Further, the growth of this segment is attributed to increasing number of population affected with high blood pressure. Likely, in 2015, 1.13 Billion people were affected with high blood pressure all over the globe. Moreover, majority of the affected population are of underdeveloped and developing nations. These factors are believed to flourish the growth of global blood pressure monitors market.
Global smart diagnostic and monitoring medical device market is anticipated to account a notable CAGR of 8.5% over the forecast period i.e. 2017-2024. Moreover, the global smart diagnostic and monitoring medical device market is projected to reach at exponential sales by the end of 2024. The market is expected to expand on the back of increasing prevalence of chronic diseases and rising awareness among the population towards healthcare devices.
The hospital segment by end-user is projected to capture the largest market of smart diagnostic and monitoring medical device during the forecast period. In terms of regional platform, with 38.6% market share in 2016, North America region grabbed the largest market of smart diagnostic and monitoring medical device. Further, U.S. and Canada are the prominent nations in this region owing to presence of major key players. Apart from this, Asia-Pacific region is projected to be the fastest growing smart diagnostic and monitoring medical device market owing to growing geriatric population.
Rising Healthcare Expenditure
Favorable government initiatives to develop the healthcare infrastructure coupled with increasing healthcare expenditure across the globe for e.g. in 2015, U.S. health care spending increased to 5.8% to reach USD 3.2 trillion which is believed to fuel the demand for smart diagnostic and monitoring medical device. This factor is envisioned to foster the growth of smart diagnostic and monitoring medical device market.
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Technological Advancement in Healthcare Devices
Spiked penetration of smart phones and other smart gadgets which gets connected with smart healthcare devices along with growing demand for accurate healthcare devices for monitoring purposes is expected to bolster the growth of smart diagnostic and monitoring medical device market. Moreover, increasing popularity of wearable monitoring devices among the population is also propelling the market of smart diagnostic and monitoring medical device.
On the contrary, high cost of smart diagnostic and monitoring medical device and lack of awareness in underdeveloped and developing nations regarding smart healthcare products are anticipated to hamper the growth of smart diagnostic and monitoring medical device market.
The report titled “Smart Diagnostic and Monitoring Medical Device market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global smart diagnostic and monitoring medical device market in terms of market segmentation by type, by product, by distribution channel, by end-user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global smart diagnostic and monitoring medical device market which includes company profiling of Medtronic, Abbott Laboratories, Cleveland Medical Device, Fitbit, Inc., Omron Healthcare Co., Ltd. Polar Electro, Inc., Dexcom, Inc., Hoffmann-La Roche Ltd and NeuroMetrix, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart diagnostic and monitoring medical device market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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