The global smart medical devices market is anticipated to grow significantly at a CAGR of 24.5% during the forecast period (2021-2027). The key companies across the globe are adopting different business strategies including expanding their technological advancements, geographic presence, R&D activities, new product approvals, mergers & acquisitions, partnerships, and collaborations to increase market share. Among these, Fitbit ‘s launches of new smart medical device products along with the technological advancements are one of the major factors that are propelling the growth of the market.
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For instance, in December 2020, Fitbit, Inc. established a partnership with WellCare of Georgia to provide Fitbit devices to WellCare Medicaid users who are actively managing their diabetes. This collaboration has assisted the company to diversify its market in new directions. Apart from it, in November 2020, Fitbit, Inc. announced the availability of the OS 5.1 software upgrade, which would improve the present health facilities and provide new easy features to the Fitbit Sense and Fitbit Versa. This update assisted users in better managing their health, which will raise market demand and help the company develop in the next years.
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Furthermore, in August 2020, Fitbit announced new products and features to assist in better manage health, everything from groundbreaking stress tracking and management tools on Fitbit Sense to on-device GPS and speaker on Versa 3 and Active Zone Minutes on Inspire 2, as well as a streamlined way to view new health metrics, each has a lot to offer. In March 2020, Fitbit and FibriCheck, an innovative health screening and monitoring app, have announced that their relationship has been expanded to allow customers in France, Germany, Italy, and Spain to monitor their heart rhythm for anomalies like Atrial Fibrillation (AFib) using their Fitbit wearable smartwatch. This plan is projected to extend their operations throughout Europe, bolstering their market position.
Besides, in February 2019, the company has launched a new fitness tracker named the Fitbit Inspire. This smart medical device can track activity and is water-resistant up to 50m. This smart device features GPS and can track heart rate. Thus, the technological developments and new product launches in smart medical devices by the major players (Fitbit Inc.) are fueling the growth of the global smart medical devices market.
Global Smart Medical Devices Market Report Segment
By Product Type
- Diagnostic And Monitoring Devices
- Therapeutic Devices
- Injury Prevention and Rehabilitation Devices
By Device Type
- Portable
- Wearable
By End-Users
- Hospitals and Clinics
- Home Care
- Laboratories
- Others
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