Prevalent Technological Advancements in Smart Medical Devices Industry has Boosted the Market GrowthPrevalent Technological Advancements in Smart Medical Devices Industry has Boosted the Market Growth

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OVERVIEW

Smart Medical Devices Market is expected to expand at a CAGR of 8.2% from 2020 to 2026.

Smart medical devices enhance patient care by collecting patient data and effective communication. Smart medical devices are portable and wearable due to miniaturization and wireless connectivity. Smart medical devices help to analyze the health condition of patients. Smart medical devices encompass a range of product types, activity monitors, smartwatches, wearable patches, and smart clothing.

Technological advancements in smart medical devices is a key driving factor of the market. Smart healthcare devices use information technologies, such as big data, cloud computing, internet of things (loT), and artificial intelligence, to transform the traditional medical system into a more efficient, more convenient, and more personalized medical device. The technologically advanced smart medical device includes a wearable and portable device. For instance, GOQii has introduced GOQii Smart Vitaland has entered into the smartwatch category. GOQii Smart Vital is a device with an integrated Pulse Oximeter that measures the rate of oxygen in the blood and gives real-time updates of variation in blood oxygen levels. Further, Casio America, Inc. has introduced the WSD-F21HR. The new WSD-F21HR is a heart rate monitor for pace management during activities such as road and trail running, cycling, climbing, and more. WSD-F21HR is the first PRO TREK Smart to offer an optical sensor.

Diagnostics and monitoring devices (Blood Pressure Monitors, Heart Rate Monitors, Blood Glucose Monitors, Pulse Oximeters, and Others) and Therapeutic Devices (Insulin Pumps, Portable Oxygen Concentrators and Ventilators, Hearing Aid, and Others) is the type segment of the market scope. By application, the market is divided into Portable and Wearable. By end-user, the market is further divided into Hospitals, Clinics, Home Healthcare, and Others. The report covers value of the global market by type, application, and end-user.

Diagnostics and monitoring devices were dominating the smart medical devices market in 2019. Blood pressure monitors accounts for the largest market share in 2019, in the diagnostic & monitoring segment, owing to the rising investment by companies to develop smart medical devices and commercialization of regulatory approved smart medical devices.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global smart medical devices value figures. While North America is further categorized into enhancing the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America was dominating the smart medical devices market in 2019, due to the partnership between companies to develop and commercialize smart medical devices, technological advancement, rising healthcare expenditure, adoption and awareness of smart medical devices, and increasing regulatory approval of smart medical devices.

Major players operating in the smart medical devices industry include Dexcom, Inc., Abbott Laboratories, Johnson & Johnson, F. Hoffmann-La Roche Ltd., Medtronic plc, NeuroMetrix Inc, Omron Corporation, Apple Inc., Fitbit Inc., and Sonova.

The collaboration between companies to expand the smart medical devices business globally, R&D activities for smart medical devices, technological advancement, increasing regulatory approval for smart medical devices, rising investment for smart medical devices, and commercialization of innovative and new smart medical devices are some of the strategies adopted by the major companies.