Smart Medical Device Market future growth potential, key players: Abbott Laboratories, Fitbit, Inc., F. Hoffmann-La Roche Ltd., Johnson & Johnson, Medtronic plc,etc
Smart medical devices are electrical advanced technological devices that help to monitor various arrays of fitness and health parameters on daily basis and run with the help of an autonomous processing system that is connected with emerging technologies which include internet of things (IoT) and artificial intelligence (AI).
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Key Players: Abbott Laboratories, Fitbit, Inc., F. Hoffmann-La Roche Ltd., Johnson & Johnson, Medtronic plc, NeuroMetrix, Inc., Samsung Electronics Co., Ltd, and Sonova, Dexcom Inc.
By Product: Diagnostic & Monitoring, Blood Glucose Monitors, Heart Rate Monitors, Pulse Oximeters, Blood Pressure Monitors, Breath Analyzer, Medical Tricorder, Smart Clothing
Therapeutic Devices: Portable Oxygen Concentrators And Ventilators, Insulin Pumps, Hearing Aid, Others
Distribution Channel: Pharmacy, Online Channel, Others.
End-user: Hospitals, Clinics, Homecare, Others.
These technologies help in building the interface between communication and applicability of devices within the various function of it. These devices deliver various advantages to the patients in controlling and determining various healthcare solutions such as detecting the low levels of insulin by smart devices with the help of artificial intelligence. Such devices have the provision of making the medical complexities easier to understand and translate the collected information into an analytical and logical format that helps to achieve results efficiently by providing alternative treatment solution.
These devices are widely used in numerous applications which include glucose monitoring, measuring heart rate, pain relief, and insulin delivery. Medical devices changed the viewpoint of disease management and smart medical devices market is evolving rapidly with technological progress in five areas including network connectivity, enhanced computing power, advanced software capabilities, huge data storage capacity and hardware miniaturization.
Rising incidences of chronic diseases and increasing geriatric population are the major factors that are fuelling the growth in the market. For instance, according to World Health Organisation (WHO) report published in January 2018, there are more than a billion people globally who are currently living with some form of disabilities which is around 15 percent of the world population. These people are suffering due to inaccessibility and unaffordability to healthcare services. Major causes of disabilities are increasing aging population and the rising chronic diseases which include asthma, diabetes, and hypertension.
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Moreover, according to World Health Organisation (WHO) report published in 2018, there is increased number of people with diabetes around 422 million in 2014 against approximately 108 million people in 1980 and there are around 235 million people are suffering from the disease asthma. Furthermore, the technology advancements of smart medical devices which include glucose monitoring, smart detectable wearable devices to control the patients suffering from numerous chronic diseases are the major factors that have led to the continuous expansion of the market.
For example, in March 2017, a U.S. based company- “Health Care Originals”, launched smart asthma management kit (ADAMM) that helps in recognizing asthma attack before the physicians identify its symptoms. Moreover, increasing alertness of patients in disease monitoring is further expected to propel the growth in the market.
According to Oxford University survey published in 2016, there are around more than 20 billion object modules that have to be connected with smart sensing wearable devices associated with the internet of things (IoT) and to the internet by 2020. Therefore, high adoption of these devices will increase the growth of smart medical devices market. However, the reliability of traditional method to monitor disease and lack of appropriate design and trained healthcare staff may impede the market growth. In addition, there is complexity in choosing the medical devices based on analysis and evidence of public health needs involving transparent process so as to avoid mismanagement of device and waste of resources. This complex process may hamper the growth of the market.
Regional Analysis: Geographically, the market can be segmented into North America, Europe, Asia- Pacific and LAMEA. North America is expected to be dominant in the global smart medical device due to various factors which include technological advancements and developed healthcare infrastructure. For example, a U.S. based start-up, “Cycadia Health”, launched product named iTBra in 2017 that helps to detect patient’s breast health by measuring and analyzing the specific pattern and disorders of the breast tissues. The Asia Pacific is expected to be fastest growing market attributed to innovative companies delivering smart sensing devices at lower costs.
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