According to the smart medical devices market outlook, the industry is set to expand at a commendable growth rate over the next few years, owing to the the increase in the prevalence of various chronic diseases, such as asthma, as well as diabetes, and the rising adoption of these smart medical devices and equipment. These trends are further bolstered by the shifting consumer lifestyles that result in the increased instances of diabetes and other lifestyle diseases.
A few of the most prominent and favorable emerging trends of the smart medical devices market include increasing incidence of COPD or chronic obstructive pulmonary disease, as well as MS or multiple sclerosis, and the increasing efforts of the industry stakeholders in developing various novel solutions for early detection, constant monitoring, and treatment of chronic diseases. Additionally, the increasing requirement for effective solutions in the process of injury rehabilitation is also positively affecting the demand within the smart medical devices market.
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Rising Awareness Amongst Public Fuels Adoption of Smart Medical Devices
The manufacturers and players operational in the smart medical devices market offer various types of devices, including diagnostic and monitoring devices, therapeutic devices, and injury prevention and rehabilitation devices, among others. Rising awareness regarding the availability of these next gen medical and healthcare solutions, as well as their convenience and ease of use, has propelled the demand in the smart medical devices market. Key end users for the products and advanced healthcare devices offered by the stakeholders in the smart medical devices market are clincis, hospitals, and home care settings, among others.
The geographical segmentation of the smart medical devices market offers insights into the functioning of various distinct regions, such as Europe, Asia Pacifici Middle East and Africa, Latin America, and North America. Based on the smart medical devices market projections, the largest share within the smart medical devices market can be attributed to the regional industry of North America. Some of the major drivers, influencing the increased demand within the North America smart medical devices market include the increase in the regional geriatric population, that is more prone to chronic illnesses, as well as the fast paced adoption of various innovative and high end healthcare technologies amongst the regional population.
The demand analysis of smart medical devices market predicts that the development of the industry will be driven by the rising number of initiatives initiated by the governments across the world to facilitate enhanced patient care amongst their population. Furthermore, the increasing amount of investments, made by participants of both – private, as well as public sector organizations for the innovations in the industry, is also supplementing the growth of the smart medical devices market.
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Players in Smart Medical Devices Market Focused on Collaborations and M & A
Experiencing a highly fragmented commercial landscape, the smart medical devices market is filled with a massive number of local, as well as multi-national manufacturers and participants. Some of the most prominent and leading manufacturers and participants operational in the smart medical devices market include Apple, Inc., Fitbit, Inc., Johnson & Johnson, NeuroMetrix, Inc., Sonova, Abbott Laboratories, Dexcom, Inc., F. Hoffmann La Roche Ltd., Medtronic PLC, and Samsung Electronics Co., Ltd., among others. To enhance their current industry positioning, the manufacturers and players operational in the smart medical devices market are engaging in various corporate expansion and growth strategies, including collaborating for research activities with other players working in similar domains, as well as mergers and acquisitions, among others.
Additionally, several major players in the smart medical devices market are also forming partnerships and collaborating with each other as the means to expand and enhance their global presence. For instance, an expansion of their previous partnership, aimed at expanding presence across European economies of Spain, Italy, Germany, and France, was announced by the Fibricheck, as well as Fitbit, in March of 2020. This partnership has enabled active heart rhythm monitoring through FitBit Smartwatches, for monitoring irregularities to detect atrial fibrillation.