Smart Diagnostic and Monitoring Medical Device Market Trends

Growth Drivers

• Rising Prevalence of Chronic Obstructive Pulmonary Disease

The World Health Organization data shows that chronic obstructive pulmonary disease (COPD) is the third leading cause of death worldwide, and accounted for 3.23 million deaths in 2019.
The frequency of disorders increased in recent years

• Huge Base of Geriatric Population

According to World Health Organization, a substantial proportion of the population is over the age of 60 years and is expected to grow rapidly in the coming years, particularly in developing countries. There were 699,174,271 people over the age of 60 years in 2019 and this number reached 747,238,580 in 2021. 

• Rising Budget Allocation in Healthcare Sector

India Brand Equity Foundation states that in the Union Budget of India for 2022-23, USD 11.3 billion was allocated as a budget for the healthcare and pharmaceutical sector.

• Increment in Healthcare Expenditure of Consumers

The total value of the healthcare segment is anticipated to be around USD 60 billion in 2022 and is further estimated to reach approximately USD 85 billion by 2025.

• Increasing Exports of Medical Devices

As per International Trade Centre (Trade Map) data, the value of medical devices exported globally was stated to be 134,418,270 in 2018, which grew to USD 153,157,380 in the year 2020.

Challenges

• Technological Issues in Devices Resulting in Inaccurate Data
• Large Dependence on Rechargeable Batteries
• High Cost Associated with the Smart Diagnostic and Monitoring Medical Devices 

The smart diagnostic and monitoring medical device market is segmented and analyzed for demand and supply by end user into hospitals, clinics, and homecare. Out of these segments, the homecare segment is anticipated to capture the largest market size in the global smart diagnostic and monitoring medical device market on account of its flexibility and convenient availability of a diverse range of medical devices. Furthermore, the growing awareness of health and fitness among consumers along with the increasing use of smart wearable monitoring devices are also expected to drive segment growth during the forecast period. It was observed that the number of smart wearable device users in the US increased from about 20% (of the population) in 2021 to approximately 25% in 2022, and the number is projected to reach nearly 27% in 2024. Moreover, the increasing demand for more patient-centric healthcare services is also estimated to drive the segment growth during the forecast period.

Major Macro-Economic Indicators Impacting the Market Growth

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.