The global smart health devices market size was valued at USD 3.9 billion in 2018 and is expected to grow at a CAGR of 24.2% during the forecast period, 2019–2026.
Smart health devices are used for diagnosis and monitforing of various chronic diseases such as hypertension and diabetes. Constantly growing prevalence of chronic diseases and cardiovascular diseases is increasing the demand for monitoring devices. For instance, more than 17 million people have died from cardiovascular diseases worldwide, WHO. Rapidly growing technological advancements and rising trend for fitness are compelling existing market players such as Fitbit, Inc., Apple, Inc., and Medtronic to offers fitness accessories at reasonable prices to boost their revenue and maintain a customer base.
Apart from this, shifting consumers’ preference towards IoT medical devices is driving the demand for smart health devices. In 2017, Medtronic launched Azure S MRI pacemaker for the treatment of bradycardia.
|Market Size||USD 3,900 million in 2018|
|Fastest Growing Market||Europe|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
Global smart health devices market share is segmented by product, distribution, and end-users.
By product, the global smart health devices market is segmented into diagnostic & monitoring and therapeutic devices.Diagnostic and monitoring is the leading revenue-generating segment for the market. This can be attributed to rising prevalence of heart diseases across the globe, and it is one of the leading causes of death in the U.S. Every year, approximately 735,000 Americans suffers from heart attack. In line with this, the market has started witnessing a huge surge in demand for wearable, portable monitors, remote patient monitoring, and telemetry.
Apart from meeting the trending demand, the market players are also paying significant attention to developing robust technology that can enhance accuracy and speed, compactness, and ease of use. Recently, Abbott has launched a smartphone-connected implantable cardiac monitor device named ‘Confirm Rx.’ The device can remotely monitor unpredictable heart rhythm problems and offer fast and accurate diagnoses. When it comes to health, people are not hesitating to spend on premium health care and devices. The U.S expends over USD 10,224 per person on healthcare, NHCE.
By sales channel, the market is segmented into pharmacies, online channel, and others. Based on end-user, the market is segmented into hospitals, clinics, and homecare.
Global smart health devices market share is segmented into the Americas, Europe, Asia Pacific, and the Middles East & Africa.
Currently, North America is holding the dominant position in the global smart health devices market. The region has few well-established economies like Canada and the U.S. that significantly contributes to the regional market as these countries have greatly adopted advanced technologies and healthcare devices. In addition, the countries have established healthcare sector and infrastructure, which can easily cater to consumer demand. From the past few years, North America has been witnessing considerable surge in the prevalence of several chronic diseases like diabetes, cancer obesity, and hearing loss. This has compelled people to opt for smart devices that can easily monitor their various health parameters like blood pressure and heart rate, among others. The U.S. government is also taking initiatives and investing a huge sum in improving its research infrastructure for boosting the adoption of high-quality smart health care devices.
The country invests over 7% of its GDP in research and development to develop innovative product and improve existing healthcare services. Apart from this, numerous private players are putting efforts to improve the situation and meet growing demand for smart health device. Recently, Nokia launched a wireless blood pressure monitor device named ‘Nokia BPM+’ which can offer the highest possible accuracy and instant color-coded results.
Europe is the second leading smart health devices market shareholder. This can be accredited to the increasing prevalence of diabetes in the region. The British Diabetic Association noted that over 3 million people suffered from diabetes in the U.K in 2018. In the view of this, GE Healthcare launched Vivid iq, new generation portable cardiovascular ultrasound system that provides high image quality and superior functionality in 2016 and Philips launched the IntelliVue X3, a portable bedside ECG in 2017. Apart from this, rising collaboration and partnership in the region is propelling smart health devices market growth. For instance, in 2017, GE Healthcare acquired Monica Healthcare (UK) to expand monitoring maternal-infant care business in the U.K.