Market Research Report
Smart Medical Devices Market Size By Product Type, By End-use, COVID19 Impact Analysis, Country Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Published by||Global Market Insights Inc.||Product code||1008671|
|Published||Content info||145 Pages
Delivery time: 2-3 business days
|Smart Medical Devices Market Size By Product Type, By End-use, COVID19 Impact Analysis, Country Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
|Published: June 1, 2021||Content info: 145 Pages||
The smart medical devices market is projected to register massive gains by 2027 owing to the increasing adoption of smart phones across the globe, surging demand for wearable devices, new product launches and technological advancements. Internet of Things is changing the health and medicine landscape with some truly exceptional developments taking place, which includes the emerging of smart health & medical devices.
Smart medical devices like wearables could now easily link patients to physicians, conveying critical medical information in actual time from private homes and hospital beds and mobile equipment utilized at emergency locations as well as in transport vehicles. The smart personal devices enable patients unparalleled mobility further providing clinicians actual time data to make sure that the patients are given the highest level of care.
Subsequently, the rising demand for wearable devices is expected to boost the smart medical devices market. Wearable devices such as smart watches and biosensors could also enable healthcare experts to remotely monitor the various conditions and gather information, further enabling observation and treatment which was earlier only likely in an institutional setting to take occur anyplace. For instance, virtual wards or virtual hospitals are being tested and operated universally from Australia to the United Kingdom to the Middle East.
The smart medical devices market is segmented in terms of product type, end-use and regional landscape.
Based on product type, the market for smart medical devices is divided into Therapeutic devices and Diagnostic and monitoring. In 2020, the therapeutic devices segment accounted for $6.1 billion and will witness similar growth trends over the forecast time period. Various smart therapeutic devices are coming in the market to fulfill the needs of the customers. For instance, migraine bracelet, named Nerivio, which is drug-free and clinically proven smart device. In fact, WHO has listed migraine in the list of 19 disease that severely affects the social adaptation of humans. This innovative product is also approved by FDA.
In terms of end-use, the smart medical devices market is bifurcated into homecare setting, hospitals and others. Among these, the hospital segment is expected to reach a valuation of more than $21.6 billion by the end of 2027.
On the regional front, in 2020, Latin America accounted a market share of 6.8% and is anticipated to witness robust growth over the coming time period.
Meanwhile the Middle East & Africa region is anticipated to exhibit steady growth of 12.6% over the analysis period. The expanding healthcare sector in UAE, rapid innovations and formation of novel partnerships will aid the market growth in the region.