With the advancement in technology, the smartphones are not just used for telecommunication and other personal activities, but it plays an important role in connecting healthcare with the masses. The smartphones coupled with embedded sensors help in continuous remote monitoring and keeps a check on a person’s health without any additional price. The smartphone enabled medical devices are integrated with the algorithm to help diagnose several medical conditions. It monitors important health parameters like heart rate, blood glucose, pulse rate, and so on.
There are several factors driving the demand in the global smartphone enabled medical devices market, such as improved government regulations and rising healthcare expenditure to focus more on people’s health. Other factors like rising demand for home healthcare and increasing penetration of IT in the healthcare sector are also likely to boost the growth of the global smartphone enabled medical devices market. The rise in pandemic has also had a significant impact on the economies of the world, resulting in changing consumer preferences. With the increasing emphasis on social distancing, people prefer contactless medical services and technological usages. As a result, the market is expected to witness acceleration in growth during the forecast period. Besides, the increase in collaborations & mergers of the IT sector with healthcare and the rising requirement for remote monitoring are some more drivers driving the global market.
The global smartphone enabled medical devices market is broadly segmented into distribution channels, applications, and regions. Based on application, the overall market is divided into health records maintenance & access, clinical decision making, and patient monitoring. Among these, the patient monitoring segment is anticipated to lead the market. In terms of distribution channels, the market is broadly bifurcated into online and retail segments, led by the latter one.
Geographically, North America region is foreseen to register the highest growth in the global smartphone enabled medical devices market, attributed to factors like growth in the IT industry, improved healthcare expenditure, and increased awareness regarding health among people. The region is further trailed by Europe owing to the increasing geriatric population and better government regulations. Nevertheless, Asia Pacific is also not far behind as manufacturers are presented with several new business opportunities in the region.
The leading players in the global smartphone enabled medical devices market include EBSCO Health, IBM Watson, AthenaHealth AT&T, Accenture, MIM Software, Inc., Apple, Inc., Fitbit, Inc., McKesson Corporation, Dexcom, Inc., and others. The players are indulging in mergers and acquisitions along with several business strategies to gain an edge over their competitors. To cite, recently, a well-known firm Becton Dickinson announced its collaboration with another company Scanwell Health for developing a home rapid COVID-19 test. It provides an app on the smartphone for antigen tests for the COVID-19 virus.