Fitbit, Inc., Apple Inc., Medtronic are Dominating the Global Smart Medical Devices Market in 2020

Smart Medical Devices Market is expected to grow with the CAGR of 20.1% in the forecast period of 2021 to 2028. The years considered for study are as mentioned below.

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Global smart medical devices market is a highly consolidated market, which includes specific number of key players. The market has witnessed increased strategic developments owing to favourable market scenario.

The major players dealing in global smart medical devices market are introducing strong range of products provider along with launching new products and adopting strategic initiative such as acquisition, agreement into the market. This helped companies to maximize the sales with enhanced product portfolio.

For instance-

  • In October 2020, Fitbit, Inc. announced that it has been selected by US Army Medical Research and Development Command to receive nearly $2.5 million through an award for advanced development of wearable diagnostic capability for early detection of COVID 19 detection. This will pave the way for developing more innovative devices for the company in coming years.
  • In December 2020, Apple Inc. lunched Apple Fitness+, the fitness experience built around Apple watch allows users to work out anytime, anywhere. This will help the company to generate revenue in coming years.

The major companies which are dealing in the global smart medical devices market are Johnson & Johnson Services, Inc, Abbott, Apple Inc., Medtronic, F. Hoffman-La Roche Ltd., Fitbit, Inc., Dexcom, NeuroMetrix, Inc., CeQur SA, Huawei Devices Co., Ltd., West Pharmaceutical Services, Inc., Sonova, BAE Systems, Seiko Epson Corporation, Insulet Corporation, Garmin Ltd., SAMSUNG ELECTRONICS CO., LTD., LG Electronics, Enable Injections, Debiotech S.A. among others.

Smart Medical Devices MarketFitbit, Inc.

Fitbit, Inc. is headquartered in California, U.S. The company was established in 2007. The company is engaged in the development of wearable devices which tracks data of individual's health. The market focus products lie under watches. The company is engaged in the manufacturing and distribution of healthcare supplies serving the entire continuum of care. The company is bridging supply chain and clinical expertise to make healthcare run better.

The company is engaged in the continuous development of smart medical devices and related products.

  • In August 2020, Fitbit, Inc. announced the launch of Fitbit Sense, the most advanced health smart watch with the world’s first electro thermal activity sensor on smart watch which will help manage stress along with advanced heart rate tracking technology. This will help the company to generate more revenue in coming years.

The company has wide presence across Asia-Pacific, Europe, North America, South America and Middle East & Africa. The company has various subsidiaries like Fitbit International Limited (Ireland), FitStar Lab Inc, (USA) and Twine Health, Inc (USA).

Apple, Inc.

Apple, Inc. is headquartered in California, USA and was founded in 1976. The company is engaged in the design, manufacture and sale of smart phones, personal computers, wearable and accessories, tablets and other variety of services. The company operates in business segment such as iPhone, Mac, iPad, wearables, home and accessories, services among which wearables, home and accessories are the market focussed market. The product categories such as Mac, iPad, iPhone, Watch, TV, music among which watch is the market focused category. The company is engaged in continuous development of smart medical devices and related products.

  • In September 2020, Apple Inc. launched Apple Watch Series 6 and Apple Watch SE which will bring significant development in health and wellness feature to iPhone, iPad Apple TV. These devices will increase the demand in the market and increase the company’s revenue.

The company has wide presence across North America, South America, Europe, Middle East and Africa, Asia-Pacific. The company also has various subsidiary companies such as Beats Electronics (United States), The Dark Sky Company LLC (New England), PrimeSense (Israel), Authen Tec (United States), Metaio (Germany) among others.

Medtronic

Medtronic has its headquarters in Minneapolis, USA, was founded in 1949. The company is engaged in the development, manufacture, distribution and sale of medical devices and services. The company is bridging supply chain and clinical expertise to make healthcare run better. The product categories are patients & caregivers, healthcare professionals among which healthcare professionals is the market focussed category.

The company is engaged in continuous development of smart medical devices and related products.

For instance,

  • In November 2020, Medtronic launched InPen Integrated with real time Guardian Connect data which is first and only FDA cleared smart insulin pen in market for the people on multiple daily injections, which will give real time glucose reading. This will help the company to increase its sales and generate revenue.

The company has wide presence across North America, South America, Europe, Middle East/Africa, and Asia-Pacific. The company also has various subsidiary companies such as Neutrogena (USA), Ethicon Inc, (USA), Synthes (USA), Actelion (Switzerland), McNEIL PPC Inc. (USA) among others.