Global Smart Medical Devices Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Smart Medical Devices Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global smart medical devices market report has been segmented on the basis of device type, distribution channel, end user, and region.

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Global Smart Medical Devices Market: Overview

Smart medical devices are electrical devices used to monitor a range of health and fitness parameters of patient on daily basis.

Global Smart Medical Devices Market: Dynamics

Rising adoption of smartphones, increasing demand for wireless & smartphone-compatible medical devices, rising awareness of fitness, and increasing focus on health & fitness are major factors expected to drive growth of the global market over the forecast period.

In addition, increasing incidences of chronic diseases, rising consumer expenditure on healthcare, and increasing demand for wearable devices among individuals for tracking and monitoring their health are some other factors expected to further fuel growth of the target market over the forecast period.

Moreover, increasing development of smart medical devices such as continuous glucose monitors as well as smart sensing wearable devices to monitor patients suffering from various chronic diseases is another factor expected to boost growth of the target market over the forecast period.

Furthermore, rising demand for better disease management tools and increasing consumer preference towards smart medical devices are some other factors expected to propel growth of the global market in certain extent.

However, inaccuracy of devices in monitoring medical parameters and differences between actual and displayed results are some major factors expected to restrain growth of the global market over the forecast period.

Increasing manufacturers focus towards strategic merger & acquisition activities and innovative product launches in order to enhance its product portfolio and consumer base across the globe are some factors expected to create potential revenue opportunities for players operating in the target market over the forecast period.

Global Smart Medical Devices Market: Segment Analysis

Among the device type segments, the diagnostic & monitoring segment is expected to dominate in the global market over the forecast period, owing to increasing awareness and healthcare spending among individuals and rising initiatives by government across various countries in order to improve patient care.

Among the distribution channel segments, the online channel segment is expected to register fastest growth in the target market over the forecast period, owing to increase consumer preference towards online purchasing through smartphones, higher flexibility, and availability of a wide range of products.

Global Smart Medical Devices Market: Regional Analysis

The market in North America is expected to dominate in the global smart medical devices market in terms of revenue over the forecast period, owing to early adoption of new technologies and Improved healthcare infrastructure across various countries in his region. In addition, increasing recommendation of healthcare professionals in order to use these devices is another factor expected to support growth of the target market in this region.

The market in Asia Pacific is expected to register fastest growth in term of revenue over the forecast period, owing to increasing population coupled with increasing patient pool, improving living standards, and rising demand for technologically advanced products across various countries in this region.

The market in Europe is expected to register moderate growth in the global market over the forecast period, owing to increasing investment for innovative and collaborative projects for wearable medical devices across various countries in this region.

Global Smart Medical Devices Market Segmentation:

Segmentation by device type:

Diagnostics and Monitoring Devices
Blood Glucose Monitors
Heart Rate Monitors
Pulse Oximeters
Breath Analyzers
Medical Tricoders
Smart Clothing
Others (Smart Watches, Blood Pressure Monitors)
Therapeutic Devices
Insulin Pumps
Portable Oxygen Concentrators & ventilators
Hearing Aids
Others (Wearable, Neuro-Stimulators)

Segmentation by distribution channel:

Pharmacy
Online Channels
Hypermarkets

Segmentation by end user:

Hospital
Clinic
Home Care
Others (sports and fitness)