The latest market report published by Credence Research, Inc. “Global Smartphone Enabled Medical Devices Market By Applications (Patient Monitoring, Health Record Maintenance And Access, Clinical Decision Making), By Distribution Channel (Retail, Online) – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global smartphone enabled medical devices market was valued at US$ 4,411.1 Mn in 2017, and is expected to reach US$ 31,759.3 Mn by 2026, expanding at a CAGR of 24.9% from 2018 to 2026.
Browse Full Report Originally Published by Credence Research at https://www.credenceresearch.com/report/smartphone-enabled-medical-devices-market
As per the latest research findings of World Health Organization (WHO), non-communicable disease kill 41 million people annually which represents 71% of all deaths globally. It is important to understand the factors responsible for the progression of chronic disease. Smartphone enabled medical devices are helpful in the monitoring of vital health parameters such as blood glucose, heart rate, blood pressure, pulse oximeters etc. Health care providers are employing smartphone apps to improve patient care by maintaining patient electronic health record and performing critical diagnosis simultaneously.
In the present scenario patient monitoring is reigning the application segment for smartphone enabled medical devices market. Significant increase in healthcare expenditure and supportive government initiatives to improve patient care drive the patient monitoring market growth. Increasing demand for patient monitoring in remote locations and rehabilitation centers further fortify the market growth. In the last 2 decades clinical decision making has gained tremendous attraction on account of technological advancement in mobile applications which employ clinical algorithm to aid physicians in validation of disease diagnosis.
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Retail business is dominating the distribution channel segment for smartphone enabled medical devices market. Rampant growth in brand awareness and availability of excellent customer service drive the retail business market growth. Online distribution channel will be capturing the market owing to the availability of broadband services and diverse range of products online.
North America is currently leading the regional segment for smartphone enabled medical devices market. It represents a market share of 40% primarily due to existence of well-developed IT sector and rising public health awareness. Domicile of key players such as AthenaHealth, Accenture, Fitbit, Inc. etc. further consolidate the market growth in North America. In Europe the market growth is driven by factors such as rising prevalence of chronic disease in geriatric population and strategic collaboration between pharmaceutical segments and software companies to provide sophisticated mobile applications for medical purpose. It is the second largest regional market with a market share of 30%. Asia Pacific currently holds 15% market share and will be the fastest growing market during the forecast period from 2018 to 2026 owing to the emergence of local players specializing in smartphone enable medical applications and tools. It also serves as an attractive business destination for major players to establish their retail outlets to promote their brands and products.
Software companies providing application and online services pertaining to smartphone enabled medical devices are Accenture, Apple, Inc., AthenaHealth, AT&T, Dexcom, Inc., EBSCO Health, Fitbit, Inc., IBM Watson, McKesson Corporation and MIM Software, Inc.
Key Market Movements:
- Rising public health awareness and increasing healthcare expenditure
- Rampant growth in IT healthcare segment providing sophisticated tools to be integrated with medical practices
- Increasing demand in physicians to aid clinical decision making and provision of excellent patient monitoring in remote locations
Report Scope by Segments
By Application (2016–2026; US$ Mn)
- Patient Monitoring
- Health Record Maintenance and Access
- Clinical Decision Making
By Distribution Channel (2016–2026; US$ Mn)
By Geography Segment (2016–2026; US$ Mn)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America)
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