Smart Medical Devices Market

Smart Medical Devices Market Trends, Size And
Growth Analysis
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.
Report includes chapters which deeply display the following deliverable about industry :
• Smart Medical Devices Market Research Objective and Assumption
• Smart Medical Devices Market Purview - Report Description, Executive Summary, and
Coherent Opportunity Map (COM)
• Smart Medical Devices Market Dynamics, Regulations, and Trends Analysis - Market
Dynamics, Regulatory Scenario, Industry Trend, Merger and Acquisitions, New system
Launch/Approvals, Value Chain Analysis, Porter’s Analysis, and PEST Analysis
• Global Smart Medical Devices Market, By Regions
• Smart Medical Devices Market Competition by Manufacturers including Production, Share,
Revenue, Average Price, Manufacturing Base Distribution, Sales Area and Product Type.
• Smart Medical Devices Market Manufacturers Profiles/Analysis including Company Basic
Information, Manufacturing Base and Its Competitors.
• Smart Medical Devices Market Manufacturing Cost Analysis including Key Raw Materials and
Key Suppliers of Raw Materials.
• Industrial Chain, Sourcing Strategy and Downstream Buyers including Upstream Raw Materials
Sourcing and Downstream Buyers
• Marketing Strategy Analysis, Distributors/Traders including Marketing Channel, Market
Positioning and Distributors/Traders List.
• Market Effect Factors Analysis including Technology Progress/Risk, Consumer Needs/Customer
Preference Change and Economic/Political Environmental Change.
• Smart Medical Devices Market Forecast including Production, Consumption, Import and Export
Forecast by Type, Applications and Region.
• Research Findings and Conclusion
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.
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.
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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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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.