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Smart Diagnostic and Monitoring Medical Device market : Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation

Published On : 09:40 AM, 14th September, 2017 REP-ID-471 Category: Healthcare

Smart Diagnostic and Monitoring Medical Device market Overview

Smart diagnostic and monitoring medical devices help the consumer to check various medical conditions such as high blood pressure, sleep apnea and others. These devices are connected to the smart phone either by plugging or by connecting through blue-tooth. Smart diagnostic and monitoring medical devices are very easy and convenient way to check blood glucose level, heart rate, blood pressure and others. These medical devices are integrated with features such as wireless data transmission, real time feedback, alerting mechanism, and more.

Market Size and Forecast

Global smart diagnostic and monitoring medical device market is anticipated to flourish at a CAGR of 8.5% over the forecast period. Further, the market of smart diagnostic and monitoring medical device is riding on the back of various factors such as growing prevalence of chronic diseases and rising awareness among the population towards healthcare devices
smart diagnostic & monitoring device

On the basis of product type, blood pressure monitor is expected to project a highest CAGR by the end of 2024. Moreover, hospitals by end-user segment accounted for the largest market share in 2016. Likely, hospitals are estimated to grow at a highest CAGR by the end of 2024 owing to the increased adoption of smart diagnostic and monitoring medical device by hospitals.

Geographically, North America region accounted for the largest market in smart diagnostic and monitoring medical device in terms of revenue in 2016. With 38.6% market share in 2016, North America captured the biggest market of smart diagnostic and monitoring medical device. Further, North America is expected to continue its dominance over the forecast period owing to growing number of geriatric population. Additionally, U.S. and Canada are the dominating countries of smart diagnostic and monitoring medical device market in this region. Moreover, presence of major key players of smart diagnostic and monitoring medical device in this region is also envisioned to bolster the growth of smart diagnostic and monitoring medical device market.

Europe region captured the second largest market of smart diagnostic and monitoring medical device in term of revenue 2016. Additionally, the growth of Europe region can be attributed to various factors such as growing adoption of advanced healthcare technology and rising expenditure on healthcare.

Asia-Pacific region is believed to be the fastest growing smart diagnostic and monitoring medical device market by the end 2024. Japan and China are the dominating countries in this region owing to growing population, rising disposable income and increasing health concerns.  

Market Segmentation

Our in-depth analysis has segmented global smart diagnostic and monitoring medical device market into the following segments:

By Type

  • Wearable devices
  • Non-Wearable devices

By Product

  • Blood glucose monitors
  • Heart rate monitors
  • Pulse oximeters
  • Blood pressure monitors
  • Breath analyzer
  • Medical tricorder
  • Blood Analyte Analyzers
  • Others

By Distribution Channel

  • Offline Store
  • Online Store

By End-user

  • Hospitals
  • Clinics
  • Homecare
  • Others

smart diagnostic & monitoring medical device

By Region

Global smart diagnostic and monitoring medical device market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (GCC, North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Growth Drivers and Challenges

Rising healthcare expenditure and growing adoption of technological advanced healthcare monitoring devices are believed to be the dynamic factor behind the rapid growth of smart diagnostic and monitoring medical device market across the globe. Moreover, increasing prevalence of chronic diseases and rising demand for wireless and smartphone compatible devices are projected to bolster the growth of smart diagnostic and monitoring medical device market by the end of 2024.

Furthermore, rising disposable income coupled with improvement in living standards and increasing awareness and focus on health & fitness are also predicted to boost the demand for smart diagnostic and monitoring medical device. Additionally, increasing penetration of retail business, spiked penetration of smartphones, high acceptance of advanced technologies and rising demand for accurate detection devices are projected to be the major factors propelling the growth of smart diagnostic and monitoring medical device market.

However, high cost associated with the smart diagnostic and monitoring medical devices is expected to hinder the growth of smart diagnostic and monitoring medical device market over the forecast period. Moreover, lack of awareness among the population regarding smart diagnostic and monitoring medical devices is envisioned to dampen the growth of smart diagnostic and monitoring medical device market.

Key Players

  • Medtronic
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Abbott Laboratories
  • Cleveland Medical Device
  • Fitbit, Inc.
  • Omron Healthcare Co., Ltd.
  • Polar Electro, Inc.
  • Dexcom, Inc.
  • Hoffmann-La Roche Ltd
  • NeuroMetrix, Inc.
  • Samsung Electronics Co.

Scope and Context

Overview of the Parent Market

Analyst View

Segmentation

The global smart diagnostic and monitoring medical device market is segmented as follows:

  • By Type Market Size & Y-O-Y Growth Analysis
  • By Product Market Size & Y-O-Y Growth Analysis
  • By Distribution Channel Market Size & Y-O-Y Growth Analysis
  • By End-User Market Size & Y-O-Y Growth Analysis
  • By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment

 

Key Answers Captured in Report?
Which geography would have better demand for product/services?
What are the strategies adopted by big players in the regional market?
Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
What is the current & expected market size in next five years?
What is the market feasibility for long term investment?
What opportunity the country would offer for existing and new players in the market?
What is risk involved for suppliers in the geography?
What factors would drive the demand for the product/service in near future?
What is the impact analysis of various factors in the market growth?
What are the recent trends in the regional market and how successful they are?

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