Global Smart Medical Devices Market Worth Over USD 63.68 Billion by 2024: ZMR Report
Sarasota, FL -- (SBWIRE) -- 02/20/2019 -- 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.
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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.
Regionally, the market for smart medical devices is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. The European smart medical devices market is anticipated to gain significant revenue share in the forecast period. The rising adoption of advanced technology and its acceptability among the population is anticipated to benefit the overall market in Europe. In North America, the ongoing upgradation of healthcare and medical services is playing a crucial role in the sales of smart medical devices which is enhancing the market growth in this region. The Asia Pacific is the fastest growing region owing to an improved standard of living, high population, increased disposable income, and demand for novel products which is impacting the market for smart medical devices in this region.
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
Blood Pressure Monitors
Blood Analyte Analyzers
Portable Oxygen Concentrators & Ventilators
Injury Prevention & Rehabilitation Devices
Body Motion Devices
Fall Detection Devices
Global Smart Medical Devices Market: Modality Segment Analysis
Global Smart Medical Devices Market: End-User Segment Analysis
Global Smart Medical Devices Market: Regional Segment Analysis
The Middle East and Africa
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