ALBANY, N.Y., March 08, 2022 (GLOBE NEWSWIRE) -- The global smart medical devices market is estimated to register growth at a CAGR of 7.5% during the forecast period from 2021 to 2028, according to a research report by Transparency Market Research (TMR).
Due to hectic lifestyles and unhealthy eating habits, there has been a surge in the prevalence of different lifestyle-related health disorders such as diabetes among people from across the globe. This population pool is increasing the demand for different smart medical devices, including insulin pumps and blood glucose monitors. This, in turn, is boosting the growth prospects in the global smart medical devices market.
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Companies operating in the global smart medical devices market are increasing investments in researches in order to develop innovative and highly efficient products. In addition, they are concentrating on the new product launches so as to expand their product offerings. Moreover, enterprises in the smart medical devices market are expanding their regional reach by using different strategies such as mergers, acquisitions, and joint ventures. These initiatives are expected to result in the expansion of the global smart medical devices market during the forecast period.
Smart Medical Devices Market: Key Findings
- With increasing health awareness among people amid COVID-19 pandemic, this population base is inclining toward adopting healthy lifestyles. Hence, they are seen performing different physical activities such as running, playing sports for fitness, and exercising. Moreover, there has been surge in the demand for smart medical devices from this consumer pool to track these activities. This factor, in turn, is boosting the sales growth in the smart medical devices market.
- As the older population is prone to severe health conditions, increase in the number of this population base is impacting positively on the sales of the global smart medical devices market. Moreover, rising use of smart medical devices in injury rehabilitation of this populace is creating lucrative prospects in the market.
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Smart Medical Devices Market: Growth Boosters
- Increase in cases of several health disorders such as chronic obstructive pulmonary disease (COPD) and multiple sclerosis (MS) is expected to drive the demand opportunities for players operating in the smart medical devices market
- Rise in demand for smart medical devices, including diagnostic and monitoring device, injury prevention and rehabilitation devices, and therapeutic devices due to increasing awareness on the health and fitness amid the COVID-19 pandemic is propelling the market growth
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Smart Medical Devices Market: Regional Analysis
- The smart medical devices market in North America is forecast to maintain its dominant position in the upcoming years, due to increased adoption of technology by regional people. Furthermore, the North America smart medical devices market is expected to be driven owing to presence of a sturdy healthcare infrastructure, easy accessibility to advanced medical devices, and presence of sizable number of older population in the region.
- The Asia Pacific smart medical devices market is anticipated to expand at rapid pace during the forecast period, owing to increasing healthcare awareness levels and improving spending power of regional people. In addition, rising prevalence of chronic diseases is likely to boost the regional market growth in the upcoming years.
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Smart Medical Devices Market: Key Players
Some of the key players profiled in the report are:
- Apple, Inc.
- Abbott Laboratories
- Fitbit, Inc.
- Dexcom, Inc.
- Johnson & Johnson
- F. Hoffmann-La Roche Ltd.
- NeuroMetrix, Inc.
- Medtronic plc
- Sonova
- Samsung Electronics Co., Ltd.
- TRB Chemedica Int. SA,
Smart Medical Devices Market Segmentation
Product Type
- Diagnostic & Monitoring Devices
- Blood Glucose Monitors
- Heart Rate Monitors
- EEG/ECG Monitors
- Cardiac Event Monitors
- Pulse Oximeters
- Blood Pressure Monitors
- Fetal Monitors
- Breathalyzers
- Medical Tricorders
- Blood Analyte Analyzers
- Others
- Therapeutic Devices
- Portable Oxygen Concentrators & Ventilators
- Insulin Pumps
- Neuro-stimulators
- Hearing Aids
- Others
- Injury Prevention & Rehabilitation Devices
- Body Motion Devices
- Fall Detection Devices
- Others
- Others
Test Type
- Portable
- Wearable
- Others
End-user
- Hospitals
- Clinics
- Home Care Settings
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
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Ingestible Medical Devices Market: The global ingestible medical devices market can be segmented based on application, technology, therapy, end-user, and region. In terms of application, the market can be classified into drug delivery, optical imaging, and disease diagnosis. In terms of technology, the market can be segregated into absorbable and non-absorbable. In terms of therapy, the market can be divided into oncology, biotechnology, neurology, and others.
Medical Devices Calibration Services Market: Medical equipment calibration is the process which ensure the output of the medical devices is as per the industry standards. Calibration can be defined as comparison between the standard measurement and measurement using medical instrument. Standard organization accept accuracy ratio of 3:1. Regular calibration and quality assurance of medical devices increases the life and functionality of the products.
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