The global smart medical devices market size is expected to reach USD 24.46 billion by 2025, according to a new report by Grand View Research, Inc. The increasing adoption of smartphones is observed as a major factor driving market growth. In addition, technological advancements and rising awareness and focus on fitness are driving the market.
The increasing demand for wireless and smartphone compatible devices which is enhancing the diagnosis and makes accurate detection is making it convenient for patients to monitor their health anywhere and save the result on the connected device is additionally driving the market.
The diagnostic and monitoring segment was the largest product category in 2015 but is expected to register a slower growth as compared to the therapeutic segment over the forecast period. Blood pressure monitor was the major diagnostic and monitoring device used by the patients in 2015 and accounts for a share of over 20.0% in 2015.
The online channel is the largest shareholder with an estimated CAGR of about 22.0% from 2016 to 2025. The trending online purchase for discounts, flexibility, convenience, and availability of a wide range of products with varying prices is leading to demand to purchase smart medical devices online Additionally, the use of smartphones is expected the boost the market.
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Further key findings from the report suggest:
The global smart medical devices witnessed a lucrative growth in 2015 and is expected to grow at a CAGR of over 20.0% from 2016 to 2025
Diagnostic and monitoring segment emerged as the largest product segment in 2015 and is estimated to generate revenue of over USD 8.0 billion by 2025
The industry in Asia Pacific is projected to witness substantial growth over the next decade owing to various developments across major economies. The regional market is expected to grow at a CAGR of over 20.0% from 2016 to 2025
Key players including Abbott Laboratories, Apple Inc, Dexcom Inc, Fitbit Inc., and Medtronic plc among the others dominate the global smart medical devices market while accounting for the majority of the volume in 2015
Grand View Research has segmented the global smart medical devices market on the basis of product, distribution channel, end-use, and region:
Smart Medical Devices Product Outlook (Revenue, USD Million, 2014 - 2025)
Diagnostic & monitoring
Blood glucose monitors
Heart rate monitors
Blood pressure monitors
Portable oxygen concentrators and ventilators
Smart Medical Devices Distribution Channel Outlook (Revenue, USD Million, 2014 - 2025)
Smart Medical Devices End-user Outlook (Revenue, USD Million, 2014 - 2025)
Smart Medical Devices Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East Asia
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