North America Smart Medical Devices Market, By Product Type (Diagnostics and Monitoring Devices and Therapeutic Devices), 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), Country (U.S, Canada and Mexico) Industry Trends and Forecast to 2028
Market Analysis and Insights: North America Smart Medical Devices Market
The smart medical devices market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 19.69% in the forecast period of 2021 to 2028 and is expected to reach USD 58,234.65 million by 2028. Increasing adaptability of smart phones and smart phone compatible medical devices is the major driver which is propelling the smart medical devices market in the forecast period.
Smart medical devices are important medical tools which are used by physicians to monitor the vital physiological parameters of various diseases. These smart devices are intended for enhancing patient care quality by monitoring real time data and communicating the same to physician through a connected device. The use of smart medical devices have several benefits such as it saves times, saves hospital visit expenses thereby helping the people to get more awareness towards their health and fitness.
The growing geriatric population which requires more home health care increase the demand of smart devices and is expected to drive the smart medical devices market in coming years. The lack of data integrity and ambiguity can even result in data redundancy and inconsistent data trends which may compel the users to switch to traditional methods of symptom tracking and overall wellness which may hamper the growth of the smart medical devices market. The multiple features provide an opportunity for the growth of the smart medical devices market as features of multiple devices are integrated into one wearable and compact device. The occurrence of healthcare data breach and unauthorized access to medical and personal information may challenge the smart medical devices market.
The smart medical devices market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the smart medical devices market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
North America Smart Medical Devices Market Scope and Market Size
The smart medical devices market is categorized into seven notable segments which are based on the product type, type, technology, modality, application, end user and distribution channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product type, the smart medical devices market is segmented into diagnostics and monitoring devices and therapeutic devices. In 2021, diagnostics and monitoring devices segment is expected to dominate the smart medical devices market due to high technology adoption by key players in the market.
- On the basis of type, the 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 smart medical devices market because of increasing healthcare expenditure.
- On the basis of technology, the smart medical devices market is segmented into spring-based, motor-driven, rotatory pump, expanding battery, pressurized gas and others. In 2021, spring-based segment is expected to dominate the smart medical devices market due to increasing demand of smart devices in the market.
- On the basis of modality, the smart medical devices market is segmented into wearable and non-wearable. In 2021, wearable segment is expected to dominate the smart medical devices market because of increasing demand of wireless devices to monitor the health conditions.
- On the basis of application, the smart medical devices market is segmented into oncology, diabetes, auto-immune disorders, infection diseases, sports and fitness, sleep disorder and others. In 2021, sports and fitness segment is expected to dominate the smart medical devices market because of rising prevalence of chronic diseases.
- On the basis of end user, the smart medical devices market is segmented into hospitals, clinics, home care, sports club and others. In 2021, home care segment is expected to dominate the smart medical devices market because of increasing geriatric population and prevalence of chronic diseases.
- On the basis of distribution channel, the smart medical devices market is segmented into pharmacies, online channel and others. In 2021, online channel segment is expected to dominate the smart medical devices market because of increasing demand of wireless and smart devices.
Smart Medical Devices Market Country Level Analysis
The smart medical devices market is analysed and market size information is provided by the country, product type, type, technology, modality, application, end user and distribution channel as referenced above.
The countries covered in the North America smart medical devices market report are the U.S., Canada, and Mexico.
In North America, the U.S. is expected to dominate the market due to the rising investments in development of smart medical devices by government and key industry players and its cost effective nature.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Rising Funding in Research is Creating New Opportunities for Players in the Smart Medical Devices Market
The smart medical devices market also provides you with detailed market analysis for every country growth in particular industry with smart medical devices sales, impact of advancement in the smart medical devices and changes in regulatory scenarios with their support for the smart medical devices market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Smart Medical Devices Market Share Analysis
The smart medical devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to North America smart medical devices market.
The major companies which are dealing in the North America 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 domestic and other North American players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launches and agreements are also initiated by the companies’ worldwide which are also accelerating the smart medical devices market.
For instance,
- 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.
- In September 2020, NeuroMetrix, Inc. announced the launch of Quell App for Apple Watch for pain relief device. This will enable high level of integration and novel pain relief functionality. This will help the user to control the device and monitor pain relief from the wrist. This will raise the demand in the market and help the company to grow.
Collaboration, joint ventures and other strategies by the market players is enhancing the company market in the smart medical devices market which also provides the benefit for organisation to improve their offering for smart medical devices market.
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