Analyzing Impacts Of COVID-19 On The Smart Medical Devices Market: Effects, Aftermath And Forecast to 2024

A recent report by Transparency Market Research states that global smart medical devices market is projected to witness a substantial growth over the tenure of 2016 to 2024. The growth of the market is projected to be the result of growing health care industry. There are several government initiatives that are stimulating the medical institute to incorporate intelligent and smart medical devices that are equipped with advanced technologies. This push by the governments is the major factor that is propelling the growth of global smart medical devices market between 2016 and 2024.

Moreover, the necessity to improve the healthcare infrastructure in developing countries is also a major factor that propels the growth of global smart medical devices market in the coming years.

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Massive Growth Potential Attracts New Players

“The global smart medical device market shall surpass the value of US$ 66.1 bn by the end of 2024, says Transparency Market Research.”

The global smart medical devices market has massive growth potential as the market is expected to rise to US$ 66.1 bn from US$ 33.7 bn during the tenure of 2016 to 2024. It is because of this growth potential, new players are willing to enter the global smart medical devices market. However, the market is highly competitive due to already present prominent players. Therefore, it might be difficult for new players to establish themselves in the market.

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Nevertheless, these players are incorporating strategies such as mergers and collaborations that might help them to gain sustainability in global smart medical devices market. On the other hand, the establish players are acquiring new businesses so that they can expand their operations so that can leverage more share of the global smart medical devices market.

Technologies Plays Crucial Role

“As per Transparency Market Research’s analysts the global smart medical devices market is expected to witness 7.8% CAGR from 2016 to 2024.”

This rate of the growth for the market is the result of technological innovations that are arriving in constant progressions. These innovations are incorporating more intelligence to the devices that are making them smarter over the period of time. Moreover, the development of new technologies like IoT and artificial intelligence, the devices can not just only monitor the health of the patients but also can predict any oncoming anomaly in the patients. This is also a major reason that is booting the growth of global smart medical devices market.

Asia Pacific Showcases Major Traction

Asia Pacific is developing rapidly in terms of healthcare services. There are various countries that are investing a fortune in developing their medical facilities. It is because of these reasons the players of global smart medical devices are focusing their operations in these countries. This as a result is propelling the dominance of Asia Pacific in global smart medical devices market from 2016 to 2024.

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The global smart medical devices market is segmented on the basis of:

Product
- Diagnostic and Monitoring Devices
- Therapeutic Device
- Injury Prevention and Rehabilitation Device
Modality
- Portable
- Wearable
End User
- Hospitals
- Clinics
- Home Care Settings