Smart Diagnostic and Monitoring Medical Device Market Segmentation:
Type Segment Analysis
Diagnostic devices dominate the type segment in the smart diagnostic and monitoring medical device market and are expected to capture the share value of 62.6% by 2035. The segment is fueled by growth in chronic diseases that need ongoing monitoring of patients, like diabetes and cardiovascular diseases. Improved wearable sensors, implantable technology, and AI-enabled analytics enable precise measurements of health in real-time, enhancing patient care and minimizing healthcare expenses. According to the Jan 2022 Juniper research report, the U.S. and China are at the forefront of adopting cutting-edge technologies like IoMT devices, with 21% and 41% connected devices.
Device Compatibility Segment Analysis
The MRI-compatible monitoring devices lead the segment is poised to hold a considerable share value by 2035. The segment is driven by the advancements in technologies allowing devices to operate safely in the strong magnetic fields of MRIs without risking patient life. The growing use of MRI in chronic disease and neurology cases is reinforcing this trend. According to the NLM report in October 2023, over 40 million MRI scans were performed annually in the U.S. as of 2022, reflecting steady demand for compatible monitoring devices in clinical workflows.
End user Segment Analysis
Home care settings will lead the end user segment by 2035. The decentralization drives the dominance of home care use of smart diagnostic devices, including glucose monitors, blood pressure monitors, and pulse oximeters. Elderly population, patient preference for home-based care, and cost containment strategies surge the adoption of the latest technologies. COVID-19 has significantly increased the demand for remote patient monitoring. Further, the government initiatives and reimbursement coverage further sustain this sub-segment's prominence in the developed markets.
Our in-depth analysis of the smart diagnostic and monitoring medical device market includes the following segments:
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