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.
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. For instance, in March 2017, Health Care Originals, a U.S. based
company developed an Intelligent Asthma Management Kit (ADAMM) that is capable
of identifying asthma attack before the wearer notices its symptoms. Moreover,
the rising awareness of patients in disease monitoring and fitness is further
expected to boost growth of global smart medical devices market. According to a
survey article published by the Oxford University in 2016, internet of things
associated with smart wearable devices is expected to connect over 20 billion
object modules to the internet by 2020. Thus, the rapid surge in adoption of
smart wearable gadgets will propel growth of smart medical devices market.
However, inaccuracy of the devices in monitoring medical parameters and
differences between the actual and displayed results could hamper the market
growth. For instance, according to the study by Diabetes Technology & Therapeutics
in 2016, the accuracy and precision of continuous glucose monitors (CGM) were
less than that of blood glucose meters for the measurement of capillary blood
glucose, indicating the increased risk of errors in the clinical application of
CGM.
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Furthermore, Asia Pacific is
expected to witness a significant growth in the market, owing to a massive pool
of patients and innovative manufacturers delivering smart solutions to the
market at marginally lower costs. For instance, Ten3T Healthcare Pvt Ltd, an
Indian manufacturer developed Cicer, a wearable monitoring device that is capable
of measuring ECG and other indicators such as heart rate, blood oxygen, and
temperature in real time at affordable price.
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.
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