Focus on diagnostic and monitoring devices, therapeutic, cardiovascular, neurological, respiratory devices





Dublin, November 24, 2021 (GLOBE NEWSWIRE) – The report “Smart Medical Devices Market – Forecasts 2021 to 2026” has been added to ResearchAndMarkets.com offer.

The smart medical devices market is expected to grow at a CAGR of 14.61% during the forecast period, reaching a total market size of US $ 286.013 billion in 2026, from US $ 110.089 billion in 2019.

The smart devices market is expected to show significant growth during the forecast period owing to the rapid shift from traditional methods to smart medical devices to gain real-time information, track past health records, identify potential health issues. , design a better and more accurate treatment plan, saving on medical expenses and increasing awareness of health care and fitness.

Continued advancements in smart medical device technologies will also help boost the smart medical device market during the forecast period.

The adoption of smart medical devices has enabled healthcare providers to collect patient data at scale, which further helps them make better diagnostic and treatment decisions.

The main driver of smart medical device market growth is the increasing adoption of smartphones and the demand for smartphone-enabled medical and wearable devices as they are extremely convenient for patients to use. Another factor propelling the growth of the smart medical devices market is the increase in health concerns globally. According to the World Health Organization, the prevalence of chronic diseases is expected to increase by 57% by 2020.

Growing health concerns have accelerated health spending. People have become more aware and aware of their health, which has caused them to devote a large part of their income to health-related products, especially in urban areas. According to the National Health Expenditure Accounts (NHEA) in the United States, health expenditure increased 4.6% in 2019, reaching $ 3.8 trillion or $ 11.582 per person. As a proportion of the country’s gross domestic product, health spending accounted for 17.7%.

Besides, the recent developments and innovations in the field of diabetes by the major players in the smart medicine market are expected to further accelerate the demand in the market. For example, Medtronic Plc, a global leader in medical technology, in April 2021 launched the world’s first infusion set to help diabetic patients. In addition, Dexcom, Inc., a leader in real-time continuous blood glucose monitoring (CGM), as of April 2021, along with the governments of Saskatchewan and Manitoba, are working on the development of CMS systems for people with type 1 diabetes.

Growth Factors: Growing Health Awareness

The growing need for effective solutions to track, monitor and record all health related issues will be a key driver for the smart medical device market. In addition, there has been a rapid increase in the number of wearable and wearable devices introduced to the market, providing more options for patients all over the world. Rising cases of chronic diseases such as cardiovascular disorders, hypertension or even drug resistant hypertension around the world is also a major factor that is expected to increase the demand for smart medical devices during the forecast period. In addition, the increase in the disposable income of the population has contributed to the total expenditure of the health sector.

Increase partnerships and product launches

Major market players are expanding their product line for smart medical devices to meet the growing demand for them. Companies innovate, invent and create new products to take advantage of market growth. For example, in August 2020, Fitbit released the Fitbit Sense, an advanced health smartwatch that includes the world’s first electrothermal activity sensor in a smartwatch that will help manage stress as well as advanced body tracking technology. cardiac frequency.

Constraints: High cost

Due to the advanced technological features, the cost of smart medical devices is high. These devices are expensive, which makes them inaccessible to the majority of the middle and lower class population. The high costs associated with smart medical devices could restrain the market growth during the forecast period.

Impact of COVID-19

The novel coronavirus pandemic has had a positive impact on the smart medical device market, because due to the pandemic, people have become more concerned about their health. People are ready to invest more money in the medical and health care sector. The pandemic has put pressure on medical device makers to ramp up production of smart medical devices to meet excess demand. Health systems are overwhelmed and the effective delivery of medical care to all patients has become a challenge around the world. However, smart medical device makers have increased production and managed supply chain networks to meet rapidly growing demand.

Competitive outlook

Major players in the global smart medical devices market include

  • Smart Medical Devices, Inc.

  • ViVO Smart Medical Devices Ltd

  • Dexcom Inc

  • Abbott Laboratories

  • Medtronic Plc.

  • NeuroMetrix, Inc.

  • Omron Health, Inc.

Segmentation:

By type

By application

  • Cardiovascular

  • Neurology

  • Respiratory

  • Others

By end user

  • Hospitals and clinics

  • Ambulatory care centers

  • Home care settings

By geography

  • North America

  • United States

  • Canada

  • Mexico

  • South America

  • Brazil

  • Argentina

  • Others

  • Europe

  • UK

  • Germany

  • France

  • Spain

  • Others

  • Middle East and Africa

  • Saudi Arabia

  • Israel

  • Others

  • Asia Pacific

  • Japan

  • China

  • India

  • South Korea

  • Others

For more information on this report, visit https://www.researchandmarkets.com/r/ootbw3

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