Smart Medical Devices Market Will Rapidly Grow in Future by, Revenue, Demand Synopsis and Forecast to 2030
The emergence of technologically advanced devices has prompted the inception and the eventual market growth of Smart Medical Device Market. The advanced form of technology is helping pharmaceutical as well as biotechnological companies to develop safer options for biologics and other drugs that are administered through intravenous infusion. According to the latest report conducted by Market Research Future (MRFR), the global smart medical devices market is expected to witness increasing growth and demand during the forecast period of 2022-2030. Smart medical devices market size is projected to reach USD 23.50 billion by 2027 end, at a CAGR of 23.5%.
The shift of commercialized patient-centric biologics from intravenous infusion technique to subcutaneous injection has paved new growth opportunities for the global Smart Medical Devices market. Also, there has been a growing impetus on self-administration of biologics and a shifting inclination towards the adoption of these medically smart devices, thereby pushing the growth potential of the market during the aforementioned forecast period. Another driver for the market is the widespread prevalence of lifestyle-based diseases that has propelled the demand for a round-the-clock monitoring system. The integration of advanced Bluetooth tech with smart medical devices is also helping medical practitioners and physicians with real-time access to the device, thus enabling them to make sound decisions, increasing clinical efficiency, and reducing errors. Aside from these, less time consumption and the option of smart functionality associated with Smart Medical Devices is stimulating increasing acceptance of these devices and acting as key factors behind the projected growth of the market.
Market Segmentation
The report published by MRFR segments the global smart medical devices market into type, application, technology, and end-user.
By type, the market includes handheld. off-body, and on-body.
By application, the market comprises diabetes, cardiovascular diseases, auto-immune disorders, infectious diseases, oncology, and others.
By end-users, the market includes home care setting, hospital, clinic, ambulatory services, and others.
By technologies, the market segments into spring based, expanding battery, pressurized gas, rotary pump, collapsible reservoir, motor driven, and others.
Regional Analysis
The global Portable Medical Devices segmentation covers major regions like Europe, North America, Asia-Pacific, and Rest of the World.
North America holds the maximum market share for smart medical devices. This is mainly due to the high prevalence of lifestyle-based diseases which is being caused because of poor dietary habits and sedentary lifestyle of the people residing here. The region includes the US, which contributes a major portion of the overall smart medical devices market.
Asia-Pacific comprises of a large diabetic population as well as a huge patient population that is suffering from cardiovascular diseases. Among the huge patient population, there lies a notable geriatric demographic, thus making the region potentially lucrative for Smart Medical Devices market. Amidst the chaos surrounding these diseases and disorders, government, in this region, is increasing their support for the healthcare industry with favorable policies and rising investments. This is encouraging a push in the adoption of Smart Medical Devices. Additionally, the increasing disposable income coupled with the growing awareness about the various healthcare technologies emerging and existing in the market is driving the demand for smart medical devices.
Competitive Landscape
Some of the major players in the smart medical devices market are F. Hoffmann-La Roche Ltd., Unilife Corporation, Enable Injections, SteadyMed Therapeutics, Inc., Amgen, Inc., Debiotech S.A., Insulet Corporation, Johnson & Johnson Services, Inc., Becton Dickinson and Company, West Pharmaceutical Services, Inc., Sensile Medical AG, and CeQur SA.
Feb 27th, 2019, a global supplier of high-performance sensor solutions, ams AG, introduced the introduction of an optical sensor named AS7026. The optical sensor will be used for continuous cardiovascular health monitoring. When embedded in a consumer device, the AS7026 provides unmatched features with accurate information.
Feb 20th, 2019, Ascom, a leading healthcare ICT provider, announced that its software suite of Digistat would now be available for sale in the US after being cleared by the FDA. The suite includes Digistat® Smart Central, Digistat® Connect, and Digistat® Smart Central Mobile. It is used in various prestigious hospitals across Europe, and its benefits can be reaped by medical practitioners and professionals in the US.
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