Smart medical device market grows with rising healthcare

ALBANY, NY, March 08, 2022 (GLOBE NEWSWIRE) — According to estimates in a research report by Transparency Market Research (TMR).

Due to hectic lifestyles and unhealthy eating habits, there has been an increase in the prevalence of different lifestyle-related health disorders, such as diabetes, among people all over the world. This population pool increases the demand for different smart medical devices including insulin pumps and glucometers. This, in turn, is boosting the growth prospects in the global smart medical device market.

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Companies operating in the global smart medical device market are increasing their investment in research to develop innovative and highly effective products. Additionally, they focus on new product launches to expand their product offerings. Additionally, companies in the Smart Medical Devices market are expanding their regional reach by utilizing different strategies such as mergers, acquisitions, and joint ventures. These initiatives are expected to drive the expansion of the global smart medical device market over the forecast period.

Smart Medical Devices Market: Key Findings

  • With growing health awareness among people amid the COVID-19 pandemic, this population base is inclined to adopt healthy lifestyles. Hence, they are seen performing different physical activities such as running, playing sports for fitness, and exercising. Additionally, there has been an increase in demand for smart medical devices from this consumer group to track these activities. This factor, in turn, is driving the sales growth in the smart medical device market.
  • As the elderly population is prone to serious health conditions, the increase in the number of this population is positively impacting the sales of the global smart medical device market. Additionally, the increasing use of smart medical devices in injury rehabilitation for this population is creating lucrative prospects in the market.

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Smart Medical Devices Market: Growth Boosters

  • Rising instances of several health disorders such as Chronic Obstructive Pulmonary Disease (COPD) and Multiple Sclerosis (MS) is expected to drive demand opportunities for players operating in the smart medical device market
  • Rising demand for smart medical devices including diagnostic and monitoring devices, injury prevention and rehabilitation devices, and therapeutic devices due to growing awareness of health and fitness in the middle of COVID-19 Pandemic Propels Market Growth

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Smart Medical Devices Market: Regional Analysis

  • The North America smart medical device market is expected to maintain its dominant position in the coming years, owing to the increased adoption of the technology by the regional populations. Additionally, the smart medical devices market in North America is expected to be boosted owing to the presence of strong healthcare infrastructure, easy access to advanced medical devices, and the presence of a significant number of older people in the area.
  • The Asia-Pacific smart medical device market is expected to grow at a rapid pace over the forecast period, owing to increasing levels of healthcare awareness and improving purchasing power of inhabitants of the region. Additionally, the increasing prevalence of chronic diseases is expected to drive the growth of the regional market in the coming years.

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Smart Medical Devices Market: Key Players

Some of the key players profiled in the report are:

  • Apple Inc.
  • Abbott Laboratories
  • Fitbit, Inc.
  • Dexcom, Inc.
  • Johnson & Johnson
  • F. Hoffmann-La Roche Ltd.
  • NeuroMetrix, Inc.
  • Medtronic plc
  • Sonova
  • Samsung Electronics Co., Ltd.
  • TRB Chemedica Int. HER,

Segmentation of the smart medical device market

type of product

  • Diagnostic and monitoring devices
    • Blood glucose meters
    • Heart rate monitors
    • EEG/ECG monitors
    • Cardiac event monitors
    • Pulse oximeters
    • Tensiometers
    • Fetal monitors
    • Breathalyzers
    • Medical tricorders
    • Blood Analyte Analyzers
    • Others
  • Therapeutic devices
    • Portable oxygen concentrators and ventilators
    • Insulin pumps
    • Neuro-stimulators
    • Hearing aids
    • Others
  • Injury prevention and rehabilitation devices
    • Body movement devices
    • Fall detection devices
    • Others
  • Others

Type of test

Final user

  • Hospitals
  • Clinics
  • Home care settings
  • Others

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Modernization of healthcare in terms of infrastructure and services has pushed the healthcare industry to new heights, stay updated with Latest Health Industry Research Reports by Transparency Market Research:

Smart Medical Imaging Solutions Market: The integration of smart technology in medical imaging devices to detect various diseases by monitoring vital signs is known as smart imaging devices. These types of medical devices can collect invaluable additional data, provide additional insight into symptoms and trends, enable remote care, and offer patients more control over their lives and treatment.

Ingestible Medical Devices Market: The global ingestible medical devices market can be segmented on the basis of application, technology, therapy, end user and region. In terms of application, the market can be categorized into drug delivery, optical imaging, and disease diagnosis. In terms of technology, the market can be segregated into absorbable and non-absorbable. In terms of therapy, the market can be divided into oncology, biotechnology, neurology and others.

Medical Device Calibration Services Market: Calibration of medical equipment is the process that ensures that the output of medical devices conforms to industry standards. Calibration can be defined as a comparison between the standard measurement and the measurement using a medical instrument. The standard organization accepts an accuracy ratio of 3:1. Regular calibration and quality assurance of medical devices increases product life and functionality.

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