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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

The smartphone-enabled medical devices market is expected to grow at a compound annual growth rate (CAGR) of 24.9% between 2018 and 2026, rising from $4,411.1 million in 2017 to $3,1759.3 million by 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 a burgeoning need for better validation practices being established for mobile apps to ensure proper use and integration of these sophisticated tools in medical science.

Market Synopsis

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

Patient monitoring is dominating the application segment for the smartphone-enabled medical devices market. The impressive growth is attributed 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 boosts the patient monitoring market's growth.

Smartphone applications have made it possible for healthcare professionals to maintain and gain access to patient histories either on-site or in remote locations. Clinical decision-making has gained a lot of attention in the last decade as smartphone applications apply clinical algorithms to help physicians validate disease diagnoses. Cloud computing provides HCPs with useful evidence-based information that strengthens clinical decision-making at primary healthcare centers.

Increased brand awareness and availability of excellent customer service drive the retail distribution channel market's growth.

The retail industry is currently the dominant distribution channel segment for the smartphone-enabled medical devices market. The niche features contributing to its dominance are a significant increase in brand awareness and the availability of excellent customer service.

In the near future, demand for better value and greater customer sophistication is likely to create greater growth opportunities for the retail business segment worldwide. Online distribution channels will capture the market in the near future owing to excellent broadband services, the growth of technical skills among the general public, and the availability of diverse products online.

Rising public health awareness and the existence of a well-developed IT sector drive 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. The significant growth is attributable to factors such as rising public health awareness and the existence of a well-developed IT sector. According to the Centers for Disease Control and Prevention (CDC), research findings indicate that 6 in 10 adult citizens in the United States are suffering from a chronic disease.

The presence of key players such as Accenture, Apple, Inc., AthenaHealth, etc., drives the market growth in North America. Europe is the second-largest regional segment, representing a market share of 30%. An increasing number of geriatric patients suffering from lifestyle disorders and strategic collaboration of government healthcare agencies with the IT sector for the 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 provides a lucrative business opportunity for major players to open retail locations, as well as the emergence of local players providing wireless services for medical devices.

Periods of History and Forecast

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

Report Scope by Segments

The market is segmented by application, distribution channel, and geography.

Software companies providing applications 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 are answered in this report.

  • Who are the major players providing smartphone-enabled medical devices?
  • What are organic and inorganic market growth strategies 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 the online distribution channel be during the forecast period from 2018 to 2026?
  • What are the features responsible for the growth of the North American and European markets?

Frequently Asked Question:

The market for Smartphone Enabled Medical Devices Market is expected to reach USD$ 31,759.3 Mn in 2026.

The Smartphone Enabled Medical Devices Market is expected to see significant CAGR growth over the coming years, at 24.9%.

The report is forecasted from 2018 -2026.

The base year of this report is 2017.

Apple, Inc., AthenaHealth, AT&T, Dexcom, Inc., EBSCO Health, Fitbit, Inc., IBM Watson, McKesson Corporation, and MIM Software, Inc. are some of the major players in the global market.

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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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