Selbyville, Delaware, June 07, 2021 (GLOBE NEWSWIRE) --
According to latest report “Smart Medical Devices Market by Product Type (Diagnostic and Monitoring, Therapeutic Devices), End-use (Hospitals, Homecare Setting), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of smart medical devices will cross $55.8 billion by 2027.
Smart medical devices are connected electronic devices that are intended for enhancing patient care by collecting real-time patient data and effectively communicating with physicians over other connected devices. Also, the devices are capable of analyzing the health condition of patients. In addition, these devices enable medications to become more precise and personalized. Such advantages associated with smart medical devices will increase the product demand and spur the market growth. Furthermore, obtaining real-time information, tracking past health records and identifying potential health issues are all signs of the gradual shift from traditional methods to smart medical devices will further drive the market expansion.
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Diagnostic & monitoring segment in the smart medical devices market is expected to showcase 11.3% growth rate and will reach USD 43.2 billion by 2027 due to increasing prevalence of chronic disease such as diabetes and asthma among others and technological advancements. For instance, Google’s smart contact lenses for diabetes patients wearing glasses. The novel technology measures glucose level can be measured through patient tears fluidal composition.
The smart medical devices market for homecare settings segment is estimated to attain a CAGR of 11.4% through 2027 owing to the introduction of glucometers and insulin pumps among other devices that does not require professional training to operate. Therefore, individuals have liberty to monitor glucose level at their home with efficiency and precision.
Asia Pacific smart medical devices market is projected to grow at CAGR of over 15% by 2027 on account of the soaring population, improvement in standard of living, disposable income and the demand for novel products among others. Moreover, in various APAC countries the government support and awareness pertaining to early detection of diabetes and other disease diagnosis will boost the product adoption, thereby fostering the regional growth.
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A few notable companies operating in the market include F. Hoffmann-La Roche Ltd, Abbott, Medtronic, Omron Corporation, Dexcom and Fitbit among others. Industry players are focusing on various strategies such as acquisitions, business expansion and novel product launches to consolidate their market presence. For instance, in November 2020, VitalConnect launched its VitalPatch RTM cardiac monitoring solution for patients requiring extended holter monitoring. The product monitors for 21 cardiac arrhythmias through a unique AI-based ECG analysis solution. This strategy is poised to add value to its existing portfolio and expand customer base.
Table of Contents (ToC) of the report:
Chapter 3 Smart Medical Devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product type
3.4.2 By end-use
3.5 COVID-19 impact analysis
3.6 CDMO analysis
3.7 Supplier landscape
3.8 M&A activities
3.9 Porter's analysis
3.10 Competitive landscape, 2020
3.10.1 Company matrix analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.