The global smart medical devices market is anticipated to grow siginificantly at a CAGR of 24.5% during the forecast period. A smart medical device is a software-based appliance that may be utilized for a wide range of therapeutic and diagnostic applications. It’s been employed in a variety of applications, including heart rate monitoring, glucose monitoring, pain management, and insulin delivery, among others. Smartphones are playing a vital role in controlling these smart medical devices in the healthcare industry. The increased adoption of medical devices that are compatible with smartphones, as well as the increasing usage of smartphones across the globe, are important driving factors that are propelling the global smart medical devices market during the forecast period.
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Furthermore, the growing geriatric population, rising demand for wireless & smartphone-compatible medical devices, increasing awareness and focus on health & fitness, and growing demand for home healthcare are boosting the market. The expanding geriatric population is driving up demand for smart medical devices, as the elderly are more susceptible to chronic diseases including CVD, cancer, and diabetes. Apart from this, the technological advancements by the major players are driving the growth of the global smart devices market. However, certain factors such as the high cost of medical devices, as well as patient security and privacy concerns (for instance, personal data of patients can be hacked), are restraining the market’s growth.
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Global Smart Medical Devices Market Segmentation
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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