Medtronic, Fitbit Profiled in Smart Medical Devices Market| Key Players: Dexcom, Johnson & Johnson Vision
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Moreover, steep rise in health concerns worldwide, mounting preponderance of chronic diseases, strengthening expenditure on healthcare and the high-pitched demand for wearable devices will impel the smart medical devices growth exponentially. Companies such as Fitbit, Apple and Medtronic have been launching ingenious products, which will in turn accelerate the business growth. Smart blood pressure monitors and smart clothing will help garner a momentous market share over the forecast period.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Johnson & Johnson Vision
Insulog launched a campaign for a connected insulin tracker for diabetic patients using insulin pens. Aim of this campaign was to meet the needs of the patients, still using manual data entry or pen-paper to manage their diseases. Prohibitive costs pertaining to the technological advancements coupled with limited reimbursement policies can impede the smart medical devices market growth over the forecast period.
The diagnostic & monitoring segment directed the industry in 2016 with a substantial revenue share, but noted a moderately lower growth rate comparing to the therapeutic segment. The paramount factors attributable to the business growth includes elevating awareness, rising healthcare spending, and supporting initiatives by the government relating to the improvement in patient care.
North America held the largest revenue share in 2016 due to cognizance of advanced technologies and presence of a well-proportioned healthcare sector. The regional market has benefitted greatly owing to growing per capita income, favorable economic conditions and improved standard of living.
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Europe smart medical devices market is foreseen to gain significant industry revenue share over the forecast period. As per the Reflection and Orientation Paper, in 2016 European Union contributed USD 43.5 million for the innovation of wearable medical devices, hence, driving the business growth.
Asia Pacific is the fastest growing region due to soaring population, improvement in standard of living, owing to waxing disposable income and the demand for novel products which positively impacts the demand for smart medical devices in the region.
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