Global Smart Medical Devices Market Research and Forecast 2018-2023

Global Smart Medical Devices market, Size, Share, Market Intelligence, Company Profiles, Market Trends, Strategy, Analysis, and Forecast 2018-2023

A smart medical device is an appliance; software, used for variety of therapeutic and diagnostic purposes. It has been used in a wide range of applications such as monitoring heart rate; glucose monitoring; pain relief; insulin delivery; and so forth. Smartphones play a significant role in operating these smart medical devices in the healthcare sector. The increasing adoption of smartphones across the globe, coupled with rising demand for the medical devices compatible with smartphones are major driving factors that are augmenting the growth of the global smart medical devices market. The market has been analyzed on the basis of product type, test type, and end users.

Moreover, rising geriatric population is another factor fueling the market. There is an increased demand for smart medical devices due to growing geriatric population since elderly people are prone to chronic diseases such as CVD, Cancer and Diabetes. Major players are launching new products coupled with the advancement in the technologies to further accelerate the growth of the global smart medical devices market. Apart from these, rising population in the emerging economies and improvement in lifestyle standards of the people along with increasing disposable income will show a lucrative growth in the market during the forecast period. However, there are certain factors such as high cost of medical devices; and security and privacy concerns of the patients (for example: personal data of the patients can be hacked) are hampering the growth of the market.

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Based on the region, the global smart medical devices market has been divided into North America, Europe, Asia Pacific and Rest of the World. North America dominates the global smart medical devices market owing to well-developed healthcare infrastructure and increasing advancement in technologies. APAC region is anticipated to be fastest growing market due to increasing population and rising disposable incomes.

The companies contributing to the growth of global smart medical devices market include Abbott Laboratories, Johnson & Johnson Ltd., Fitbit Inc., Dexcom Inc., Medtronic plc, NeuroMetrix Inc., Olympus Medical systems and many more. Majority of key players are focusing on partnership, collaboration and merger and acquisition to gain a competitive edge over others and enhance their presence. For instance, in January 2015, Medtronic completed its acquisition of Covidien. This acquisition was aimed at the expansion of its product portfolio resulting in the increased market penetration and reduced production cost.

Market Segmentation:

1. Global smart medical devices market by product type
2. Global smart medical devices market by test type
3. Global smart medical devices market by end users

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