Smart medical devices are an important tool and are being used by patients as well as doctors to detect and monitor various types of diseases. These devices comprise features such as Wi-Fi and Bluetooth and are mostly compatible with smartphones or tablets. Digitally stored data in these devices provide notifications, real-time alerts, and data visualizations, which help healthcare specialists respond quickly in emergency situations.
Product Innovation Driven by Rise in Chronic Diseases
Hypertension, diabetes, and heart-related diseases have become extremely common due to hectic lifestyles led by people. Consequently, people have been adopting heart trackers and glucometers to keep a track of their health. For instance, the Connected Upper Arm Blood Pressure Monitor developed by Philips is used to measure blood pressure and heart rate. This smart device can be synchronized with the Philips health app installed on smartphones.
The iHealth Smart Wireless Gluco-Monitoring System, which is a portable and sharable device, is used as a personal diabetes data management device. This device can be synchronized with the user’s smartphone and its app represents data in the form of simple graphs and charts.
In 2017, Medtronic Care Management services announced that they were integrating the data of Garmin wearable device with Medtronic Care Management Service (MCMS), which is a remote patient monitoring system. The data captured by the vivofit activity tracker developed by Gramin is synced into the MCMS NetResponse mobile application. This collaboration allows patients and healthcare specialists to monitor health even from a remote location.
The vivofit activity tracker stores and displays a user’s activity, such as step count, burn calories, and distance, and also monitors one’s total sleep time. It can also be paired with heart monitors for various fitness activities.
Market Overview
According to Grand View Research, Inc., the global smart medical device market is set to reach USD 24.4 billion by 2025. Factors such as growing demand for wireless and smartphone-compatible medical devices and rising awareness regarding health and fitness can propel the market.
In 2016, the diagnostic and monitoring devices segment accounted for the largest market share by product. Heart rate monitors, pulse oximeters, blood glucose monitors, blood pressure monitors, breath analyzers, and medical tricorders are other key segments in this category.
Products such as portable oxygen concentrators, insulin pumps, ventilators, and hearing aids are categorized into therapeutic devices. In this category, insulin pumps acquired the largest market share and are expected to exhibit profitable growth over the forecast period (2014 to 2025).
In 2016, North America accounted for a major share due to established healthcare facilities. Asia Pacific emerged as the fastest growing region in 2016 and is estimated to grow substantially in the coming years.
Apple, Inc; Dexcom, Inc; Fitbit, Inc; Medtronic; and F. Hoffmann-La Roche Ltd. are some of the major players operating in the market.
In-Depth Research Report On Smart Medical Devices Market:
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