Market Overview:

The emergence of technologically advanced devices has prompted the inception and the eventual market growth of smart medical devices. The advanced form of technology is helping pharmaceutical as well as biotechnological companies to develop safer options for biologics and other drugs that are administered through intravenous infusion. According to the latest report conducted by Market Research Future (MRFR), the global smart medical devices market is expected to witness increasing growth and demand during the forecast period of 2018-2023.

The shift of commercialized patient-centric biologics from intravenous infusion technique to subcutaneous injection has paved new growth opportunities for the global Smart Medical Devices Market. Also, there has been a growing impetus on self-administration of biologics and a shifting inclination towards the adoption of these medically smart devices, thereby pushing the growth potential of the market during the aforementioned forecast period. Another driver for the market is the widespread prevalence of lifestyle-based diseases that has propelled the demand for a round-the-clock monitoring system.

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Competitive Landscape:

• Hoffmann-La Roche Ltd
• Unilife Corporation
• Enable Injections
• SteadyMed Therapeutics
• Amgen
• Debiotech S.A
• Insulet Corporation
• Johnson & Johnson Services
• Becton Dickinson and Company
• West Pharmaceutical Services

Market Segmentation:

• The report published by MRFR segments the global smart medical devices market into type, application, technology, and end-user.
• By type, the market includes handheld. off-body, and on-body.
• By application, the market comprises diabetes, cardiovascular diseases, auto-immune disorders, infectious diseases, oncology, and others.
• By end-users, the market includes home care setting, hospital, clinic, ambulatory services, and others.
• By technologies, the market segments into spring based, expanding battery, pressurized gas, rotary pump, collapsible reservoir, motor driven, and others.

Regional Analysis:

The global smart medical devices market segmentation covers major regions like Europe, North America, Asia-Pacific, and Rest of the World.

North America holds the maximum market share for smart medical devices. This is mainly due to the high prevalence of lifestyle-based diseases which is being caused because of poor dietary habits and sedentary lifestyle of the people residing here. The region includes the US, which contributes a major portion of the overall smart medical devices market.

Asia-Pacific comprises of a large diabetic population as well as a huge patient population that is suffering from cardiovascular diseases. Among the huge patient population, there lies a notable geriatric demographic, thus making the region potentially lucrative for Smart Medical Devices market. Amidst the chaos surrounding these diseases and disorders, government, in this region, is increasing their support for the healthcare industry with favorable policies and rising investments. This is encouraging a push in the adoption of Smart Medical Devices.

Industry Updates:

Feb 27^th, 2019, a global supplier of high-performance sensor solutions, ams AG, introduced the introduction of an optical sensor named AS7026. The optical sensor will be used for continuous cardiovascular health monitoring. When embedded in a consumer device, the AS7026 provides unmatched features with accurate information.

 Feb 20^th, 2019, Ascom, a leading healthcare ICT provider, announced that its software suite of Digistat would now be available for sale in the US after being cleared by the FDA. The suite includes Digistat^® Smart Central, Digistat^® Connect, and Digistat^® Smart Central Mobile. It is used in various prestigious hospitals across Europe, and its benefits can be reaped by medical practitioners and professionals in the US.

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You can add an extra layer of security to your home by adding smart devices.

The Internet of Things (IoT) has taken the world by storm with smart devices. Smart home devices are entering thousands of homes on a daily basis and helping with many tasks, including residential security, chores, and much more.

1. Energy Monitors
Curb Energy is hardware and software that monitors and manages energy in your home. This device uses 18 sensors that are placed in various locations in your home. These special sensors monitor your home’s power consumption and give you real-time reports. The Curb Energy app can attach to your breaker panel for accurate energy readings. This app allows you to monitor your solar power production. Curb Energy can be downloaded on your smartphone or iPhone.

2. Doorbell Surveillance
Are you fed up with standard security systems and looking for something more up to date, with more features, like the SkyBell HD? You should appreciate what SkyBell provides. This smart home device has a lot more to offer than your regular video surveillance. This video doorbell enables you to see and speak to visitors from inside your home. The 1080p video has color night vision and can capture more than 5 minutes of footage. SkyBell offers free cloud storage and can be integrated with a variety of other smart home devices.

3. Smart Wi-Fi Plugs
Are you ready to go the extra mile to make your home extra smart? The Smart Wi-Fi Plug from TP-Link HS105 can do the trick. This Wi-Fi plug is used to make your home more convenient and safe by providing more outlets and saving money. With this smart device, you can operate your home on a schedule you choose. You can control all your electronics on your smartphone or tablet. You can also keep outlets free because this device is smaller than other devices, so it will not block outlets above or below it. The Smart Wi-Fi Plug can be controlled with only one device, no hub is required, and the device can be controlled with your voice.

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4. Smart Smoke and Carbon Monoxide Detectors
Smart smoke and carbon monoxide detectors, like Nest, can keep your family safe by detecting smoke as well as carbon monoxide. With these detectors, you will receive clear direction in an emergency, alerts sent to your smartphone, and an early warning signal. These smoke and carbon monoxide detectors can also be used as nightlights. When carbon monoxide and smoke are detected, you will be notified there is a problem and where the problem is located.

5. Home and Business Smart Locks
Many smart locks work with Amazon’s Alexa, such as the August Smart Lock Pro. With these locks, you can monitor and control your doors from anywhere. Smart locks allow you to use keyless control access and monitor who enters and leaves your home, which can be viewed using your iPhone with iOS 9.0 or higher or a smartphone that uses a 5.0 or higher operating system. You don’t have to worry about changing your locks and making new keys. These smart locks are easy to install.

6. Garage Door Openers
No one wants to get out of the car to open a garage door or travel all the way home to close the garage door they may have left open. Smart garage door openers, like the Chamberlain garage door opener, can open and close your garage door from anywhere. You can receive alerts on your smartphone or iPhone when your garage door opens and closes. This device can be installed in minutes and operates using Wi-Fi.

7. Smart Thermostats
Smart thermostats like the Ecobee4 are available with Alexa voice and can be installed in minutes. These thermostats help manage hot and cold spots in your home, making it comfortable. Temperature and comfort settings can be adjusted using an iPhone or Android device.

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Smart medical devices refers to the electrical devices that have an autonomous processing system within them and are used to monitor a range of health and fitness parameters on an everyday basis. These devices provide a multitude of advantages to the patient and caregiver in monitoring and measuring various healthcare regimens such as sensing the lowered levels of insulin through artificial intelligence among type 1 diabetes patients and delivering insulin. Smart medical devices have radically changed the perspective of disease management by offering easy and sustainable solutions to patients at home and reducing the turn-around hospital visits. The integration of emerging technologies such as internet of things (IoT) in the smart medical devices have helped to build an interface between functionality and communication. These devices assists in simplifying the medical complexities and convert it into logical format that helps to obtain results in understandable form. Smart medical devices have the potential to enable the patients to deal with serious health disorders, which required the intervention of healthcare professionals in the earlier days.

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Market Dynamics -

Increasing demand for better disease management tools and shift of populace towards smart medical devices are major factors propelling growth of global smart medical devices market. Chronic diseases such as diabetes, hypertension, asthma, and other chronic obstructive pulmonary 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.

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.

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:

Blood Glucose Monitors

Heart Rate Monitors

Pulse Oximeters

Breath Analyzers

Medical Tricoders

Smart Clothing

Smart Watches

Others

Therapeutic Devices

Insulin Pumps

Portable Oxygen Concentrators & ventilators:

Hearing Aids

Others

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