Smart medical devices market is projected to grow at a CAGR of 16.14% during the forecast period, reaching a total market size of US$232.642 billion in 2024 from US$94.790 billion in 2018. A “smart” device is defined as an electronic device generally connected to other devices or networks via different protocols (e.g. BlueTooth, WiFi) that can operate to some extent interactively and autonomously. The market for smart devices is expected to show significant growth during the forecast period owing to the quick shift from the traditional methods to smart medical devices to obtaining real-time information, tracking past health records, identifying potential health issues, and devising a better and accurate treatment plan. Continuous advancements in the smart medical device technologies will also help to boost the market for smart medical devices during the given forecast period. For instance, in April 2018, Sweden-based respiratory monitor maker NuvoAir announced the launch of its smart, wireless spirometer ‘Air Next’ for home use which is a portable device connected to users’ smartphones or tablets via Bluetooth LE. However, the high cost of smart medical devices might restrict the growth of the market during the forecast period.
The “Smart Medical Devices Market– Forecasts from 2019 to 2024” is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by type, application, end-user, and geography.
The smart medical devices market segmented based on type, application, end-user, and geography. By type, the market has been segmented into diagnostic and monitoring devices and therapeutic devices. By application, the market has been segmented into cardiovascular, neurology, respiratory, and others. By the end-user, the market has been segmented into hospitals and clinics, ambulatory surgical centers, and homecare settings.
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and the Asia Pacific regions. The report also analyzes 15 countries across these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers.
Major players in the smart medical devices market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the smart medical devices market.