The global smart medical devices market was valued at USD 3.58 billion in 2016 and is expected to reachUSD 24.46 billion by 2025, reflecting a CAGR of 24 percent, states Grand View Research. Increase in adoption of smartphones, rising demand for wireless and smartphone-compatible medical devices, increasing awareness and focus on health and fitness, and growing demand for home healthcare are anticipated to propel market growth.
Companies such as Apple Inc., Fitbit Inc., and Medtronic have been launching innovative products, which are also expected to facilitate market growth. Smart clothing and smart blood pressure monitors are expected to garner a huge market share over the next eight years.
The diagnostic and monitoring segment dominated the market in 2016 with a larger market share, but reported a comparatively lower growth rate than the therapeutic segment. Blood pressure monitors held the largest market share in 2016 in this segment, which can be attributed to a sedentary lifestyle and unhealthy diet. Moreover, insulin pumps accounted for the largest market share in 2016, in the therapeutic devices segment, and are expected to grow at a lucrative growth rate till 2025.
Online channel is the fastest growing segment owing to increase in online purchasing through smartphones, higher flexibility, and easier availability of a wide range of products.
Pharmacies are the first point of contact for companies to supply products and samples. Increase in retail business, which provides improved access to products, is anticipated to boost the market. Other distribution channels include hypermarkets, and they are likely to gain momentum owing to brand awareness and better customer service. Increasing customer sophistication and demand for better value are expected to create growth opportunities.
Asia-Pacific was identified as the fastest growing smart medical devices industry and accounted for over 19 percent of the total market revenue in 2016. Increasing population, improvement in living standards due to growing disposable income, and demand for new technologically advanced products have positively impacted demand for smart medical devices in the region.
Some of the key players in the market are Abbott,Apple Inc., Fitbit Inc., Dexcom Inc., F. Hoffmann-La Roche, Zephyr, Sonova, NeuroMetrix., Medtronic, and Johnson & Johnson. The players are involved in various strategies such as mergers and acquisitions and new product launch. Philips launched five new smart medical products in 2016, including health watch, ear thermometer, body analysis scale, upper arm blood pressure monitor, and wrist blood pressure monitor.