Smart Medical Devices Market to reach around US$66.1 billion by 2024 - Transparency Market Research

1/16, 3:20 PM (Source: GlobeNewswire)

Albany, New York, Jan. 16, 2019 (GLOBE NEWSWIRE) -- The global smart medical devices market is expected to soar at a CAGR of 7.8% to reach US$66.1 bn by 2024 as compared to US$33.7 bn in 2015.

A large demand for smart devices in healthcare mainly exists due to the high efficiency provided by these instruments, especially in the context of treatment and diagnosis-based scenarios. Numerous types of smart devices are increasingly being used in different healthcare organizations, thanks to the accuracy of information provided by them. Owing to such an extensive presence of these machines, a distinct smart medical devices market exists from a global perspective.

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The above-mentioned advantages mainly prove to be a crucial factor driving the global smart medical devices market. Moreover, a rising dependency on automation and instantaneous data display for enabling faster treatment options too is substantially propelling the market to progress at an impressive pace.

Increasing Demand for Efficient Medical Treatments Boosts Progress

A surging awareness among healthcare specialists to rely on reliable data detected by efficient smart devices is mainly proving to be beneficial to the global smart medical devices market in terms of extensive growth. Widespread advancements occurring in the healthcare industry to accept devices that function with the help of latest technologies is providing a strong impetus to this market, thus surging the device demand. Lastly, easily available raw materials at least in developed regions has led towards many companies maintain a rapid device production rate, thus extensively fueling the global smart medical devices market’s growth.

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Costly Smart Medical Device Utilization Dampens Expansion

However, high costs of smart medical devices are expected to discourage potential users with low disposal income from utilizing them, thereby restraining the global smart medical devices market. Less availability or even a complete lack of the devices in healthcare sectors present in remote and underdeveloped regions is also known to be detrimental to the market’s expansion. Moreover, lack of understanding of device functionalities and workings among the masses from various regions also makes them refrain from opting for treatments associated with the devices. This factor too hinders the global smart medical devices market’s growth.

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Nonetheless, the market is expected to showcase a splendid growth during the forthcoming years thanks to the efforts taken by several manufacturers to produce cost-effective smart medical devices. The restraints affecting the market are anticipated to decrease as companies are focusing on improving their geographical expansion in the healthcare industry.

Companies to Focus on Incorporating Regular Upgrades to Their Products

A highly competitive vendor landscape is depicted by the global smart medical devices market to exist, owing to most players continuously trying to outgun their rivals. Many companies are focusing on introducing new devices on a frequent basis, as well as improving their technological efficiency.

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Reducing device costs to benefit ease of accessing relevant healthcare services and treatments is another area where many businesses in the global smart medical devices market are striving to succeed. With more players expected to enter the market in the next few years, the competition is projected to become more intense. Abbott Laboratories, Apple Inc., Dexcom, Inc., Fitbit, Inc., F. Hoffmann-La Roche Ltd., and Johnson & Johnson, are key players operating in the global smart medical devices market.

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