The advancements in digital and networking technologies are becoming an instrument for fundamental transformations across business spheres. The healthcare industry is also witnessing tremendous adoption of digital technologies to improve healthcare delivery. To this end, smart medical devices have grown in adoption. These devices allow healthcare professionals to monitor the patient's body functions more conveniently and remotely. Moreover, many healthy people are also using these devices for regular monitoring of their vitals during workouts. The growing usage of smartphones is opening new avenues of growth for the global smart medical devices market. Smartphones enable further connectivity and analysis of healthcare data collected from smart medical devices. In the past few years, several therapeutic, diagnostic, and rehabilitation devices have entered the market. The amalgamation of these factors hints at the presence of fruitful opportunities in the global smart medical devices market in the study period.
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Paced Smartphone Adoption to Open New Avenues of Growth
Smartphones are one of the most game-changing innovations in recent years. They have become an essential part of people’s lives and are being used to revolutionise several industries. The healthcare industry is no different. Intelligent medical devices help save time and money, reduce hospital visits, and give users real-time visibility into their health and fitness status. The adoption of these smart health gadgets is growing at breakneck speeds as smartphones are making their usage far more convenient. By maintaining wireless connectivity to smart medical devices, smartphones are significantly improving the healthcare providers’ and users’ capability to monitor health parameters. Such advancements are creating strong tailwinds for the global smart medical devices market.
Growing Demand for Diagnostic Smart Medical Devices to Create Considerable Headways
Several types of smart medical devices have emerged recently. While therapeutic and injury prevention and rehabilitation smart devices are gaining tremendous traction, it is diagnostic and monitoring smart devices that are generating the highest demand. The key factors contributing to such heightened demand are factors such as the presence of favourable government norms. In efforts to make patient care more accessible and effective, there is a sustained push to boost investments in such innovative medical technologies. These developments are attracting several major healthcare providers to invest in these emerging technologies. As the prevalence of chronic diseases such as diabetes and stroke is increasing, the global smart medical devices market is expected to exhibit paced growth.
Asia Pacific to Lead Global Smart Medical Devices Market Amidst High Prevalence of Chronic Diseases
Growing population, increasing disposable income, and technological advancements in the healthcare industry are cementing Asia Pacific’s dominance in the smart medical devices market. Major economies such as China and Japan are creating contributing considerably to the regional market’s expansion. In addition, the prevalence of chronic illnesses and obesity is also growing in the region. Furthermore, the growing geriatric population is additionally stimulating the growth of the regional smart medical devices market. These developments are expected to establish the Asia Pacific as the fastest-growing market region in the forecast period.
Prominent Market Players
Some of the key players in the global smart medical devices market include Apple, Inc., Abbott Laboratories, Fitbit, Inc., F. Hoffmann-La Roche Ltd., Samsung Electronics Co., Ltd, Johnson & Johnson, Medtronic plc, Dexcom, Inc., NeuroMetrix, Inc., and Sonova.
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A recent report by Transparency Market Research states that global smart medical devices market is projected to witness a substantial growth over the tenure of 2016 to 2024.
There are several government initiatives that are stimulating the medical institute to incorporate intelligent and smart medical devices that are equipped with advanced technologies.
Moreover, the necessity to improve the healthcare infrastructure in developing countries is also a major factor that propels the growth of global smart medical devices market in the coming years.Request Brochure –https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=18344Massive Growth Potential Attracts New Players“The global smart medical device market shall surpass the value of US$ 66.1 bn by the end of 2024, says Transparency Market Research.”The global smart medical devices market has massive growth potential as the market is expected to rise to US$ 66.1 bn from US$ 33.7 bn during the tenure of 2016 to 2024.
However, the market is highly competitive due to already present prominent players.
Therefore, it might be difficult for new players to establish themselves in the market.Nevertheless, these players are incorporating strategies such as mergers and collaborations that might help them to gain sustainability in global smart medical devices market.
On the other hand, the establish players are acquiring new businesses so that they can expand their operations so that can leverage more share of the global smart medical devices market.Request COVID Analysis on Smart Medical Devices Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=18344 Technologies Plays Crucial Role“As per Transparency Market Research’s analysts the global smart medical devices market is expected to witness 7.8% CAGR from 2016 to 2024.”This rate of the growth for the market is the result of technological innovations that are arriving in constant progressions.
