disorders (COPD) are highly prevalent across the globe, which increases the demand for tools and
services to manage their symptoms. For instance, according to the World Health Organization
(WHO), in 2017, the number of people over 18 years of age suffering from diabetes have increased
from 4.7% in 1980 to 8.5% of the global population by 2014. Moreover, the WHO also states that
over 235 million people across the globe are suffering from asthma. The development of smart
medical devices such as continuous glucose monitors as well as smart sensing wearable devices to
monitor the patients suffering from various chronic diseases have resulted in the growth of smart
medical devices market. For instance, in March 2017, Health Care Originals, a U.S. based company
developed an Intelligent Asthma Management Kit (ADAMM) that is capable of identifying asthma
attack before the wearer notices its symptoms. Moreover, the rising awareness of patients in disease
monitoring and fitness is further expected to boost growth of global smart medical devices market.
According to a survey article published by the Oxford University in 2016, internet of things
associated with smart wearable devices is expected to connect over 20 billion object modules to the
internet by 2020. Thus, the rapid surge in adoption of smart wearable gadgets will propel growth of
smart medical devices market. However, inaccuracy of the devices in monitoring medical
parameters and differences between the actual and displayed results could hamper the market
growth. For instance, according to the study by Diabetes Technology & Therapeutics in 2016, the
accuracy and precision of continuous glucose monitors (CGM) were less than that of blood glucose
meters for the measurement of capillary blood glucose, indicating the increased risk of errors in the
clinical application of CGM.
Regional Insights
On the basis of region, the global smart medical devices market is segmented into North America,
Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds the dominant
position in the global smart medical devices market and is expected to retain its dominance over the
forecast period, owing to technological advancements and broadened recommendation of healthcare
professionals for the use of these devices. For instance, Cycadia Health, a U.S. based start-up
introduced a novel product named iTBra in 2017 with inbuilt sensors that helps to keep track of
patient’s breast health by monitoring the rhythmic pattern and conditions of the breast tissues.
Furthermore, Asia Pacific is expected to witness a significant growth in the market, owing to a
massive pool of patients and innovative manufacturers delivering smart solutions to the market at
marginally lower costs. For instance, Ten3T Healthcare Pvt Ltd, an Indian manufacturer developed
Cicer, a wearable monitoring device that is capable of measuring ECG and other indicators such as
heart rate, blood oxygen, and temperature in real time at affordable price.
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medical-devices-market-1626
Competitive Insights
The key players operating in the global smart medical devices market include Apple, Inc., Fitbit,
Inc., F. Hoffmann-La-Roche, Abbott Laboratories, Medtronic Plc, Dexcom, Inc., NeuroMatrix, Inc.,
Johnson & Johnson, and others. Market players are focused towards providing technologically
advanced products to sustain their presence in the market. For instance, in April 2018, Teradata
introduced the first 4D analytics that can be used in wearable and personal medical devices to
translate the three dimensional geospatial location data with time as the fourth dimension.
Market Taxonomy
On the basis of device type, the global smart medical devices market is segmented into:
•Diagnostics and Monitoring Devices