Wide Analysis of Impact of COVID-19 on “Smart Medical Devices Market 2019-2025” Growth Worldwide
The global smart medical devices market size is expected to reach USD 24.46 billion by 2025, according to a new report by Grand View Research, Inc. The increasing adoption of smartphones is observed as a major factor driving market growth. In addition, the technological advancement and the rising awareness and focus on fitness is driving the market.
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
The increasing demand for wireless and smartphone compatible devices which is enhancing the diagnosis and makes accurate detection is making it convenient for patients to monitor their health anywhere and save the result on the connected device, is additionally driving the market.
Diagnostic and monitoring segment was the largest product category in 2015, but is expected to register a lower growth as compared to the therapeutic segment over the forecast period. Blood pressure monitor was the major diagnostic and monitoring device used by the patients in 2015 and accounts for a share of over 20.0% in 2015.
Online channel is the largest shareholder with an estimated CAGR of about 22.0% from 2016 to 2025. The trending online purchase for discounts, flexibility, convenience and availability of wide range of products with varying prices is leading to demand for purchasing smart medical devices online Additionally, the use of smartphones is expected the boost the market.
To Request Sample Copy of this report, click the link:
https://www.grandviewresearch.com/industry-analysis/smart-medical-devices-market/request/rs1
Smart medical devices constitute medical devices that are portable or wearable on account of wireless connectivity and miniaturization. Some of the products that are included in this rapidly developing area include smart watches, activity monitors, wearable patches and smart clothing. Smart medical devices have gained acceptance into the medical community in quick time, as they help in efficient monitoring of patients and their conditions.
The growth in smartphone penetration across the world is one of the major reasons for the attractiveness of the smart medical devices market, as most of these devices have an accompanying application which helps patients to effectively monitor their conditions. Besides this, the applications can also perform other important functions such as scheduling appointments and setting reminders for the concerned person.
The extent of the presence of chronic diseases globally, along with the subsequent rise in healthcare spending, has led to attractive growth of the smart medical devices market. Disorders such as diabetes, high blood pressure, cancer, asthma and heart diseases have resulted in a large number of deaths globally, with CVDs leading the mortality charts. This has made it imperative to have efficient detecting and monitoring systems such as heart rate monitors, pulse oximeters and blood pressure monitors, among others.
Smart medical devices, besides performing diagnostics and monitoring functions, also offer therapeutic assistance, in the form of insulin pumps and hearing aids, among others. According to the CDC, the number of diabetes cases in the US have risen to approximately 34.2 million, which offers a large playing field to competitors to offer their products and services. On the other hand, the WHO has predicted that by the year 2050, over 900 million people globally will suffer from disabling hearing loss, which calls into demand the large-scale production and distribution of hearing aids.
In terms of distribution, the market is divided into pharmacies, online channels, and other options such as hypermarkets. While pharmacies have accounted for a significant market share over the past few years, online channels have emerged as the preferred choice for consumers, on account of the options available, as well as the ease of buying and presence of home-delivery options. The hypermarket segment is also showing good promise, due to them offering better customer service, as well as having multitude of options available.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-smart-medical-devices-market
Recent Trends and Developments
Smart Medical Devices Product Outlook (Revenue, USD Million, 2014 - 2025)
o Heart rate monitors
o Pulse oximeters
o Blood pressure monitors
o Breath analyzer
o Medical tricorder
o Smart clothing
o Insulin pumps
o Hearing aid
o Others
Smart Medical Devices Distribution Channel Outlook (Revenue, USD Million, 2014 - 2025)
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
The increasing demand for wireless and smartphone compatible devices which is enhancing the diagnosis and makes accurate detection is making it convenient for patients to monitor their health anywhere and save the result on the connected device, is additionally driving the market.
Diagnostic and monitoring segment was the largest product category in 2015, but is expected to register a lower growth as compared to the therapeutic segment over the forecast period. Blood pressure monitor was the major diagnostic and monitoring device used by the patients in 2015 and accounts for a share of over 20.0% in 2015.
Online channel is the largest shareholder with an estimated CAGR of about 22.0% from 2016 to 2025. The trending online purchase for discounts, flexibility, convenience and availability of wide range of products with varying prices is leading to demand for purchasing smart medical devices online Additionally, the use of smartphones is expected the boost the market.
To Request Sample Copy of this report, click the link:
https://www.grandviewresearch.com/industry-analysis/smart-medical-devices-market/request/rs1
Smart medical devices constitute medical devices that are portable or wearable on account of wireless connectivity and miniaturization. Some of the products that are included in this rapidly developing area include smart watches, activity monitors, wearable patches and smart clothing. Smart medical devices have gained acceptance into the medical community in quick time, as they help in efficient monitoring of patients and their conditions.
The growth in smartphone penetration across the world is one of the major reasons for the attractiveness of the smart medical devices market, as most of these devices have an accompanying application which helps patients to effectively monitor their conditions. Besides this, the applications can also perform other important functions such as scheduling appointments and setting reminders for the concerned person.
Further key findings from the report suggest:
· The global smart medical devices witnessed a lucrative growth in 2015 and is expected to grow at a CAGR of over 20.0% from 2016 to 2025
· Diagnostic and monitoring segment emerged as the largest product segment in 2015 and is estimated to generate revenue over USD 8.0 billion by 2025
· The industry in Asia Pacific is projected to witness substantial growth over the next decade owing to various developments across major economies. The regional market is expected to grow at a CAGR of over 20.0% from 2016 to 2025
· Key players including Abbott Laboratories, Apple Inc, Dexcom Inc, Fitbit Inc and Medtronic plc among the others dominate the global smart medical devices market while accounting for majority of the volume in 2015
The extent of the presence of chronic diseases globally, along with the subsequent rise in healthcare spending, has led to attractive growth of the smart medical devices market. Disorders such as diabetes, high blood pressure, cancer, asthma and heart diseases have resulted in a large number of deaths globally, with CVDs leading the mortality charts. This has made it imperative to have efficient detecting and monitoring systems such as heart rate monitors, pulse oximeters and blood pressure monitors, among others.
Smart medical devices, besides performing diagnostics and monitoring functions, also offer therapeutic assistance, in the form of insulin pumps and hearing aids, among others. According to the CDC, the number of diabetes cases in the US have risen to approximately 34.2 million, which offers a large playing field to competitors to offer their products and services. On the other hand, the WHO has predicted that by the year 2050, over 900 million people globally will suffer from disabling hearing loss, which calls into demand the large-scale production and distribution of hearing aids.
In terms of distribution, the market is divided into pharmacies, online channels, and other options such as hypermarkets. While pharmacies have accounted for a significant market share over the past few years, online channels have emerged as the preferred choice for consumers, on account of the options available, as well as the ease of buying and presence of home-delivery options. The hypermarket segment is also showing good promise, due to them offering better customer service, as well as having multitude of options available.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-smart-medical-devices-market
Recent Trends and Developments
- With the aim to fight the coronavirus pandemic, emergency medical workers at the University of California, San Francisco Medical Center and the Zuckerberg San Francisco General Hospital have been provided with a ‘smart ring’ from the wearable tech company Oura, which can measure crucial metrics such as skin temperature and heart rate, potentially alerting users about sickness even before the symptoms appear. More than 30,000 Oura ring owners have signed up for studies regarding this development.· An Australian start-up by the name ‘Nutromics’ has developed a wearable smart patch that can deliver precise data to assist people in personalizing their diets, so as to reduce the risk of developing lifestyle-related chronic diseases such as Type-2 diabetes. The app measures key dietary biomarkers and sends the information to an application, enabling users to accurately track how their bodies respond to different food products. Additionally, the device can be adapted in the future for other important purposes such as stress management, sleep health, sports performance and early stage viral detection.· In February 2020, Johnson and Johnson’s pharmaceutical brand Janssen announced its collaborative study with Apple, where it would be using the latter’s iPhone and Apple Watch to get more information on heart health among people aged 65 years and above. The goal of the study is to see whether the Heartline Study app on iPhone and heart health features on Apple Watch can improve health outcomes, including reducing the risk of stroke, with earlier detection of atrial fibrillation (AFib).· In April 2020, Fitbit began a study to explore whether its wearable devices could help researchers predict if users have a coronavirus infection before they even notice any symptoms. With this objective, Fitbit launched a consortium with the Stanford University School of Medicine and the Scripps Translational Research Institute, where the research teams have begun enrolling wearable device users for 2 studies to train algorithms for finding early COVID-19 warning signs.
Smart Medical Devices Product Outlook (Revenue, USD Million, 2014 - 2025)
- Diagnostic & monitoring
o Heart rate monitors
o Pulse oximeters
o Blood pressure monitors
o Breath analyzer
o Medical tricorder
o Smart clothing
- Therapeutic devices
o Insulin pumps
o Hearing aid
o Others
Smart Medical Devices Distribution Channel Outlook (Revenue, USD Million, 2014 - 2025)
- Pharmacies
- Online channel
- Others
- Hospitals
- Clinics
- Homecare
- Others
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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