New York, NY, July 24, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Smart Medical Devices Market by Product (Diagnostic & Monitoring Devices, Therapeutic Devices & Injury Prevention & Rehabilitation Devices), by Modality (Portable & Wearable) and by End User (Hospitals, Clinics, Home Healthcare & Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, global smart medical devices market was valued at approximately USD 33.85 billion in 2017 and is expected to generate revenue of around USD 63.68 billion by end of 2024, growing at a CAGR of around 7.28% between 2018 and 2024.
Smart medical devices are used as an important tool by physicians across the globe to monitor vital signs of various diseases. Chronic diseases such as diabetes and hypertension have received an unmarked outlook from both the medical industry and the patients. These devices have significantly reduced the workload of many healthcare providers by closely observing patient health and taking quick action against major changes in the readings. Moreover, rapid technological advancements in the fitness devices have also increased large consumer base interest in monitoring their calorie intake, heart rate, and a number of calories burned. Thus the user-friendliness of these smart medical devices is anticipated to fuel the market growth in the forecast period.
Browse through 66 Tables & 27 Figures spread over 110 Pages and in-depth TOC on "Global Smart Medical Devices Market Size, Share, Dynamics, Industry Growth and Segments Analysis Forecast 2017 - 2024”.
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The smart medical device market based on product category is segmented into diagnostic and monitoring devices, therapeutic devices, and injury prevention and rehabilitation devices. The diagnostic and monitoring devices market is further segmented into EEG/ECG monitors, blood glucose monitors, heart rate monitors, fetal monitors, pulse oximeters, breathalyzers, blood pressure monitors, blood smart clothing, analyte analyzers, and others. On the basis of therapeutic devices, the market is further divided into neuro-stimulators, portable oxygen hearing aids, concentrators & ventilators, insulin pumps, and others. The injury prevention and rehabilitation devices market is further divided into body motion devices, fall detection devices, and others. Based on modality, the market is segmented into portable and wearable. Based on the end user, the market is segmented into hospitals, clinics, home healthcare, and others. The diagnostic & monitoring segment dominated the smart medical devices market with large share owing to factors such as rising healthcare expenditure, increasing awareness, and increased initiatives taken by the government to improve patient care. In the diagnostic & monitoring segment, the blood pressure monitors subcategory held a large share due to the sedentary lifestyle and unhealthy diet.
Based on modality the market for smart medical devices is segmented into portable devices and wearable devices. The wearable devices market is expected to grow at the highest CAGR owing to initiatives taken by the companies such as Fitbit, Inc. and Apple, Inc. to come up with new and innovative wearable products in the market.
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Based on the end user, the market for smart medical devices is segmented into hospitals, clinics, home healthcare, and others. Hospitals segment is anticipated to grow at a faster rate due to enhanced utilization of digital therapeutic applications in order to deliver affordable and early emergency care to the patients. Due to rising emergence and usage of mobile care facilities, hospitals can help patients browse healthcare services and reduce stress faster.
North America held the largest market share due to well-developed healthcare sector and high acceptance towards advanced technologies which is likely to boost market growth for smart medical devices in this region. Also, the healthcare system in this region is benefited due to favorable economic conditions and improved per capita income of the population.
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According to the Reflection and Orientation Paper, for innovation and collaborative projects, the European Union contributed USD 43.5 million in 2016 for wearable medical devices. Europe is anticipated to gain significant market share in the forecast period.
The Asia Pacific has the highest growing smart medical devices industry. The economic conditions of developing economies, such as China and India are improving. Rising population, demand for new technologically advanced products, improvement in the standard of living owing to high disposable income and the demand for novel products have primarily impacted the demand for smart medical devices in this region.
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The Middle East and Africa and Latin America held the least position in the smart medical devices market in comparison to other regions. However comparatively underpenetrated market and changing consumer perceptions will make smart medical devices market good opportunity for manufacturers to invest in these regions.
Some of the key players in smart medical devices market include as Apple, Inc., Abbott Laboratories, Fitbit, Inc., Dexcom, Inc., Johnson & Johnson, NeuroMetrix, Inc., Samsung Electronics Co., Ltd., F. Hoffmann-La Roche Ltd., Medtronic plc, and Sonova, and others.
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This report segments the global smart medical devices market as follows:
Global Smart Medical Devices Market: Product Segment Analysis
- Diagnostic & Monitoring Devices
- Blood Glucose Monitors
- Heart Rate Monitors
- EEG/ECG Monitors
- Pulse Oximeters
- Blood Pressure Monitors
- Fetal Monitors
- Breathalyzers
- Blood Analyte Analyzers
- Smart Clothing
- Others
- Therapeutic Devices
- Portable Oxygen Concentrators & Ventilators
- Insulin Pumps
- Neuro-Stimulators
- Hearing Aids
- Others
- Injury Prevention & Rehabilitation Devices
- Body Motion Devices
- Fall Detection Devices
- Others
Global Smart Medical Devices Market: Modality Segment Analysis
- Portable
- Wearable
Global Smart Medical Devices Market: End-User Segment Analysis
- Hospitals
- Clinics
- Home Healthcare
- Others
Global Smart Medical Devices Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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