Smart Medical Devices Market Scope
Smart Medical devices using IoT wireless technology are revolutionizing healthcare. Smart devices such as wearables now link patients to doctors, transmitting critical medical data in real time from hospital beds and private homes as well as mobile equipment used at emergency sites and in transport vehicles. Wireless devices implanted in the body permit patients to be continuously monitored to alert health care providers of changes that may require necessary action. Smart personal medical devices allow patients unprecedented mobility while providing clinicians real-time data to ensure patients the highest level of care. Smart medical devices are held to strict regulations and must be tested and certified according to established requirements such as FCC in the US market and RED compliance for the EU market.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Smart Medical Devices market throughout the predicted period.
Abbott Laboratories (United States), Apple Inc (United States), DexCom, Inc (United States), Fitbit, Inc (United States), F. Hoffmann-La Roche (Switzerland), Johnson & Johnson Services, Inc. (United States), Medtronic (Ireland), NeuroMetrix (United States), Samsung Electronics (South Korea) and Sonova International (Switzerland) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Smart Medical Devices market by Type (On-Body (Adhesive Patch), Off-Body (Belt Clip) and Hand-Held), by Application (Oncology, Diabetes, Auto-Immune Disorders, Infectious Diseases and Others) and Region with country level break-up.
On the basis of geography, the market of Smart Medical Devices has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In August 2020,Tata Consultancy Services (TCS) a leading global IT services, consulting and business solutions organization, has been recognized as a Leader in the Everest Group PEAK Matrix® for Medical Devices Digital Services.
In mar 2019, The SMARTdrill 6.0 has been listed with the FDA and is now available in the United States for some of the most common orthopedic surgical procedures. Smart Medical Devices Inc. (SMD) will introduce the SMARTdrill 6.0 in the coming weeks.
Market Trend
- Adoption of Single-use Smart Medical Devices
- Integration of Advanced Bluetooth Technology with Smart Medical Devices
Market Drivers
- Emergence of Advanced Technology in Pharmaceutical and Biotechnological Companies
- Prevalence of Lifestyle-associated Disorders and Diseases
Opportunities
- Introduction of Technologically Advanced Smart Medical Devices
- Rise in Demand for Smartphone-compatible and Wireless Medical Devices
Restraints
Challenges
- Patients Privacy Concerns
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Smart Medical Devices Manufacturer, Smart Medical Devices Suppliers, Dealers, Suppliers, Traders, and Distributors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industry