Smart Diagnostic and Monitoring Medical Device market to Grow at a CAGR of Over 8.5% through 2024,Says Research Nester
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<strong>Smart</strong> <strong>Diagnostic</strong> <strong>and</strong> <strong>Moni<strong>to</strong>ring</strong> <strong>Medical</strong><br />
<strong>Device</strong> <strong>market</strong> <strong>to</strong> <strong>Grow</strong> <strong>at</strong> a <strong>CAGR</strong> <strong>of</strong> <strong>Over</strong><br />
<strong>8.5%</strong> <strong>through</strong> <strong>2024</strong>,<strong>Says</strong> <strong>Research</strong> <strong>Nester</strong><br />
Copyright © <strong>Research</strong> <strong>Nester</strong>
<strong>Smart</strong> <strong>Diagnostic</strong> <strong>and</strong> <strong>Moni<strong>to</strong>ring</strong> <strong>Medical</strong> <strong>Device</strong> <strong>market</strong> By<br />
Type(Wearable devices, Non-Wearable devices) By<br />
Product(Blood glucose moni<strong>to</strong>rs, Heart r<strong>at</strong>e moni<strong>to</strong>rs, Pulse<br />
oximeters, Blood pressure moni<strong>to</strong>rs, Bre<strong>at</strong>h analyzer, <strong>Medical</strong><br />
tricorder, Blood Analyte Analyzers) By Distribution<br />
Channel(Offline S<strong>to</strong>re, Online S<strong>to</strong>re) By End-user(Hospitals,<br />
Clinics, Homecare) <strong>and</strong> Region - Global Forecast <strong>to</strong> <strong>2024</strong>.<br />
<strong>Smart</strong> diagnostic <strong>and</strong> moni<strong>to</strong>ring medical devices help the<br />
consumer <strong>to</strong> check various medical conditions such as high<br />
blood pressure, sleep apnea <strong>and</strong> others. These devices are<br />
connected <strong>to</strong> the smart phone either by plugging or by<br />
connecting <strong>through</strong> blue-<strong>to</strong>oth. <strong>Smart</strong> diagnostic <strong>and</strong><br />
moni<strong>to</strong>ring medical devices are very easy <strong>and</strong> convenient way<br />
<strong>to</strong> check blood glucose level, heart r<strong>at</strong>e, blood pressure <strong>and</strong><br />
others. These medical devices are integr<strong>at</strong>ed with fe<strong>at</strong>ures<br />
such as wireless d<strong>at</strong>a transmission, real time feedback, alerting<br />
mechanism, <strong>and</strong> more.<br />
Market Size <strong>and</strong> Forecast<br />
Global smart diagnostic <strong>and</strong> moni<strong>to</strong>ring medical device <strong>market</strong><br />
is anticip<strong>at</strong>ed <strong>to</strong> flourish <strong>at</strong> a <strong>CAGR</strong> <strong>of</strong> <strong>8.5%</strong> over the forecast<br />
period. Further, the <strong>market</strong> <strong>of</strong> smart diagnostic <strong>and</strong> moni<strong>to</strong>ring<br />
medical device is riding on the back <strong>of</strong> various fac<strong>to</strong>rs such as<br />
growing prevalence <strong>of</strong> chronic diseases <strong>and</strong> rising awareness<br />
among the popul<strong>at</strong>ion <strong>to</strong>wards healthcare devices On the basis<br />
<strong>of</strong> product type, blood pressure moni<strong>to</strong>r is expected <strong>to</strong> project<br />
a highest <strong>CAGR</strong> by the end <strong>of</strong> <strong>2024</strong>.<br />
Copyright © <strong>Research</strong> <strong>Nester</strong>
Moreover, hospitals by end-user segment accounted for<br />
the largest <strong>market</strong> share in 2016. Likely, hospitals are<br />
estim<strong>at</strong>ed <strong>to</strong> grow <strong>at</strong> a highest <strong>CAGR</strong> by the end <strong>of</strong> <strong>2024</strong><br />
owing <strong>to</strong> the increased adoption <strong>of</strong> smart diagnostic <strong>and</strong><br />
moni<strong>to</strong>ring medical device by hospitals.<br />
Geographically, North America region accounted for the<br />
largest <strong>market</strong> in smart diagnostic <strong>and</strong> moni<strong>to</strong>ring<br />
medical device in terms <strong>of</strong> revenue in 2016. With 38.6%<br />
<strong>market</strong> share in 2016, North America captured the<br />
biggest <strong>market</strong> <strong>of</strong> smart diagnostic <strong>and</strong> moni<strong>to</strong>ring<br />
medical device. Further, North America is expected <strong>to</strong><br />
continue its dominance over the forecast period owing <strong>to</strong><br />
growing number <strong>of</strong> geri<strong>at</strong>ric popul<strong>at</strong>ion. Additionally, U.S.<br />
<strong>and</strong> Canada are the domin<strong>at</strong>ing countries <strong>of</strong> smart<br />
diagnostic <strong>and</strong> moni<strong>to</strong>ring medical device <strong>market</strong> in this<br />
region. Moreover, presence <strong>of</strong> major key players <strong>of</strong> smart<br />
diagnostic <strong>and</strong> moni<strong>to</strong>ring medical device in this region is<br />
also envisioned <strong>to</strong> bolster the growth <strong>of</strong> smart diagnostic<br />
<strong>and</strong> moni<strong>to</strong>ring medical device <strong>market</strong>.<br />
Europe region captured the second largest <strong>market</strong> <strong>of</strong><br />
smart diagnostic <strong>and</strong> moni<strong>to</strong>ring medical device in term<br />
<strong>of</strong> revenue 2016. Additionally, the growth <strong>of</strong> Europe<br />
region can be <strong>at</strong>tributed <strong>to</strong> various fac<strong>to</strong>rs such as<br />
growing adoption <strong>of</strong> advanced healthcare technology <strong>and</strong><br />
rising expenditure on healthcare.<br />
Copyright © <strong>Research</strong> <strong>Nester</strong>
Asia-Pacific region is believed <strong>to</strong> be<br />
the fastest growing smart diagnostic<br />
<strong>and</strong> moni<strong>to</strong>ring medical device <strong>market</strong><br />
by the end <strong>2024</strong>. Japan <strong>and</strong> China are<br />
the domin<strong>at</strong>ing countries in this region<br />
owing <strong>to</strong> growing popul<strong>at</strong>ion, rising<br />
disposable income <strong>and</strong> increasing<br />
health concerns.<br />
Market Segment<strong>at</strong>ion<br />
Our in-depth analysis has segmented<br />
global smart diagnostic <strong>and</strong><br />
moni<strong>to</strong>ring medical device <strong>market</strong> in<strong>to</strong><br />
the following segments:<br />
By Region<br />
Global smart diagnostic <strong>and</strong><br />
moni<strong>to</strong>ring medical device <strong>market</strong> is<br />
further classified on the basis <strong>of</strong><br />
region as follows: North America (U.S.<br />
& Canada) Market size, Y-O-Y growth<br />
& Opportunity Analysis. L<strong>at</strong>in America<br />
(Brazil, Mexico, Rest <strong>of</strong> L<strong>at</strong>in America)<br />
Market size, Y-O-Y growth &<br />
Opportunity Analysis.<br />
Copyright © <strong>Research</strong> <strong>Nester</strong>
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium,<br />
Netherl<strong>and</strong>s & Luxembourg, Rest <strong>of</strong> Europe) Market size, Y-O-Y<br />
growth & Opportunity Analysis. Asia-Pacific (China, India, Japan,<br />
Singapore, Australia, New Zeal<strong>and</strong>, Rest <strong>of</strong> Asia) Market size, Y-O-Y<br />
growth & Opportunity Analysis. Middle East <strong>and</strong> Africa (GCC,<br />
North Africa, South Africa, Rest <strong>of</strong> Middle East <strong>and</strong> Africa) Market<br />
size, Y-O-Y growth & Opportunity Analysis.<br />
<strong>Grow</strong>th Drivers <strong>and</strong> Challenges<br />
Rising healthcare expenditure <strong>and</strong> growing adoption <strong>of</strong><br />
technological advanced healthcare moni<strong>to</strong>ring devices are<br />
believed <strong>to</strong> be the dynamic fac<strong>to</strong>r behind the rapid growth <strong>of</strong><br />
smart diagnostic <strong>and</strong> moni<strong>to</strong>ring medical device <strong>market</strong> across the<br />
globe. Moreover, increasing prevalence <strong>of</strong> chronic diseases <strong>and</strong><br />
rising dem<strong>and</strong> for wireless <strong>and</strong> smartphone comp<strong>at</strong>ible devices<br />
are projected <strong>to</strong> bolster the growth <strong>of</strong> smart diagnostic <strong>and</strong><br />
moni<strong>to</strong>ring medical device <strong>market</strong> by the end <strong>of</strong> <strong>2024</strong>.<br />
Furthermore, rising disposable income coupled with improvement<br />
in living st<strong>and</strong>ards <strong>and</strong> increasing awareness <strong>and</strong> focus on health &<br />
fitness are also predicted <strong>to</strong> boost the dem<strong>and</strong> for smart<br />
diagnostic <strong>and</strong> moni<strong>to</strong>ring medical device.<br />
Copyright © <strong>Research</strong> <strong>Nester</strong>
Additionally, increasing penetr<strong>at</strong>ion <strong>of</strong><br />
retail business, spiked penetr<strong>at</strong>ion <strong>of</strong><br />
smartphones, high acceptance <strong>of</strong><br />
advanced technologies <strong>and</strong> rising dem<strong>and</strong><br />
for accur<strong>at</strong>e detection devices are<br />
projected <strong>to</strong> be the major fac<strong>to</strong>rs<br />
propelling the growth <strong>of</strong> smart diagnostic<br />
<strong>and</strong> moni<strong>to</strong>ring medical device <strong>market</strong>.<br />
However, high cost associ<strong>at</strong>ed with the<br />
smart diagnostic <strong>and</strong> moni<strong>to</strong>ring medical<br />
devices is expected <strong>to</strong> hinder the growth<br />
<strong>of</strong> smart diagnostic <strong>and</strong> moni<strong>to</strong>ring<br />
medical device <strong>market</strong> over the forecast<br />
period. Moreover, lack <strong>of</strong> awareness<br />
among the popul<strong>at</strong>ion regarding smart<br />
diagnostic <strong>and</strong> moni<strong>to</strong>ring medical<br />
devices is envisioned <strong>to</strong> dampen the<br />
growth <strong>of</strong> smart diagnostic <strong>and</strong><br />
moni<strong>to</strong>ring medical device <strong>market</strong>.<br />
Key Players<br />
Medtronic, Company <strong>Over</strong>view, Key<br />
Product Offerings, Business, Str<strong>at</strong>egy,<br />
SWOT Analysis, Financials, Abbott<br />
Labora<strong>to</strong>ries, Clevel<strong>and</strong>, <strong>Medical</strong> <strong>Device</strong>,<br />
Fitbit, Inc., Omron Healthcare Co., Ltd.,<br />
Polar Electro, Inc., Dexcom, Inc.,<br />
H<strong>of</strong>fmann-La Roche Ltd, NeuroMetrix,<br />
Inc., Samsung Electronics Co.<br />
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