Smart
medical devices refers to the electrical devices that have an
autonomous processing system within them and are used to monitor a
range of health and fitness parameters on an everyday basis. These
devices provide a multitude of advantages to the patient and
caregiver in monitoring and measuring various healthcare regimens
such as sensing the lowered levels of insulin through artificial
intelligence among type 1 diabetes patients and delivering insulin.
Smart medical devices have radically changed the perspective of
disease management by offering easy and sustainable solutions to
patients at home and reducing the turn-around hospital visits. The
integration of emerging technologies such as internet of things (IoT)
in the smart medical devices have helped to build an interface
between functionality and communication. These devices assists in
simplifying the medical complexities and convert it into logical
format that helps to obtain results in understandable form. Smart
medical devices have the potential to enable the patients to deal
with serious health disorders, which required the intervention of
healthcare professionals in the earlier days.
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Market
Dynamics -
Increasing
demand for better disease management tools and shift of populace
towards smart medical devices are major factors propelling growth of
global smart medical devices market. Chronic diseases such as
diabetes, hypertension, asthma, and other chronic obstructive
pulmonary disorders (COPD) are highly prevalent across the globe,
which increases the demand for tools and services to manage their
symptoms. For instance, according to the World Health Organization
(WHO), in 2017, the number of people over 18 years of age suffering
from diabetes have increased from 4.7% in 1980 to 8.5% of the global
population by 2014. Moreover, the WHO also states that over 235
million people across the globe are suffering from asthma. The
development of smart medical devices such as continuous glucose
monitors as well as smart sensing wearable devices to monitor the
patients suffering from various chronic diseases have resulted in the
growth of smart medical devices market.
Regional
Insights -
On
the basis of region, the global smart medical devices market is
segmented into North America, Latin America, Europe, Asia Pacific,
Middle East, and Africa. North America holds the dominant position in
the global smart medical devices market and is expected to retain its
dominance over the forecast period, owing to technological
advancements and broadened recommendation of healthcare professionals
for the use of these devices. For instance, Cycadia Health, a U.S.
based start-up introduced a novel product named iTBra in 2017 with
inbuilt sensors that helps to keep track of patient’s breast health
by monitoring the rhythmic pattern and conditions of the breast
tissues.
Competitive
Insights -
The
key players operating in the global smart medical devices market
include Apple, Inc., Fitbit, Inc., F. Hoffmann-La-Roche, Abbott
Laboratories, Medtronic Plc, Dexcom, Inc., NeuroMatrix, Inc., Johnson
& Johnson, and others. Market players are focused towards
providing technologically advanced products to sustain their presence
in the market. For instance, in April 2018, Teradata introduced the
first 4D analytics that can be used in wearable and personal medical
devices to translate the three dimensional geospatial location data
with time as the fourth dimension.
Market
Taxonomy -
On
the basis of device type, the global smart medical devices market is
segmented into:
Diagnostics
and Monitoring Devices:
-
Blood Glucose Monitors
-
Heart Rate Monitors
-
Pulse Oximeters
-
Breath Analyzers
-
Medical Tricoders
-
Smart Clothing
-
Smart Watches
-
Others
-
Therapeutic Devices
-
Insulin Pumps
Portable
Oxygen Concentrators & ventilators:
-
Hearing Aids
-
Others
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