The smart medical devices market is driven by factors such as rising demand for smartphone-compatible and wireless medical devices, technological advancements, and rising awareness and focus on fitness.
The new medical technology has transformed the way doctors and patients participate and interact with each other. Obtaining real-time information, tracking past health records, identifying potential health issues, and devising a treatment plan are all signs of the gradual shift from traditional methods to smart medical devices.
The future of medical devices is being influenced by technological trends and opportunities that promise to revolutionize the operations of healthcare providers and medical companies. The lifestyle of the people across developing countries such as India, South Africa, etc. are making them fall prey to the diseases and hence, there are efforts being done by these people to cope with such diseases. Therefore, it is believed that the market for advanced smart medical devices will grow in the coming future.
Key Market Trends
Insulin Pumps are Expected to Witness Good Growth in the Market Over the Forecast Period
An insulin pump is a medical device used for administrating insulin in diabetic patients. The insulin pump consists of a pump, a disposable reservoir, and a disposable infusion set. The pump part consists of controls, a processing module, and batteries. The disposable reservoir holds the insulin inside the pump. The disposable infusion set consists of a cannula and a tubing system to connect the insulin reservoir to the cannula. Insulin pumps are relatively easy to carry and measure the exact quantity of the insulin to be delivered, which reduce the wastage of dose and achieve proper delivery of insulin to the patients. The smart mechanism of insulin pumps is a great boon to the world of diabetes.
Thus, insulin pumps achieve proper blood glucose control, without any complications related to hypoglycemia, wide fluctuations in blood glucose, and other side effects. Owing to the advantages mentioned above of using insulin pumps and the increasing prevalence of diabetes across the world, the insulin pump segment is expected to register growth over the forecast period.
United States is Expected to Among the Major Contributor in the Market Over the Forecast Period
The healthcare facilities in the United States are of the highest standards, and are accessible to the large population, because of favorable policies making healthcare affordable to many, if not all. This helps in gaining a higher selling rate across the country. According to the American Heart Association (AHA), cardiovascular diseases account for 17.3 million deaths per year. The Centre for Disease Control and Prevention states that about 610,000 people die of heart diseases in the United States every year, i.e., one in every four deaths can be attributed to cardiovascular diseases (CVDs). Coronary heart disease (CHD) is the most common type of heart disease, with a death toll of over 370,000 people, annually.
The increasing number of patients suffering from chronic diseases, like cardiac diseases and diabetes, continuous advancements in the technology, and high income of the citizens are some of the driving factors for the North American smart medical devices market.
The smart medical devices market is moderately competitive and there are few companies that are holding most of the market share. Owing to the technological advancements in the healthcare industry and the rising R&D expenditure of the companies, new players are coming up in the market.
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