Global smart medical devices market to reach USD 66.1 billion by 2024
The global smart medical devices market is expected to be worth USD 66.1 billion by 2024. The market was valued worth USD 33.7 billion in 2015 and is expected to grow at a CAGR of 7.8% over the forecast period of 2016-2024. Leading players operating in the global smart medical devices market such as Apple, F.Hoffmann-La Roche and Abbott Laboratories had grabbed a huge share of 43% in 2015. High brand recognition, growing presence across geographies and strong product portfolio are expected to keep these companies in the lead in near future. Among all the segments, the diagnostic and monitoring devices segment is expected to exhibit the highest growth rate. Geographically, North America is poised to lead the global market. The major driving factors contributing toward the growth of the market include growing geriatric population, increasing technological advancements, increasing investments in the development of smart medical devices, improving GDPs of nations in Asia Pacific, rising standard of living and growing per capita income.