35.30% of Global Smart Medical Devices Market Revenue is generated by Sports and Fitness Segment

 Smart medical devices are wireless electronic equipment that collect and transmit real-time data to monitor patients' health. Some of the most often used smart medical equipment include insulin pumps, heart rate monitors, pulse oximeters, portable oxygen concentrators, and blood pressure monitors. These devices are commonly used to monitor, analyze, and communicate crucial patient data and are typically operated on a wireless network such as Wi-Fi, Bluetooth, and other technologies. Smart medical gadgets offer a high level of mobility and the capacity to check patient status remotely. They also help with effort reduction, time savings, patient engagement and control, error reduction, improved communication, and safety. As a result, smart medical gadgets are becoming common in hospitals, clinics, and at home.

 Access Full Report @ https://www.databridgemarketresearch.com/reports/global-smart-medical-devices-market

Data Bridge Market Research analyses that the Smart medical devices market is expected to grow at a CAGR of 20.1% in the forecast period of 2021 to 2028 and is expected to reach USD 126,409.49 million by 2028. The rising demand for smartphone-compatible and wireless medical devices and increased awareness and attention on health and fitness are driving market expansion. Furthermore, an increase in health concerns, the prevalence of chronic diseases, increased healthcare spending, and a high-pitched demand for wearable gadgets would propel the market value exponentially higher.

Smart Medical Devices Market

The surging demand for wearable medical devices among geriatric population is expected to drive the market's growth rate during the forecast period.

The demand for wearable medical devices such as sensors, ECG devices, and smartwatches with fitness trackers has increased because these devices are simple to use and interpret the results do not require a great deal of expertise. As a result, the user can keep track of his or her health condition by monitoring vital signs without having to visit clinics or hospitals on a regular basis. Wearable medical gadgets with this capability are anticipated to gain popularity among the aging population. According to the United Nations' World Population Prospects 2019 report, one in every six persons on the planet will be over the age of 65 by 2050, up from one in every eleven in 2019. In 2019, the world's population was 703 million aged 65 and up. In 2050, the number of elderly people is expected to increase to 1.5 billion. Globally, the proportion of people aged 65 and more climbed from 6% in 1990 to 9% in 2019, with an expected growth to 16% by 2050.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2021 to 2028

Base Year

2020

Historic Years

2019 (Customizable to 2013 - 2018)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Product Type (Diagnostics and Monitoring Devices and Therapeutic Device), Type (On-Body (Adhesive Patch), Off-Body (Belt Clip) and Hand Held), Technology (Spring-Based, Motor-Driven, Rotary Pump, Expanding Battery, Pressurized Gas and others), Modality (Wearable and Non-Wearable), Application (Oncology, Diabetes, Auto-Immune Disorders, Infection Diseases, Sports and Fitness, Sleep Disorders and others), End User (Hospitals, Clinics, Home Care, Sports Club and Others), Distribution Channel (Pharmacies, Online Channel and Others)

Countries Covered

U.S., Canada, Mexico, U.K., Germany, Italy, France, Spain, Russia, Netherland, Switzerland, Turkey, Belgium, Rest of Europe, China, India, Japan, Australia, South Korea, Singapore, Indonesia, Thailand, Malaysia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa, Brazil, Argentina, Rest of South America

Market Players Covered

Johnson & Johnson Services, Inc. (U.S.), Abbott (U.S.), Apple Inc. (U.S.),Fitbit, Inc. (U.S.), Dexcom (U.S.), NeuroMetrix, Inc. (U.S.), CeQur SA (Switzerland), Huawei Devices Co., Ltd. (China), West Pharmaceutical Services, Inc. (U.S.), Sonova (Switzerland), BAE Systems (U.K.), Seiko Epson Corporation (Japan), Insulet Corporation (U.S.), Garmin Ltd. (U.S.), SAMSUNG ELECTRONICS CO., LTD. (South Korea), LG Electronics (South Korea), Enable Injections (U.S.), Debiotech S.A. (Switzerland), F. Hoffmann-La Roche Ltd. (Switzerland), Medtronic (Ireland)

Data Pointers Covered in Report

In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Segment Analysis:

The smart medical devices market is segmented on the basis of product type, type, technology, modality, application, end user and distribution channel.

  • On the basis of product type, global smart medical devices market is segmented into diagnostics and monitoring devices and therapeutic devices. In 2021, the diagnostics and monitoring devices segment is expected to dominate the global smart medical devices market with 74.3% market share due to high technology adoption by key players.

In 2021, the diagnostics and monitoring devices segment is projected to hold the largest share of product type segment in the smart medical devices market. 

In 2021, the diagnostics and monitoring devices segment is anticipated to hold the largest share of the global smart medical devices market due to high technology adoption by key players. The diagnostics and monitoring devices segment is growing with a CAGR of 120.5% in the forecast period of 2021 to 2028.

  • On the basis of type, global smart medical devices market is segmented into on-body (adhesive patch), off-body (belt clip) and hand held. In 2021, off-body (belt clip) segment is expected to dominate the global smart medical devices market with 51.7 % market share   because of increasing healthcare expenditure.
  • On the basis of technology, global smart medical devices market is segmented into spring-based, motor-driven, rotatory pump, expanding battery, pressurized gas and others. In 2021, the spring-based segment is expected to dominate the global smart medical devices market with a 35.9% market share due to the increasing demand for smart devices.
  • On the basis of modality, global smart medical device market is segmented into wearable and non-wearable. In 2021, wearable is expected to dominate the global smart medical devices market with 71.9 % market share because of the increasing demand for wireless devices to monitor health conditions.

In 2021, the wearable segment of modality segment is anticipated to dominate the smart medical devices market. 

In 2021, the wearable segment of this market will dominate the smart medical devices market because of increasing demand of wireless devices to monitor the health condition. The wearable segment is expected reach the highest CAGR of 20.3% in the forecast period of 2021-2028.

  • On the basis of application, global smart medical devices market is segmented into oncology, diabetes, auto-immune disorders, infection diseases, sport and fitness, sleep disorder and others. In 2021, sports and fitness segment is expected to dominate the global smart medical devices market with 35.3% market share because of rising prevalence of chronic diseases.
  • On the basis of end user, global smart medical devices market is segmented into hospitals, clinics, home care, sport club and others. In 2021, home care segment is expected to dominate the global smart medical devices market with 49.5% market share because of increasing geriatric population and prevalence of chronic diseases.
  • On the basis of distribution channel, global smart medical devices market is segmented into pharmacies, online channel and others. In 2021, the online channel segment is expected to dominate the global smart medical devices market with 63.2 % market share because of the increasing demand for wireless and smart devices.

Major Players

Data Bridge Market Research recognizes the following companies as the major smart medical devices market players in Smart medical devices market are Johnson & Johnson Services, Inc. (U.S.), Abbott (U.S.), Apple Inc. (U.S.),Fitbit, Inc. (U.S.), Dexcom (U.S.), NeuroMetrix, Inc. (U.S.), CeQur SA (Switzerland), Huawei Devices Co., Ltd. (China), West Pharmaceutical Services, Inc. (U.S.), Sonova (Switzerland).

Smart Medical Devices Market

Market Development

  • In August 2020, Fitbit, Inc. announced the launch of Fitbit Sense. It is the most advanced health smart watch with the world's first electro thermal activity sensor on smart watch that will assist by managing stress along with advanced heart rate tracking technology. By laying their palm over the device's face, users can detect minor electrical changes in the skin's sweat level. The EDA Scan app displays the results.
  • In September 2020, NeuroMetrix, Inc. announced the launch of Quell App for Apple Watch for pain relief device. Quell is an over-the-counter TENS device for knee, foot, and leg pain. It can be worn both during the day and at night. The mobile software for iPhone and Android cellphones allows users to customize and manage therapy discreetly. With pain, sleep, activity, and gait tracking, Quell is also a pain management tool.
  • In January 2021, Facedrive Health announced the launch of V2 TraceSCAN Wearable Device. TraceSCAN V2 comes with a long list of new features aimed at enhancing the accuracy, data management, privacy concerns, and vital sign monitoring capabilities of traditional Bluetooth devices (which aren't GPS-based).

Regional Analysis

Geographically, the countries covered in the smart medical devices market report are U.S., Canada, Mexico, U.K., Germany, Italy, France, Spain, Russia, Netherland, Switzerland, Turkey, Belgium, Rest of Europe, China, India, Japan, Australia, South Korea, Singapore, Indonesia, Thailand, Malaysia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa, Brazil, Argentina, Rest of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in Smart medical devices market during the forecast period 2021 - 2028

North America will continue to dominate the Smart medical devices market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period rising investments in development of smart devices in this region. U.S. dominates the North American region due to rise in use of smart phones and increasing awareness towards their health and fitness.

Asia-Pacific is estimated to be the fastest-growing region in Smart medical devices market the forecast period 2021 - 2028

Asia-Pacific region is anticipated to grow at the highest rate during the forecast period of 2021-2028 due to the rise in healthcare expenditure and surging prevalence of chronic diseases in the region. China is anticipated to dominate the Asia-Pacific market due to the rising investments and also due to the government support.

COVID-19 Impact Analysis

The COVID-19 pandemic had invariably impacted a number of medical departments around the world. Routine medical exams and hospital visits for diabetic patients, pregnant women, and others who require regular medical monitoring have been hampered by the protracted lockdown and movement limitations. As a result of these considerations, the market for smart medical devices has grown in popularity. Patients can monitor their health metrics continually while at home due to the facility provided by smart medical equipment. As the number of instances of COVID has increased, so has the demand for pulse oximeters; sales of pulse oximeters have soared during pandemics. During the pandemic, people have become more conscious of the importance of leading a healthy lifestyle. In recent years, such factors have spurred the rise of the smart medical devices market.

For more detailed information about the Smart medical devices market report, click here – https://www.databridgemarketresearch.com/reports/global-smart-medical-devices-market