Smart Diagnostic and Monitoring Medical Device

Smart Diagnostic and Monitoring Medical Device

Smart diagnostic and monitoring medical device combine the power of medical technology with the capabilities of artificial intelligence and connectivity to enhance the diagnosis and monitoring of various medical conditions. They play a critical role in revolutionizing patient care, providing accurate and timely information to healthcare professionals, and empowering individuals to take charge of their own health. The smart diagnostic and monitoring medical device market is growing at a tremendous rate owing to the high adoption of medical technology and rapid advancement in the field of healthcare in the region. Moreover, growing elderly population and rise in chronic illnesses such as cardiovascular disease within the population increased the need for home-based and remote patient monitoring devices, which is estimated to expand the smart diagnostic and monitoring medical device market size in the region during the forecast period.

The Smart Diagnostic And Monitoring Medical Device Market is expected to grow at a strong CAGR of 7.5% during the forecast period owing to the rising prevalence of chronic diseases and lifestyle-related disorders. . The prevalence of diabetes and cardiovascular diseases is the highest throughout the world. People of every age group can suffer from chronic diseases. Moreover, lifestyle related disorders such as diabetes, hypertension and obesity are also increasing throughout the world. Owing to sedentary lifestyle and change in eating habits. Expenditure on chronic care is increasing throughout as GDP and disposable incomes are rising. Asthma, Cardiovascular disease, HIV/AIDS, Chronic Obstructive Pulmonary Disease (COPD), cancers, mental disorders, and diabetes are some of the chronic diseases adversely affecting the population.

• Based on the product, the market is segmented into EEG/ECG monitors, blood glucose monitors, heart rate monitors, cardiac event, pulse oximeters, blood pressure monitors, breathalyzers, medical tricorders, blood analyte analyzers, and others. The cardiac event held a dominant share of the market in 2021. The demand for smart cardiac event monitoring devices is increasing owing to the increasing focus on preventive healthcare, early detection, and management of cardiac events. Pharmaceutical giants are adopting strategic alliances to make a dominant position in the global market. For instance, in July 2021, Biofurmis entered into a collaboration with Novartis to develop a digital solution for patients with heart failure, utilizing Biofurmis’ remote monitoring platform to track and analyze patients’ physiological data and provide personalized interventions.
• By modality, the market is bifurcated into wearable and non-wearable. The wearable devices held a dominant share of the market in 2021 owing to the growth of industries such as home healthcare and remote patient monitoring devices. Furthermore, a surge in product demand during the COVID-19 pandemic and increasing awareness about personal health monitoring are expected to be some of the major market drivers.
• Based on application, the market is categorized into diabetes, cardiovascular, respiratory, and others. The others segment os anticipated to grow with significant CAGR during the forecast period. The demand for other segment is increasing on account of the rising number of sports and fitness enthusiasts, rising disposable income of end-users, etc., Smart sports fitness tracker is an application or device that is used to track and monitor fitness-related activities including heartbeat, quality of sleep, and consumption of calories. Some of these benefits include player safety assessment tools, workout injury prevention, and metrics of physical conditioning and performance Beyond sports and fitness benefits, there is potential to elevate the sports fan viewing experience. Using wireless sensors embedded in player equipment or uniforms, sports viewers will have real-time access to movement tracking data and performance statistics like acceleration and top speed.
• Based on end user, the market segmented into hospitals, clinics, and homecare. The hospitals held dominant share of the market in 2021. The hospitals are the main providers of healthcare facilities in normal as well as emergency situations. They also provide their patients some compensation during the surgeries and therefore observe lucrative growth. For instance, according to the University of California, San Francisco, the recovery time after any chronic disease surgery is long and requires intensive care. And in the hospital, nurses and physical therapists will help the patient to gain strength through a gradual increase in activity. Additionally, the prevalence of chronic disease is increasing around the world, which is leading to higher admission rates in hospitals and clinics. According to CDC, 6 out of 10 adults in the United States have at least 1 chronic disease and 42% of adults have two or more chronic conditions.
• For a better understanding of the market adoption of the dental clensing tablet industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America held the dominant share of the market and is expected to do so even in the forecast period. The healthcare facilities in North America are of the highest standards and are accessible to the large population because of favorable policies making healthcare affordable to many if not all. Moreover, the surge in the prevalence of chronic diseases, like diabetes and cardiovascular diseases is also driving regional growth. As per the American Heart Association 2021 heart disease and Stroke Statistics Update fact Sheet, Coronary Heart Disease (CHD) was the leading cause (42.1%) of deaths attributable to cardiovascular disease in the US.
• Some of the major players operating in the market include Apple Inc.; Abbott; F. Hoffmann-La Roche Ltd; NeuroMetrix, Inc.; OMRON Corporation; Fitbit Inc.; VitalConnect, Medtronic Plc; Samsung Electronics Co., Ltd.; and Biobeat.