The Smartphone Enabled Medical Devices Market is set for a quick growth over the forecast period. In terms of revenue, the global Smartphone Enabled Medical Devices Market was valued at USD 4,411.1 million in 2019 and is expected to reach at USD 31,759.3 million by 2026, growing at a CAGR of 24.9% during the forecast period.
The Smartphone Enabled Medical Devices Market is set for a quick growth over the forecast period. In terms of revenue, the global Smartphone Enabled Medical Devices Market was valued at USD 4,411.1 million in 2019 and is expected to reach at USD 31,759.3 million by 2026, growing at a CAGR of 24.9% during the forecast period.
Global Smartphone Enabled Medical Devices Market: Overview
Nowadays, with advanced technology, smartphones are not only used for personal purposes but it has also become very ubiquitous in the healthcare sector. The smartphones coupled with modern communication technologies and embedded sensors allow continuous and remote monitoring of the person's health with no additional cost. Smartphones are being programmed with algorithms that enable the diagnosis of certain medical conditions. It helps in the monitoring of vital health parameters such as blood glucose, heart rate, blood pressure, pulse oximeters, etc.
Global Smartphone Enabled Medical Devices Market: Growth Factors
Increase in healthcare expenditure and supportive government initiatives to improve patient health will drive the patient monitoring market growth. Various other factors such as growing penetration of IT in the healthcare industry, increase in demand for home healthcare will also boost the market growth of smartphone enabled medical devices. The covid-19 pandemic has impacted the economy drastically and has also resulted changes in consumer preferences. Nowadays, consumers prefer contactless healthcare and the use of technology due to to a fear-led mindset and social distancing resulting in increase in the demand for smartphone enabled medical devices which in turn is flourishing the market of smartphone enabled medical devices. Growing need for remote monitoring, rise in collaboration of medical device and software sector are also some of the aspects that are boosting the growth of the market.
Global Smartphone Enabled Medical Devices Market: Segmentation
The Smartphone Enabled Medical Devices Market is segmented based on applications, distribution channel and region. On the basis of Application, the Smartphone Enabled Medical Devices Market is segmented into Patient Monitoring, Health Records Maintenance & Access, and Clinical Decision Making. Patient Monitoring is dominating the market due to increasing healthcare expenditure and supportive initiatives by government. Based on Distribution Channel, the Smartphone Enabled Medical Devices Market is bifurcated into Retail and Online. Retail segment is dominating the market and contributing towards the growth of the Smartphone Enabled Medical Devices market globally due to increase in brand awareness and availability of customer service.
Global Smartphone Enabled Medical Devices Market: Regional Analysis
North America is expected to lead the global Smartphone Enabled Medical Device market due to factors such as rising public health awareness and well established IT sector, rise in healthcare expenditure. Europe is second growing market for smartphone enabled medical device due to increase in number of geriatric patients and rise in initiative by the government. Asia Pacific is also a fast growing market for smartphone enabled medical devices due to available business opportunities and increase of wireless services for medical devices provider.
Global Smartphone Enabled Medical Devices Market: Competitive Players
Some of key players in Smartphone Enabled Medical Devices Market are IBM Watson, EBSCO Health, AT&T, Apple, Inc., Accenture, MIM Software, Inc., McKesson Corporation, Fitbit, Inc., Dexcom, Inc., and AthenaHealth among others. The key players are forming various strategies such as product launches, collaborations, product development to gain competitive advantage in the market.
The global Smartphone Enabled Medical Devices Market is segmented as follows:
Applications
Distribution Channel
By Region
North America is expected to lead the global smartphone enabled medical device market due to factors such as rising public health awareness and well established IT sector, rise in healthcare expenditure.
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