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Smartphone Enabled Medical Devices Market By Application Outlook (Patient Monitoring, Health Records Maintenance & Access, Clinical Decision Making); By Distribution Channel Outlook (Retail, Online); By Region (North America, Europe, Asia pacific, South America, Middle East & Africa) – Opportunity Analysis and Forecast To 2027

Smartphone Enabled Medical Devices Market By Application Outlook (Patient Monitoring,...

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Smartphone Enabled Medical Devices Market By Application Outlook (Patient Monitoring, Health Records Maintenance & Access, Clinical Decision Making); By Distribution Channel Outlook (Retail, Online); By Region (North America, Europe, Asia pacific, South America, Middle East & Africa) – Opportunity Analysis and Forecast To 2027
Smartphone Enabled Medical Devices Market...
Report Code
RO14/128/1306

Publish Date
06/Jul/2021

Pages
221
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The smartphone-enabled medical devices market is thriving on account of the rise in demand for patient monitoring in rehabilitation centers and remote locations, coupled with the supportive initiative promoted by the government authorities to promote patient care. The integration of smartphone applications in medical devices making it feasible for the healthcare professional to maintain and gain access to patient history, thereby enabling improvement in patient monitoring. Clinical decision-making has often gained significant traction in the last few decades, as smartphone integration applies the clinical algorithm to aid the physician in evaluating disease diagnosis. This has bought significant development in the smart-enabled medical devices market to develop new mobile health (mHealth) apps and devices at a frenetic pace, and consumers have a healthy attitude about adopting them. 

Factors, such as the rise in the number of application users, followed by the surge in smartphone adoption, are paving the way for the integration of smartphones into medical devices. For instance, as per the industry estimates cited by the Food and Drug Administration (FDA), nearly 500 million smartphone users across the globe are using a health care application in 2015, and this figure is increased with 50% of the over 3.4 billion smartphone and tablet users by 2018, including healthcare professionals, healthcare patients, and consumers. However, this recent improvement and commercialization of advanced technology in the smartphone-enabled medical device has increased the usage of smart medical devices to track patient health records and obtain health information in real-time. Considering these myriad developments and advantages of the smartphone-enabled medical devices, the Global Smartphone Enabled Medical Devices Market is estimated to observe healthy growth, pegged at a CAGR of around 25.9% throughout the forecast period 2021-2027.

Furthermore, factors such as growing applications for smartphone-enabled medical devices in the healthcare sector and the digital innovation in medical devices to aid doctors in disease diagnosis further accelerated the demand for smartphone-enabled medical devices. This technology is maturing swiftly and is already being used in many applications, ranging from aiding diagnosis to improving operational healthcare workflow efficiencies. The main objective of this technical innovation in the healthcare sector is to improve patient outcomes and increases the volume & availability of health-related data from personal and healthcare-related devices. Also, digital technology in healthcare has more ability to gain information and give a well-defined output to the patients in comparison to traditional technologies, which may influence the market of smartphone-enabled medical devices. 

Moreover, it has observed a high demand for patient monitoring-based smartphone devices in recent years, as it enables caregivers a better way to monitor their patients, thus resulting in lower cost as compared to staying in hospitals. Monitoring applications are using on a relatively limited basis in emerging nations, but they are gaining traction in the developed world, especially for chronic diseases. Since the advantages of these applications are recognized in the developed world and funding models develop in emerging countries, monitoring applications are expected to become widespread and significantly improve health outcomes for an extensive range of communicable and chronic diseases. This has brought key players in the smartphone-enabled medical devices market to focus on the development of patient monitoring devices. Therefore, smartphone-enabled medical devices have become a vital part of the digital healthcare sector, thereby promoting the growth of the overall market during the forecast period.

Segmentation Overview of the Global Smartphone Enabled Medical Devices Market

The smartphone enabled medical devices market is segmented into application and distribution channel. These major market segments are further categorized into various sub-segments to study the market in detail. 

By Application Outlook (Patient Monitoring, Health Records Maintenance & Access, Clinical Decision Making)

By Distribution Channel Outlook (Retail, Online)

Key Players Insights

Accenture, Apple, Inc., AtenaHealth, AT&T, Dexcom, Inc., EBSCO Health, Fitbit Inc., IBM Watson, McKesson Corporation, MIM Software, Inc., are some key market players included in the research study of the global smartphone enabled medical devices market. 

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