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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

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.

Market Synopsis

Smartphone Enabled Medical Devices Market

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"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.

Smartphone Enabled Medical Devices Market

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"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.

Smartphone Enabled Medical Devices Market

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"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.

Smartphone Enabled Medical Devices Market

Historical & Forecast Period

This research report presents the analysis of each segment from 2016 to 2026 considering 2017 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segments are calculated for the forecast period from 2018 to 2026.

Report Scope by Segments

The market segmentation comprises of by application, distribution channel and geography.

ATTRIBUTE DETAILS
Research Period  2016-2026
Base Year 2017
Forecast Period  2018-2026
Historical Year  2016
Unit  USD Million
Segmentation

 By Application (2016–2026; US$ Mn)
 • Patient Monitoring
 • Health Record Maintenance and Access
 • Clinical Decision Making

 By Distribution Channel (2016–2026; US$ Mn)
 • Retail
 • Online

 Geography Segment (2016–2026; US$ Mn)
 • North America (U.S. and Canada)
 • Europe (U.K., Germany, and Rest of Europe)
 • Asia Pacific (Japan, China, and Rest of Asia Pacific)
 • Latin America (Brazil, Mexico, Rest of Latin America)
 • Middle East and Africa (GCC, Rest of MEA)

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.

Key questions answered in this report

  • Who are the major players providing smartphone enabled medical devices?
  • What inorganic and organic market growth strategies are prevalent in the smartphone enabled medical devices market?
  • What is the impact of smart applications and sophisticated tools in medical science?
  • What is the importance of patient monitoring and what applications are being developed to improve its efficiency?
  • What will the market size and CAGR of online distribution channel during the forecast period from 2018 to 2026?
  • What are the features responsible for the growth of North America and European Market?
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Budget Buying
Executive Summary - Brief Global Market Size - Current & Forecast
Regional Market Size - North America
Country Market Size - US
Company Profile – 1
Trusted By
Godaddy
Published Date:  Jan 2019
Category:  Medical Devices
Report ID:   59542
Report Format:   PDF
Pages:   120
Rating:    4.4 (56)
Delivery Time: 24 Hours to 48 Hours   
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