Smart Medical Devices Market Size, Trends, Share, Demand, Industry Analysis & Research, Regional Outlook, Growth Opportunities Assessment With Forecast 2017-2025

Global Smart Medical Devices Market 

Market Overview                            

Medical devices we use on a daily basis are getting smarter, when fitted with a range of sensors, microprocessors, communication technologies, and algorithms in order to work out what is happening around them makes them the smart medical device. Bigfoot insulin system raised USD 37 million in Series B funding in 2017 for their AI-driven insulin delivery system effective for controlling Type 1 diabetes and the SMARTdrill is kind of like the aforementioned smart toothbrush recommends where and how to drill based on the resistance, bone density, and other factors it senses and its calculations and offers surgeons real-time performance feedback as well. ADAMM Intelligent Asthma Monitoring, a product by Health Care Originals is a wearable technology to identify an oncoming asthma attack before the wearer notices the symptoms as according to the Center for Disease Control (CDC), asthma is a chronic condition that afflicts 25 million Americans, who experience an estimated 44,000 asthma attacks every single day.

Goldstein Research analyst forecast the smart medical devices market size is set to reach USD 69.1 billion by 2025, at a CAGR of 6.75% over the forecast years. The trend of smart medical devices is expected to gain special traction from developing economies of the Middle East and Africa, Latin America and Asia Pacific owing to improving GDPs of nations in Asia Pacific, rising standard of living, and growing per capita income.

Intended Audience

• Smart Medical Devices Suppliers
• Smart Medical Devices Manufacturers
• Research and Development (R&D) Companies
• Medical Research Laboratories
• Diagnostic Centers
• Rehabilitation Centers
• Business consultancies
• Venture capitalists
• Public and private health agencies

Covered In This Smart Medical Devices Market Report  

The report covers the present ground scenario and the future growth prospects of the smart medical devices market for 2017-2025 along with the data of shipments and adoption rate of smart medical devices worldwide. We calculated the market size and revenue share on the basis of revenue generated from major players across the globe. The smart medical devices market is forecasted on the basis of revenue analysis, product benchmarking and strategic developments of key market players. The report also includes micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.

Global Smart Medical Devices Market Segmentation

By Product Type

• Diagnostic and Monitoring Devices
• Therapeutic Device
• Injury Prevention
• Rehabilitation Device

By Modality

• Portable
• Wearable

By Distribution Channel

• Online
• Offline

By End User

• Hospitals
• Clinics
• Diagnostics Lab
• Home Care Settings

Based on Geography

• North America (U.S. & Canada)  Smart Medical Devices Market {Market Share (%), Market Size (USD Billion)}
• Latin America (Brazil, Mexico, Argentina & Rest of Latin America)  Smart Medical Devices Market {Market Share (%), Market Size (USD Billion)}
• Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE)  Smart Medical Devices Market {Market Share (%), Market Size (USD Billion)}
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia)  Smart Medical Devices Market {Market Share (%), Market Size (USD Billion)}
• Middle East & Africa (GCC, South Africa, North Africa, RoMEA)  Smart Medical Devices Market {Market Share (%), Market Size (USD Billion)}

Based on product type, diagnostic & monitoring smart medical devices held the largest market share in global smart medical devices market in 2017 owing to spiraling technological advancements, whooping investments, smart and digitally accessed medical devices coupled with intensifying awareness among patients to manage their health conditions. On the basis of distribution channel, online channel is the fastest growing market owing to increasing number of smartphone users while on the basis of end user, hospital is the dominating segment due to the emergence and usage of mobile care facilities that help patients browse healthcare services and reduce stress.

Smart Medical Devices Industry Outlook, Trends, & Key Players

Global Smart Medical Devices Market Outlook 2017-2025, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global smart medical devices market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global Smart Medical Devices market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Our global smart medical devices market report comprises of the following companies as the key players: Invacare Corporation; Apple, Fitbit, Abbott, Dexcom, F. Hoffmann-La Roche, Zephyr, Medtronic,  Johnson & Johnson, AirStrip Technologies, Agfa-Gevaert, Alcatel-Lucent, AT&T, AthenaHealth, Epic Systems, Evolent Health, Google, Honeywell Life Care Solutions, HP Enterprises Services, Huawei Technologies, IBM, Microsoft, Misfit, Olympus, OMRON, Proteus Digital Health, Qualcomm, Samsung Electronics, Voxiva, Warby Parker, Zephyr; Sonova, NeuroMetrix, Inc., WellDoc, and Zebra Technologies.

According to our global market study on the basis of extensive primary and secondary research: “One trend is the idea of the ultimate connected hospital due to the courtesy of emerging technology, digital health and the inception of the IoT. For instance products like intelligent asthma management kit aid in the management and treatment of this chronic (lifetime) illness, valedo back therapy kit for patients who experience lower back pain or related complications, Healthpatch MD aiding healthcare professionals in keeping tabs on their patients, Helius- a digital pill, Google’s smart contact lenses, tiniest healthcare monitoring crystals, ITBRA to keep track of breast health, Qardiocore – the connected ECG monitor are the smart health gadgets to fuse communication with functionality.”

According to the report, major driving factor is the growing potential of new care models like healthcare security, remote care and transforming healthcare with IoT to improve security, privacy, interoperability, and analytics for medical devices. For instance, Intel technology innovation combined with advocacy and real-world experience with IoT across multiple industries is making the promise of smart and connected care a reality. Intel’s ecosystem healthcare solution providers are creating data-smart solutions to fight disease, streamline provider decision-making, and personalize treatment.   

Further, the report states the biggest challenge is cost to research and develop connected medical devices and wearable smart health gadgets is often prohibitive most of the time. In addition, the initial cost of setting up the connected medical device and integrate a system to a private network such as a hospital’s WiFi is quite high as comparative to manual/conventional methods.  

Based on geography, North America demand for smart medical devices expected to generate revenue of USD 27.67 billion by 2025 due to mounting preponderance of chronic disease and large number of incoming small and medium-sized enterprises, along with constant market consolidation efforts by the more prominent players. Epocrates, Medscape and MedCalc are used by doctors in US for being time-savers, speeding up the process of diagnosis, and limiting unnecessary doctor and hospital visits to cut down on taxing resources. Furthermore, European Union contributed USD 44 million in 2016, for innovation and collaborative projects for wearable medical devices. Meanwhile, Asia Pacific is projected to show a robust CAGR of 8.23% from 2017 to 2025 owing to a quickly evolving healthcare industry on a digital scale. Countries like India, China, Singapore, Indonesia, Luxemburg, Sweden, Malaysia, France and Russia are the opportunistic market owing to rising demand of indicative and observing devices and rising prevalence of hypertension and diabetes cases have got a new point of view from the medical business.  

 The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this Smart Medical Devices Market Report

• What is the total market size by 2025 and what would be the expected growth rate of market?
• What is the revenue of total market in 2016-17 and what would be the expected demand over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

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