Global Smart Insulin Pens Market

Wearable Blood Pressure Monitor Market Definition

The wearable blood pressure monitor market consists of the sale of wearable blood pressure monitors and related services. The market comprises of revenue generated by business enterprises that manufacture, develop and sell wearable blood pressure monitors. Wearable blood pressure monitors are devices that continuously monitor blood pressure even during activities such as exercise and sleep using technology that is connected to the wearer`s body. The data is stored and analyzed through an app. A wearable blood pressure monitor is a wearable pocket-sized blood pressure monitor that has a small real-time graphical display and provides reports and/or synchronizes data with smart phones and PCs. They are usually battery operated and store data.

The non-contact infrared thermometers market consists of sales of non-contact infrared thermometers and related services that are used in homes and hospitals. The non-contact infrared thermometer is a thermometer that can be used to quickly and non-invasively evaluate temperature, possibly causing less discomfort than traditional methods. The non-contact infrared thermometers market covered in this report is segmented by product type into forehead, in-ear, multifunction and by application into veterinary, medical. The global non contact infrared thermometers market is expected to decline from $0.02 billion in 2020 to $0.01 billion in 2021 at a compound annual growth rate (CAGR) of -50%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The non-contact infrared thermometers market is expected to reach $0.02 billion in 2025 at a CAGR of 19%. The increasing demand for non-contact infrared thermometers due to the COVID-19 cases is a key factor driving the growth of the market. The number of cases of COVID-19 infection is growing rapidly and with fever being a key symptom, it is essential to have a temperature test of the people wherever there is an enormous gathering. Infrared thermometers are the efficient devices for accurate and frequent measurement of body temperature, as they monitor the temperature through the forehead from a distance, and in seconds. Therefore, the demand for infrared thermometer is increasing every day due to its fast calculation and high precision features. The high cost of non-contact infrared thermometers is a key factor hampering the growth of the non-contact infrared thermometers market. Since the outbreak of COVID-19, the non-contact thermometers or temperature guns have become limited on the market and are sold at very high prices. This is because the increasing need for screening tests to prevent COVID-19 spread has increased the demand for these devices. However, there is a demand and supply gap. As the number of COVID-19 cases are increasing globally, countries are struggling to export and import these devices due to restrictive containment measures, the closure of industries, and export bans. Due to the shortage of non-contact thermometers or temperature guns in the market, the available devices have become expensive resulting in customers moving towards buying traditional thermometers. Therefore, the high cost of non-contact infrared thermometers is expected to hinder the growth of the non-contact infrared thermometers market. The non-contact infrared thermometer based on Bluetooth is a key trend in the non-contact infrared thermometer market. The door-to-door testing campaigns are becoming less realistic with increasing COVID-19 cases and this is where the smart thermometer comes into the picture. When the thermometer is switched on, it connects to the phone through Bluetooth and the location will also appear on the app, just like other thermometers, you can evaluate yourself and the findings will appear on the mobile phone, and if there is a fever, the information and location will be sent to the server. For example, using the Digi-Sense D/S IR Therm app, the infrared thermometer connects to the Bluetooth technology and sends information to the smartphone or iOS device. The results are stored automatically with a date-and-time signature in the app and it can be stored as a CSV format and emailed for future reference. In November 2018, Midas Health Co. Ltd., a Taiwan-based company that offers medical treatment, nursing, pharmacy dispensing, and other services, acquired Microlife Corporation for an undisclosed amount. This acquisition helps Microlife Corporation to secure the funds it needed to cope with rising uncertainty in global markets. Microlife Corporation is a medical diagnostics company that specializes in the development and manufacture of blood pressure monitors, digital thermometers, asthma management devices, heat therapy aids, blood glucose management devices and weight management devices. Major players in the non-contact infrared thermometers market are Braun, Omron Healthcare, Microlife Corporation, Paul Hartmann, American Diagnostic Corporation, Exergen Corporation, Beurer, Easywell Biomedical, and Easytem. The regions covered in the non-contact infrared thermometers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the non-contact infrared thermometers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global non contact infrared thermometers market is segmented - 1) By Product Type: Forehead, In-Ear, Multifunction 2) By Application: Veterinary, Medical 3) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Sales

Medical Sensors Market Definition

The medical sensors market consists of sales of medical sensors such as strip sensors, wearable sensors, implantable sensors and ingestible sensors. Medical sensors are electronic devices that detect and measure physiological data to aid monitoring, diagnosis and treatment of health conditions in humans.

Medical Devices Market Definition

The medical devices market consists of sales of medical equipment or devices and related services by entities (organizations, sole traders and partnerships) that manufacture medical equipment or devices which are used in the diagnosis, treatment and monitoring of medical conditions. The medical device industry includes establishments that manufacture medical equipment or devices such as in-vitro diagnostic devices, diagnostic imaging equipment, dental equipment and supplies, ophthalmic devices, cardiovascular devices, hospital supplies and other medical devices. The market by value in this report is defined as the revenues that enterprises gain from goods and/or services within the specified market and geography. It does not include revenues from intersegment sales and resales, either further along the supply chain or as part of other products. Only goods and services traded between entities or sold to end consumers are included. Whether specifically stated or not, the markets for goods include related services and the markets for services include related goods.

The point-of-care diagnostics devices and equipment market consists of sales of point-of-care (POC) diagnostics devices and equipment and related services. Point-of-care diagnostics devices and equipment are designed to aid physicians in performing medical diagnostic testing at or near the point of care, for immediate knowledge on diseases or conditions. Point-of-care diagnostics are segmented into cardio metabolic monitoring kits, infectious diseases testing kits, cardiac and cancer markers excluding blood glucose monitoring kits. The global point-of-care diagnostics devices and equipment market is expected to grow from $21.55 billion in 2020 to $25.3 billion in 2021 at a compound annual growth rate (CAGR) of 17.4%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $33.15 billion in 2025 at a CAGR of 7%. An increase in the incidence of target diseases is driving the POC devices and equipment market globally. The rising incidence of chronic diseases, like diabetes, rheumatism, or cancer is increasing steadily worldwide due to poor lifestyle choices and increasing obesity, thus driving the growth of POC devices and equipment market. For example, according to the Centers for Disease Control and Prevention, 2019, Heart disease is the leading cause of death in the U.S. as well, causing approximately 647,000 deaths per year. The POC diagnostics devices and equipment market is expected to slow down due to stringent regulatory policies, which increases the gestational period before the product enters market. POC devices and equipment manufacturers are required to obtain multiple FDA clearances before launching their product into the market. The entire process of approval consumes a lot of time, thereby restraining the market growth. Over-the-Counter (OTC) testing is being termed as an important trend driving the growth of point of care diagnostics market. FDA has approved OTC test kits for cholesterol, fecal occult blood, pregnancy and HIV/HCV. This method would improve the access to testing and early detection of the disease. These testing kits may generate more revenue than prescription tests over the forecast period due to ease of using the kits, increased home care and self-testing, and rise in availability and adoption rate. Point of care devices are regulated by the U.S. Food and Drug Administration (FDA) and all the diagnostic laboratory tests regulated by the clinical laboratory improvement amendments of 1988 (CLIA) that is administered by the centers for Medicare & Medicaid services (CMS). As these devices measure the biomarker levels in the body they are classified as class II (requiring 510[k] approval), or III devices (requiring the more tedious premarket approval). On the contrary, to the stringent approvals by FDA, China has a moderately lenient approval mechanism. Therefore, the top companies are using partnership approach with local vendors and distributors to expand their market share. Major players in the market are Abbott, F. Hoffmann-La Roche, Siemens Healthineers, Danaher and Beckman Coulter. The countries covered in the global point-of-care diagnostics devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global point-of-care diagnostics devices and equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global point-of-care diagnostics devices and equipment market is segmented - 1) By Type: Infectious disease testing kits, Cardio metabolic monitoring kits, Cholesterol testing kits, Pregnancy and fertility tests kits, Tumor/cancer markers, Urinalysis testing kits, Hematology testing kits, Drugs of abuse testing kits, Fecal occult testing kits, Others 2) By End User: Professional diagnostic centers, Hospitals/critical care centers, Outpatient healthcare Setting, Ambulatory care settings, Research laboratories, Home 3) By Prescription Mode: Prescription-based Testing Devices, Over-The-Counter (OTC) Testing Devices

The hearing aid devices and equipment market consists of sales of hearing aid devices and equipment and related services. Hearing aids are devices and equipment designed and developed to improve hearing of people affected by hearing loss. Hearing aid devices and equipment are classified into hearing aid devices and hearing implants. Hearing aid devices and equipment include: Receiver-in-the-ear hearing aids, behind-the-ear hearing aids, canal hearing aids, in-the-ear (ITE) hearing aids and the hearing implants include: cochlear implants and bone-anchored systems. The global hearing aid devices and equipment market is expected to grow from $6.58 billion in 2020 to $7.63 billion in 2021 at a compound annual growth rate (CAGR) of 16%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $9.66 billion in 2025 at a CAGR of 6.1%. Growing prevalence of hearing loss is as a major driver for hearing aid devices & equipment market growth. In the United States, more than 35 million children and adults have some degree of hearing loss. Also, around 900 million people across the globe are expected to suffer from hearing disabilities by 2050 due to rise in noise pollution level, genetic factors, ear infections and other complications. High number of people suffering from hearing loss would result in huge demand for hearing aid devices across the globe. High cost of hearing aid devices is acting as a major restraint in the hearing aid devices and equipment market. Good quality hearing aids come at a high price and are not fully covered by insurance companies. About one-third of Americans above 55 years use hearing aid devices due to various reasons. Hearing aid devices range between $1500 to $3500 per piece, thus making it quite expensive. The average price is $2,300 per unit according to the President’s Council for Science & Technology. Thus due to high cost, there has been low penetration of hearing aid devices in the market. Use of 3D Printing is a trend that is prevalent in the hearing aid devices & equipment market. The 3D printing is a technology that produces 3D objects from 2D model which enables manufacturing of better fitting, more comfortable and customized hearing aid devices. The 3D printing enables the shape of ear shell to be customized according to customer's individual ear canal and degree of hearing loss. For example Sonova use advanced 3D printing technology to produce customized hearing aid devices especially suited for each customer's specific requirements. Examples of 3D hearing aid devices include EnvisionTEC’s E-Shell 200 Series, E-Shell 300 3D Printer Material series and EnvisionTEC E-Clear series. As of today, the hearing aids fall under restricted devices category, the sales of these restricted devices must comply with federal and state requirements. The US FDA approach to improve hearing aid accessibility may lead to the availability of these restricted devices as OTC devices. However, according to the FDA Reauthorization Act of 2017 (FDARA), the category of OTC hearing aids needs to be established and no manufacturer can label their devices as OTC until a separate category is established. Thus, the introduction of these innovative and easily accessible OTC hearing aids may impact the growth of hearing aid devices market positively in the forecast period. Major players in the market are Starkey, Sonova, Widex, Siemens and GN ReSound. The countries covered in the global hearing aid devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global hearing aid devices and equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global hearing aid devices and equipment market is segmented - 1) By Product: Receiver-In-The-Ear Hearing Aids, Behind-The-Ear Hearing Aids 2) By Distribution Channel: Audiology and ENT Clinics, Pharmacies, Online Sales, Others 3) By Technology: Conventional Hearing Aid, Digital Hearing Aid 4) By Patient: Adult, Pediatrics 5) By Type of Hearing Loss: Conductive Hearing Loss, Sensorineural Hearing Loss

The hearing implants devices and equipment market consists of sales of hearing implants. Hearing implants are surgically installed devices aimed to improve the hearing of a person suffering from severe or profound levels of hearing loss. These are segmented into cochlear implants, bone anchored hearing aids (BAHA), mid-ear implants, and auditory brainstem implants (ABI). The global hearing implants market is expected to grow from $2.06 billion in 2020 to $2.47 billion in 2021 at a compound annual growth rate (CAGR) of 19.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3.68 billion in 2025 at a CAGR of 10.5%. Aging population is increasing worldwide and loss of hearing is one of the most common age related disorder in the aged above 60 years. As reported by United Nations, in 2020, there are 727 million people aged 65 years in the world and with the increasing geriatric population, the demand for hearing implants is expected to rise. Therefore, increasing aging population is expected to drive the market for hearing implants in the future. The surgical procedure for implanting hearing implants is associated with various risks and is expected to restraint the market growth in the future. During the surgery, there are possibilities of facial nerve damage which can lead to complete or partial paralysis on the same side of the face as the implant. Due to this and other complications such as development of meningitis, cerebrospinal fluid leakage, infection and others, people prefer conventional hearing aids over implants. Hence, restraining the growth of hearing implants market. Companies in hearing implants market are making implants using 3D printing in binaural cochlear surgeries. The technology focuses on developing customized 3D printed implants using biocompatible materials to treat anatomical defects with the help of stem cells. Sonova manufactures binaural cochlear implants, which uses two different modes of stimulation, electrical and acoustic to enhance hearing and better discrimination of speech. Further, in 2020, scientist developed a 3D-microscaffold cochlear implant using 3D printed steroid reservoir was designed to reduce the damage of residual hearing against electrode insertion trauma. Cochlear implant manufacturers have to submit information regarding the material used, efficacy based on clinical trials, any adverse effects to the FDA. The manufacturer can begin the sale of the implants in the USA only after receiving approval from the FDA. Major players in the market are Sonova (Switzerland), Advanced Bionics AG (Switzerland), Siemens AG, William Demant Holding Group (Denmark) and Microson S.A. (Spain). The countries covered in the global hearing implants market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global hearing implants market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global hearing implants market is segmented - 1) By Type: Cochlear Implants, Middle Ear Implants, Bone Conduction Implants, Auditory Brainstem Implant 2) By End-User: Hospitals, ENT clinics, Ambulatory Surgical Centres 3) By Age: Adult, Pediatric

IoT Enabled Healthcare Equipment Market Definition

The IoT enabled healthcare equipment market consists of manufacturers’ sales of healthcare devices that use IoT enabled technology. IoT is defined as a network of physical objects supported by technology and sensors for electronic data communication. IoT healthcare devices are medical devices which are equipped with IoT enabled technology such as wireless technology to assess and monitor patient’s health.