The global smart medical devices market has been studied in a report by Transparency Market Research (TMR) to witness the dominance of leading players due to their strong product portfolio, snowballing presence in different regions, and high brand recognition. Abbott Laboratories, F. Hoffmann-La Roche Ltd., and Apple Inc. have put their sophisticated products to good use to grab full attention of consumers while staying at the forefront of the market. In 2016, leading companies had secured a massive share of 43.0%, according to the report. Product innovation and penetration in developing markets have helped players to take a leading position in the industry.
TMR has envisioned the global smart medical devices market to bag a revenue of US$66.1 bn by the end of 2024 while expanding at a 7.8% CAGR between 2016 and 2024. In 2017, the market had secured a revenue of US$38.9 bn. By product, diagnostic and monitoring devices have been prognosticated to collect a larger share of 47.4% by the concluding forecast year. However, there may not be much difference between the share of this dominant product and that of therapeutic devices. On the regional front, the market could testify of North America’s dominance as it grows at a 7.5% CAGR. However, North America could slightly decrease its share by 2024, whereas Europe has been expected to increase its share during the same period.
Large Segment of Geriatric Population Dependent on Smart Medical Devices
Susceptible to a broad scope of diseases, the ever-rising geriatric population could be a primary growth factor of the world smart medical devices market. Vendors have been relying on enviable properties of smart medical devices that help in the efficient management of diseases. Such properties of the devices have drawn a whole lot of dependency on them in the medical field. The adoption of smarter ways to manage various conditions, mounting awareness among patients, and technological advancement could make it easy for vendors to improve their business in the market.
The expansion of smart medical devices in terms of growth has been supported by increasing investments. Devices that help to monitor day-to-day fitness activities as well as manage messages and calls have assisted many to multitask proficiently.
Smart Medical Devices Labeled as “Unnecessary Luxury” in Developing Countries
The perception of smart medical devices being “luxury items,” particularly in emerging economies, could have an undesirable effect on the global market. High cost of smart medical devices could be another factor deterring market growth. Furthermore, privacy concerns with regard to patient data have been projected to haunt the demand for smart medical devices.
However, players could take advantage of niche markets by improving the marketing of their products and creating awareness about them. For instance, although NeuroMetrix, Inc. has two chronic pain management devices widely used in the U.S., their awareness is relatively low outside the country. In the U.K., around 43.0% adults live with some kind of chronic pain, as per the findings of the Department of Health for England and Scotland. Companies could break the wrong perception about smart medical devices in emerging economies by creating awareness about health and fitness.
If you are a new player, low entry barriers could encourage you to execute your business plans confidently when operating in the international smart medical devices market.
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