Smart medical devices are the application of Internet-of-Things (IoT) in healthcare. These devices alleviate many of the problems hindering the delivery of good healthcare to people worldwide. Apart from smart home medical devices, smart healthcare devices also add quality and longevity to human life.
Moreover, a smart home medical device connects doctors with patients at home or in route to the hospital. These devices provide patients with a high degree of mobility and healthcare providers with the ability to monitor patient status remotely.
Market Dynamics:
Increasing prevalence of chronic diseases, such as cancer, diabetes, heart disease, etc., and the growing geriatric population worldwide is expected to propel the growth of the smart home medical device market. For instance, For instance, according to the World Health Organization (WHO), cancer is the second leading cause of death globally, accounting for an estimated 9.6 million deaths, or one in six deaths, in 2018.
Moreover, growing popularity of Internet-of-Things in home healthcare, increasing demand for personalized healthcare in developed countries, and technological advancements are expected to augment the growth of the smart home medical device market.
Increasing partnerships and collaborations between major players are also expected to fuel the growth of the smart home medical device market. For instance, in January 2021, and Spencer Health Solutions and Otsuka Pharmaceutical Development and Commercialization jointly created a transformational patient experience using the spencer smart hub, the world’s first at-home medication device that connects patients and their care teams through an easy-to-use, fully integrated platform.
However, high cost of smart home medical devices, stringent regulations, and concerns regarding data privacy and security are expected to restrain growth of the smart home medical device market.
North America is expected to witness robust growth in the smart home medical device market due to the increasing prevalence of chronic diseases in the region. For instance, chronic diseases such as diabetes, cancer, and heart disease are the leading causes of death and disability in the U.S., according to the Centers for Disease Control and Prevention (CDC).
Competitive Analysis:
Major players operating in the smart home medical device market are Neurometrix, Qardio, Cyrcadia Health, Proteus Digital Health, VitalConnect, Hocoma AG, Health Care Originals, and ViVO Smart Medical Devices Ltd.
Major players in the market are adopting various business strategies such as product launches, to strengthen their product portfolio. For instance, in January 2021, ICON.AI launched World's first smart healthcare device at CES 2021 (Consumer Electronics Show). The two-in-one smart healthcare device helps identify physiological abnormalities.
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