Rising Investment by Companies and a Surge in the Chronic Disease has Propelled the Growth of the Smart Diagnostic and Monitoring Medical Device Market in the Asia Pacific Region!
- Himanshu Patni
- July 14, 2023
- HEALTHCARE, NEWS
- Smart Diagnostic and Monitoring Medical Device Market, Smart Diagnostic and Monitoring Medical Device Market Growth, Smart Diagnostic and Monitoring Medical Device Market Share, Smart Diagnostic and Monitoring Medical Device Market Size, Smart Diagnostic and Monitoring Medical Device Market Trends
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The Asia Pacific is anticipated to grow rapidly in the upcoming years owing to the rising awareness regarding the benefits of a healthy lifestyle among consumers. This can be because of the growing prevalence of diabetes and obesity in the region. For instance, according to the International Diabetes Federation, in 2021, 90 million adults aged 20-79 are living with diabetes in the IDF South-East Asia region. Further, this number is also anticipated to increase to 113 million by 2030 and 152 million by 2045.
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Further, the Asia Pacific Smart Diagnostic and Monitoring Medical Device Market is expected to grow at a strong CAGR of 8.3% during the forecast period (2022-20230). The demand for smart diagnostic and monitoring medical device in countries like China, India, and Japan is driving the demand for smart diagnostic and monitoring medical device in the region. The market in China is driven by rising consumer demand, significant investments by global players, and the entry of new local players in the market. The Chinese market is witnessing significant investment from both domestic as well as international companies. For instance, in 2019, L’oreal launched a smart hair brand in collaboration with Withings, that uses sensors to analyze hair quality and provide personalized recommendations for hair care. Furthermore, Chinese start-ups are also entering the market, offering innovative and affordable products. For example, in November 2020, Xiaomi launched a hair dryer priced at RMB 99 (USD 15), which has become a best-seller on e-commerce platforms.
FIG. 1 APAC Smart Diagnostic and Monitoring Medical Device Market Revenue (2020-2030)- USD Mn
For a detailed analysis of the Global Smart Diagnostic and Monitoring Medical Device Market browse through – https://univdatos.com/report/smart-diagnostic-and-monitoring-medical-device-market/
Based on the product, the market is segmented into EEG/ECG monitors, blood glucose monitors, heart rate monitors, cardiac event, pulse oximeters, blood pressure monitors, breathalyzers, medical tricorders, blood analyte analyzers, and others. The cardiac event held a dominant share of the market in 2021. The demand for smart cardiac event monitoring devices is increasing owing to the increasing focus on preventive healthcare, early detection, and management of cardiac events. Pharmaceutical giants are adopting strategic alliances to make a dominant position in the global market. For instance, in July 2021, Biofurmis entered into a collaboration with Novartis to develop a digital solution for patients with heart failure, utilizing Biofurmis’ remote monitoring platform to track and analyze patients’ physiological data and provide personalized interventions
By mobility, the market is segmented into portable and non-portable. The non-portable segment is expected to grow with a significant CAGR during the forecast period. In comparison to portable, these have enhanced power and performance, allowing them to provide professional-grade results. For example, a large hair dryer can provide high heat and airflow to dry hair quickly and efficiently, while a large curling iron can create tight curls which can last for hours.
Based on application, the market is categorized into diabetes, cardiovascular, respiratory, and others. The others segment is anticipated to grow with a significant CAGR during the forecast period. The demand for other segment is increasing on account of the rising number of sports and fitness enthusiasts, rising disposable income of end-users, etc., Smart sports fitness tracker is an application or device that is used to track and monitor fitness-related activities including heartbeat, quality of sleep, and consumption of calories. Some of these benefits include player safety assessment tools, workout injury prevention, and metrics of physical conditioning and performance Beyond sports and fitness benefits, there is potential to elevate the sports fan viewing experience. Using wireless sensors embedded in player equipment or uniforms, sports viewers will have real-time access to movement tracking data and performance statistics like acceleration and top speed.
Based on end user, the market segmented into hospitals, clinics, and homecare. The hospitals held dominant share of the market in 2021. The hospitals are the main providers of healthcare facilities in normal as well as emergency situations. They also provide their patients some compensation during the surgeries and therefore observe lucrative growth. For instance, according to the University of California, San Francisco, the recovery time after any chronic disease surgery is long and requires intensive care. And in the hospital, nurses and physical therapists will help the patient to gain strength through a gradual increase in activity. Additionally, the prevalence of chronic disease is increasing around the world, which is leading to higher admission rates in hospitals and clinics. According to CDC, 6 out of 10 adults in the United States have at least 1 chronic disease and 42% of adults have two or more chronic conditions.
Global Smart Diagnostic and Monitoring Medical Device Market Segmentation
Market Insight, by Product
- EEG/ECG Monitors
- Blood Glucose Monitors
- Heart Rate Monitors
- Cardiac Event
- Pulse Oximeters
- Blood Pressure Monitors
- Medical Tricorders
- Blood Analyte Analyzers
Market Insights, by Modality
Market Insights, by Application
Market Insights, by End User
Market Insight, by Region
- North America
- Rest of North America
- Rest of Europe
- Rest of APAC
- Rest of the World
Top Company Profiles
- Apple Inc.
- F. Hoffmann-La Roche Ltd
- NeuroMetrix, Inc.
- OMRON Corporation
- Fitbit Inc.
- Medtronic Plc
- Samsung Electronics Co., Ltd.