September 22nd, 2022 Brandessence Market Research Releases
Global Smart Medical Devices Market is valued at USD 50.32 Billion in 2021 and expected to reach USD 83.48 Billion by 2028 with a CAGR of 7.5% over the forecast period.
Increasing awareness regarding health and fitness, rising number of technological advancements in this field, and growing geriatric population are some of the major factors driving the growth of the Global Smart Medical Devices Market.
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Scope of Global Smart Medical Devices Market Report-
Smart medical devices are electronic devices designed to monitor patient health parameters and thereby effectively collect data and communicate with caregivers or doctors over the internet. The role of the internet of things and artificial intelligence has created attractive features in current smart medical devices that can alert patients to symptoms and provide personalized and precise medication. Quality of care is enhanced by alerting of treatment appointments, medication refills, and other health-related reminders. Smart sensors, communication technology, and algorithms combined with smart medical devices have fueled the overall growth of the smart medical device industry. Smart medical devices to monitor type 1 diabetes and bone density have helped surgeons make effective medical decisions.
Key Players of Global Smart Medical Devices Market Report –
Abbott, Apple, Inc., Dexcom, Inc., F. Hoffmann-La Roche Ltd, Zephyr, Sonova, NeuroMetrix, Inc., Johnson & Johnson, Medtronic, Fitbit, Inc., and others.
Global Smart Medical Devices Market Segmentation:-
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Indian Medical Device Maker Dozee Launched Smart Connected Bed with Midmark India
On August 24th, 2022; Indian connected health device maker Dozee partnered with Midmark India, South Asia’s largest hospital bed manufacturer, has launched a connected bed platform for non-ICU settings. The smart bed can be connected to the central command center and HMIS of the hospital. Dozee claims its AI-powered RPM sensor has clinical-grade accuracy of 98.4%.
Pune-based Xplore Lifestyle Launched Smartwatch to Monitor Cardiac Health
On July 28th, 2022; Xplore Lifestyle, a Pune-based patient monitoring solution provider, launched a smartwatch for continuous monitoring of heart health. Claiming to be the world’s first medical-grade continuous monitoring device in watch form, the product has been developed in partnership with Israeli company CardiacSense.
TFDA Announced the Establishment of the Smart Medical Device Office
On January 15th, 2020; To promote the development of artificial intelligence and machine learning (AI/ML) based medical devices and support the recently enacted medical devices Act, TFDA announced on the 7th the establishment of a smart medical devices office to provide one-stop consulting services. The TFDA expressed that AI/ML-based medical devices can be used to aid in patient triage, disease detection &, to some extent, diagnosis.
GE Healthcare Unveiled New Applications & Smart Devices Built on “”Edison”” a Next Generation Intelligence Platform
On November 24th, 2018; Expanding GE Healthcare’s 200+ imaging applications, Addison incorporates new technologies to improve scan consistency, help clinicians detect and prioritize acute cases, and extend device lifecycles. One of the 100+ GE Healthcare Developer Services on Edison is a tool that tracks the source and use of data in AI development, facilitating developers’ ability to create tailored algorithms.
North America is Expected to Dominate the Global Smart Medical Devices Market
Geographically, North America is expected to dominate the global smart medical devices market within the forecast period due to the increasing prevalence of chronic diseases, rising health care expenditure, and growing technological advancements in this region. The increasing prevalence of chronic diseases is driving the growth of the smart medical devices market. For example; according to the Center for Disease Control Gov., on September 14th, 2018; 20.4% (50.0 million) of United States adults have chronic (severe) pain, and 8.0% of U.S. adults. In addition, the rising health care expenditure leading to rising demand for better medical devices & health care services is another factor supplementing the market growth in this region. For instance; according to the Centers for Medicare and Medicaid Services; United States health care spending rose 9.7 percent in 2020 to $ 4.1 trillion, or $ 12,530 per capita. As a share of the country’s GDP, a share of health expenditure is 19.7 percent.
The Asia Pacific is the fastest-growing region in the global smart medical devices market due to the increasing prevalence of chronic and lifestyle diseases, rising awareness about health, and a growing percentage of geriatric population in this region. For instance; according to ageing Asia; in 2019, they were 139 million geriatric population in India.
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