Smart Medical Devices Market to bag a revenue of US$66.1 bn by 2024, Says TMR

Global Market for Smart Medical Devices Projected to Witness Commendable Growth Due to Worldwide Need for Better Healthcare Facilities


Albany, New York, Oct. 16, 2018 (GLOBE NEWSWIRE) -- The global Smart Medical Devices Market is projected to expand at a CAGR of 7.8% over the period between 2016 and 2024. Furthermore, the total revenues of the global market are prophesied to touch a value of US$66.1 bn in 2024 from a value of US$33.7 bn in 2015.

By product, diagnostic and monitoring devices have been prognosticated to collect a larger share of 47.4% by the concluding forecast year. However, there may not be much difference between the share of this dominant product and that of therapeutic devices. On the regional front, the market could testify of North America’s dominance as it grows at a 7.5% CAGR. However, North America could slightly decrease its share by 2024, whereas Europe has been expected to increase its share during the same period.

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The demand within the global market smart medical devices is expected to touch the apex over the forthcoming years. This demand uptick in the global market can be attributed to the revolutionary changes that have taken place in the healthcare industry. Furthermore, the healthcare industry has been swift to adopt the latest technologies in order to improve the overall healthcare index of the world. 

Smart medical systems can range from primitive devices for storing medical data to complex machinery that helps in the diagnosis and analysis of diseases and disorders. These devices assist medical practitioners and surgeons in getting quick access to patients’ health history and other key information. Hence, the demand within the global market for smart medical devices has progressively increased over the past decade. Furthermore, the recommendation of international healthcare bodies and organizations has led local and regional healthcare centers to use smart devices for several medical procedures. It is safe to state that the global market for smart devices has reaped benefits from the promotion of nascent healthcare systems across the globe. The aim of this post by Transparency Market Research (TMR) is to unravel the key dynamics of the global market for smart medical devices.

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* Key Points -

1.         Growth of IoT and AI

The use of internet of things (IoT) and Artificial intelligence in medical devices has helped in faster access to information and greater availability of medical data. This has in turn contributed to the growth of the global market for smart medical devices. Furthermore, the deployment of AI and IoT in smart medical devices has reduced the overall expenses incurred by the medical and healthcare industries. Hence, it is safe to predict that the global market for smart medical devices would grow at a boisterous rate over the years to come.

2.         North American Dominance

The demand within the market for smart medical devices in North America has reached new heights in recent times. The installation of smart medical devices has been swift and hassle-free across the US and Canada, and this has been the prime reason behind the growth of the North American market.

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3.         Market Players

The market players in the global market for smart medical devices have been steadfast in striking alliances with healthcare centers and hospitals. Some of the market players have gone an extra mile by offering subsidized rates to public health centers and emerging hospitals. Some of the key players in the global smart medical devices market are Dexcom, Inc., Inc., F. Hoffmann-La Roche Ltd., Fitbit, Medtronic plc, Johnson & Johnson, and NeuroMetrix, Inc.

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About TMR

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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