Transparency Market Research (www.transparencymarketresearch.com) predicts that the leading players operating in the global smart medical devices market held a huge share of 43% in 2015. Apple, F.Hoffmann-La Roche, and Abbott Laboratories have been frontrunners in the overall market, grabbing the undivided attention of buyers with their sophisticated products, according to the research group.
High brand recognition, growing presence across geographies, and strong product portfolio is expected to keep these companies in the lead in the coming few years.
The research report states that the global smart medical devices will be worth U.S.$66.1 billion by 2024 as compared to $33.7 billion in 2015. Between the forecast period of 2016 and 2024, the global market is expected to rise at a CAGR [compound annual growth rate] of 7.8%.
On the basis of product, the global market is segmented into diagnostic and monitoring devices, therapeutic devices, and injury prevention and rehabilitation devices. Of these, the diagnostic and monitoring devices segment is expected to exhibit the highest growth rate in the coming years, according to Transparency Market Research. This segment is further sub-divided into blood glucose monitors, heart rate monitors, cardiac event, EEG/ECG monitors, pulse oximeters, blood pressure monitors, fetal monitors, breathalyzer, blood analyte analyzers, and medical tricorder. This segment is expected to expand at a CAGR of 7.8% between 2016 and 2024.
The ever-growing geriatric population has been the primary growth driver for the global smart medical devices. As this segment of the population is likely to be a wide range of diseases, it has triggered their dependency on smart medical devices for efficient disease management. Some of the commonly seen problems amongst the elderly population. The World Health Organization anticipates that the global geriatric population will be two billion by the end of 2050, which is currently 566 million.
The strong market drivers in the global smart medical devices market are being tugged in the opposite direction due to their high cost, according to Transparency Market Research. Though these devices offer multiple benefits, they are perceived as luxury items, especially in developing economies. Thus the unnecessary expenditure on these luxury items is being avoided by several consumers of emerging countries, thereby hampering the growth of the global market. The growing privacy concerns of the healthcare industry regarding patient’s data is also expected to restrain the growth of the overall market, adds Transparency Market Research.