The global smart diagnostic and monitoring medical device market is estimated to garner significant revenue by the end of 2031 by growing at a CAGR of ~19% over the forecast period, i.e., 2022 – 2031. Further, the market generated modest revenue in the year 2021. The growth of the market can be attributed to high incidence of chronic illnesses worldwide including diabetes, asthma, and hypertension. According to World Bank data, the prevalence of diabetes in the age group of 20 to 79 years grew from 8.2% in 2011 to 9.8% in 2021. Changes in lifestyles contribute to the rise in the prevalence of diabetes rates. In turn, this encourages patients to opt for smart diagnostics and monitoring medical devices in order to monitor such disease conditions. Moreover, the use of these devices significantly improved the quality of life of patients, which is further expected to propel the demand for smart diagnostic and monitoring medical devices during the forecast period.
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The diagnostic and monitoring medical devices are connected wirelessly through IoT technology and they provide real-time monitoring of highly crucial data. Additionally, the smart diagnostics and monitoring medical key trends, such as glucose monitors, wearable ECG monitors, and biosensors are estimated to enlarge the market size over the forecast period. Moreover, rising disposable incomes, improved living standards, and increasing awareness of health & fitness are all major factors that are projected to push the market growth over the forecast period. As per the statistics of the Bureau of Economic Analysis, in May 2022, disposable personal income increased by USD 96.5 billion (0.5 percent), while personal consumption expenditures increased by USD 32.7 billion (0.2 percent). COVID-19 has also emphasized the importance of self-diagnosis and periodic health check-ups among patients. COVID-19 has resulted in a favorable impact on the global smart diagnostics and monitoring medical device market, offering lucrative prospects to the manufacturers of these devices.
The World Health Organization data shows that chronic obstructive pulmonary disease (COPD) is the third leading cause of death worldwide, and accounted for 3.23 million deaths in 2019.
The frequency of disorders increased in recent years
According to World Health Organization, a substantial proportion of the population is over the age of 60 years and is expected to grow rapidly in the coming years, particularly in developing countries. There were 699,174,271 people over the age of 60 years in 2019 and this number reached 747,238,580 in 2021.
India Brand Equity Foundation states that in the Union Budget of India for 2022-23, USD 11.3 billion was allocated as a budget for the healthcare and pharmaceutical sector.
The total value of the healthcare segment is anticipated to be around USD 60 billion in 2022 and is further estimated to reach approximately USD 85 billion by 2025.
As per International Trade Centre (Trade Map) data, the value of medical devices exported globally was stated to be 134,418,270 in 2018, which grew to USD 153,157,380 in the year 2020.
The smart diagnostic and monitoring medical device market is segmented and analyzed for demand and supply by end user into hospitals, clinics, and homecare. Out of these segments, the homecare segment is anticipated to capture the largest market size in the global smart diagnostic and monitoring medical device market on account of its flexibility and convenient availability of a diverse range of medical devices. Furthermore, the growing awareness of health and fitness among consumers along with the increasing use of smart wearable monitoring devices are also expected to drive segment growth during the forecast period. It was observed that the number of smart wearable device users in the US increased from about 20% (of the population) in 2021 to approximately 25% in 2022, and the number is projected to reach nearly 27% in 2024. Moreover, the increasing demand for more patient-centric healthcare services is also estimated to drive the segment growth during the forecast period.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global smart diagnostic and monitoring medical device market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2031 on the back of 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 American Heart Association published a report showing that in 2018, coronary heart disease (CHD) accounted for nearly 13% of death solely in the United States. In addition, improvements in healthcare infrastructure and medical services are also expected to fuel the market growth in the region.
The global smart diagnostic and monitoring medical device market is further classified on the basis of region as follows:
Our in-depth analysis of the global smart diagnostic and monitoring medical device market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising health awareness and the incidence of chronic illnesses, innovations in smart medical diagnostics and monitoring devices are the major factors driving the market growth.
The market is anticipated to attain a CAGR of ~19% over the forecast period, i.e., 2022 – 2031.
Large dependence on rechargeable batteries along with high cost associated with smart diagnostic and monitoring medical devices are the challenges estimated to hamper the market growth.
The market in North America region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market Abbott Laboratories, Dexcom, Inc., F. Hoffmann-La Roche Ltd, India Medtronic Private Limited, NeuroMetrix, Inc., OMRON Corporation, Seer Medical Pty Ltd, VitalConnect Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, modality, end user, and by region.
The homecare segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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