smartphone-enabled-medical-devices-market

Smartphone Enabled Medical Devices Market By Applications (Patient Monitoring, Health Record Maintenance And Access, Clinical Decision Making), By Distribution Channel (Retail, Online) - Growth, Future Prospects & Competitive Analysis, 2018 - 2026

23 Jan 2019 Format PDF icon PPT icon XLS icon Request Sample

Industry Outlook

The smartphone enabled medical devices market is set to reach from US$ 4,411.1 Mn in 2017 to US$ 31,759.3 Mn by 2026 at a compound annual growth rate (CAGR) of 24.9% during the forecast period from 2018 to 2026. Mobile devices have become an integral part of human lives. In the last decade it has been successful in transforming several aspects of clinical practice, which has eventually led to the development of medical software applications. It is noteworthy to understand that besides the many benefits smartphone enabled medical devices provide there is burgeoning need for better validation practices to be established for mobile apps to ensure proper use and integration of these sophisticated tools in medical science.

"Supportive initiatives promoted by government agencies to improve patient care and increase healthcare spending drive the patient monitoring market growth"

Patient monitoring is dominating the application segment for smartphone enabled medical devices market. The impressive growth is dedicated to elements such as increasing healthcare expenditure and supportive initiatives promoted by government agencies to improve patient care. Increasing demand for monitoring patients in remote locations and rehabilitation centers further boost the patient monitoring market growth. Smartphone applications have made it possible for healthcare professionals to maintain and gain access to patient history either on site or remote locations. Clinical decision making has gained a lot of attraction in the last decade as smartphone applications apply clinical algorithm to help physicians in validating disease diagnosis. Cloud computing provides HCPs with useful evidence based information which fortifies clinical decision making at the primary healthcare centers.

"Increase in brand awareness and availability of excellent customer service drive the retail distribution channel market growth"

Currently retail business is reigning the distribution channel segment for smartphone enabled medical devices market. The niche features contributing towards its dominance are significant increase in brand awareness and availability of excellent customer service. In the near future demand for better value and customer sophistication are prone to create greater growth opportunities for the retail business segment worldwide. Online distribution channel will be capturing the market in the near future owing to excellent broadband services, growth of technical skills in common public and availability of diverse of products online.

"Rising public health awareness and existence of well-developed IT sector drive the market growth in North America"

North America reflects a market share of 40% and is currently leading the regional segment for smartphone enabled medical devices market. The significant growth is accrued on behalf of factors such as rising public health awareness and existence of a well-developed IT sector. According to Center for Disease Control and Prevention (CDC), research findings 6 in 10 adult citizens in the United States are suffering with a chronic disease. Presence of key players such as Accenture, Apple, Inc., AthenaHealth etc., drive the market growth in North America. Europe is the second largest regional segment representing a market share of 30%. Increasing number of geriatric patients suffering with lifestyle disorder and strategic collaboration of government healthcare agencies with IT sector for development of smart applications ensuring patient monitoring and aiding physicians in executing clinical decisions. Asia Pacific holds a market share of 15% and will be the fastest growing market during the forecast period from 2018 to 2026. It serves as lucrative business opportunity for major players to establish retail outlets and emergence of local players catering wireless services for medical devices.

Software companies providing application and online services pertaining to smartphone enabled medical devices are Accenture, Apple, Inc., AthenaHealth, AT&T, Dexcom, Inc., EBSCO Health, Fitbit, Inc., IBM Watson, McKesson Corporation and MIM Software, Inc.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smartphone Enabled Medical Devices market are as follows:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Smartphone Enabled Medical Devices market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

ATTRIBUTE DETAILS
Research Period  2022-2032
Base Year 2023
Forecast Period  2024-2032
Historical Year  2022
Unit  USD Million
Segmentation

 Region Segment (2022-2032; US$ Million)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Smartphone Enabled Medical Devices market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2032.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Smartphone Enabled Medical Devices market?
  • Which is the largest regional market for Smartphone Enabled Medical Devices market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Smartphone Enabled Medical Devices market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Smartphone Enabled Medical Devices market worldwide?
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