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