Global market for smart medical devices to be worth USD66.1 billion by 2024
The global smart medical devices market was estimated at USD33.7 billion in 2015 and is anticipated to grow at 7.8% to reach USD66.1 billion by 2024. Amongst the smart devices, diagnostic and monitoring devices segment is projected highest growth (CAGR-7.8%) which comprises of blood glucose monitors, heart rate monitors, cardiac event, EEG/ECG monitors, pulse oximeters, blood pressure monitors, fetal monitors, breathalyzer, blood analyte analyzers, and medical tricorder. The US is expected to drive the market leading to North America acquiring a share of ~41% by 2024. Primary driver for market growth is the growing geriatric population who are prone to a wide range of diseases requiring efficient disease management. The World Health Organization (WHO) anticipates the current 566 million global geriatric population to grow to 2 billion by the end of 2050. Other factors driving the market are patient awareness to management their conditions in smarter ways and increasing development investments. Improving GDPs, rising standard of living, and growing per capita income of emerging markets including Middle East and Africa, Asia-Pacific, and Latin America are expected to drive the demand for smart wearable healthcare technology. However, the high cost of devices and the perception of smart medical devices as luxury is hindering the market growth. There is also growing privacy concerns of the healthcare industry regarding patient’s data which is also expected to restrain the growth of the overall market.