotary pump, expanding battery, pressurized gas, collapsible reservoir and others. Based on application, the smart medical devices market has been segmented into oncology, diabetes, auto-immune disorders, cardiovascular diseases, infectious diseases and others. Based on end-use, the smart medical devices market has been segmented into hospital, clinic, home care settings, ambulatory surgery centers and others.

Regional Analysis:

Geographically, the global smart medical devices market has been segmented into four major regions such as Asia Pacific, Europe, North America and the rest of the world. The North America region is projecting significant growth in the global smart medical devices market owing to the rapid technological advancement, easy adoption of technologically advanced medical devices and high prevalence of health disorders driven by sedentary lifestyle and unhealthy dietary habits in this region. The smart medical devices market in the Asia Pacific region is majorly driven by high prevalence of chronic diseases that require regular monitoring through technologically advanced medical devices and increasing adoption of advanced technology in the healthcare sector of emerging economies in this region. The Europe region is forecasted to expand at a noteworthy growth rate in the global smart medical devices market owing to the increased research for development of highly efficient smart medical devices and presence of large pool of manufacturers in this region.

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