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Key industry players include Apple, Fitbit, Abbott, Dexcom, F. Hoffmann-La Roche, Zephyr, Medtronic, and Johnson & Johnson. The major players focus on innovative product launch and strategic alliances with an aim to expand their business portfolio as main strategies. In January 2015, Medtronic announced the acquisition of Covidien. This acquisition will increase the market penetration by expanding its product portfolio and lessen the production cost.
Key Industry Trends and Driving Factors:
Smart medical devices market size is likely to witness momentous growth owing to soaring adoption of smartphones across the globe, surging demand for smartphone-compatible and wireless medical devices, rising awareness and focus on health and fitness. Moreover, steep rise in health concerns worldwide, mounting preponderance of chronic diseases, strengthening expenditure on healthcare and the high-pitched demand for wearable devices will impel the smart medical devices growth exponentially.
Companies such as Fitbit, Apple and Medtronic have been launching ingenious products, which will in turn accelerate the business growth. Smart blood pressure monitors and smart clothing will help garner a momentous market share over the forecast period.
Spiraling technological advancements, owing to whooping investments in the field of smart medical devices, smart and digitally accessed medical devices coupled with intensifying awareness among patients to manage their health conditions efficiently will drive the smart medical devices market growth.
For instance, Google’s smart contact lenses for diabetes patients wearing glasses. The novel technology originates from the fact that an individuals’ glucose level can be measured through their tears’ fluidal composition.
North America held the largest revenue share in 2016 due to cognizance of advanced technologies and presence of a well-proportioned healthcare sector. The regional market has benefitted greatly owing to growing per capita income, favorable economic conditions and improved standard of living.
Europe smart medical devices market is foreseen to gain significant industry revenue share over the forecast period. As per the Reflection and Orientation Paper, in 2016 European Union contributed USD 43.5 million for the innovation of wearable medical devices, hence, driving the business growth. Asia Pacific is the fastest growing region due to soaring population, improvement in standard of living, owing to waxing disposable income and the demand for novel products which positively impacts the demand for smart medical devices in the region.