Smart Medical Devices Market is expanding rapidly with Royal Philips receiving the U.S. FDA clearance for its wearable biosensor Philip Biosensor BX100 to manage confirmed and suspected COVID-19 patients in the hospital

 

Smart medical devices refer to the application of IoT in the healthcare sector. Smart medical devices offer numerous advantages including efficient time usage, improved communication, and reduced error rates. Over the years, the demand for smartphone-compatible and wireless medical devices has increased. Many healthcare institutions are focused on adopting such products for their sophisticated use and high efficiency. With rising demand for such products, major medical device manufacturers are introducing innovative products to cater to customer requirements. Recently, in October 2020, India Medtronic Private Limited, a subsidiary of Medtronic, launched an Azure pacemaker with BlueSync technology, which can communicate directly with patients’ smartphones and tablets. Hence, such factors can augment growth of the smart medical devices market.

People around the world are becoming increasingly aware of self-fitness and a healthy lifestyle. As a result of this, the demand for fitness bands and activity trackers has increased across the globe. These devices can help individuals in maintaining and monitoring fitness-related metrics such as heartbeats, distances walked or run, blood oxygen level, steps walked, calories burnt, and more. Thus, such factors can stimulate growth of the smart medical devices market in the near future.

Recently, in May 2020, Royal Philips, a provider of health technology, received the U.S. Food Drug Administration (FDA) 510(k) clearance for its wearable biosensor Philip Biosensor BX100 to manage confirmed and suspected COVID-19 patients in the hospital.

With robust economic growth in emerging economies such as China and India, the adoption of smart medical devices is increasing rapidly. There is high demand for technologically advanced products as well as their rising acceptance for these devices, which could potentially boost the regional smart medical devices market. On the contrary, developed countries such as North America are exhibiting promising signs due to robust healthcare systems and favorable economic conditions.

Another smart medical device that is taking the healthcare industry by storm is the new iMed-BPS. This device is said to be the first digital bracelets that can monitor vital signs. It is designed to keep tabs on patients' heart rate, oxygen levels, temperature, and blood pressure. It can also measure body fluid output and pulse rate for quick assessment. Regardless, these devices are highly expensive and hence a very small proportion of people tend to adopt them. Furthermore, there are major concerns regarding patient privacy and security, which could potentially impede growth of the smart medical devices market.