Connected medical devices enable individuals by providing access to their health data. This proactive involvement in their wellness fosters better compliance with treatment plans and the development of healthier habits, resulting in improved health results. Moreover, a major driving force is the possibility of lowering healthcare costs. These linked devices enable timely interventions, lowering hospital readmissions and decreasing the need for face-to-face medical appointments. This leads to significant savings in expenses for both patients and healthcare systems. The sector of wearable health technology, which includes smartwatches and fitness trackers, keeps growing, giving equal importance to health monitoring and fitness tracking, thereby promoting healthier habits and the early identification of health issues.
The Connected Medical Device Market is Valued USD 48.5 billion by 2024 and projected to reach USD 162.8 billion by 2032, growing at a CAGR of 14.40% During the Forecast period of 2024-2032.
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Connected Medical Device Market Growth Drivers:
The global population is aging rapidly leading to increased need for healthcare services. Connected medical devices are crucial for monitoring and managing chronic conditions, ensuring the well-being of the elderly.
The prevalence of chronic diseases, such as diabetes, cardiovascular conditions, and respiratory illnesses, is on the rise. This creates a substantial market for connected devices that allow continuous monitoring and management, reducing hospitalizations and healthcare costs.
The growth of telehealth, especially during the COVID-19 pandemic, has accelerated the demand for connected devices. These devices are vital for remote patient monitoring, virtual consultations, and sharing real-time health data with healthcare providers.
Major Players in Connected Medical Device Markets are:
Medtronic, Philips, GE Healthcare, Abbott Laboratories, Siemens Healthineers, Johnson & Johnson, Boston Scientific Corporation, Dexcom, Stryker Corporation, Roche Diagnostics, Becton, Dickinson and Company (BD), Omron Corporation, Smith & Nephew, ResMed, Zimmer Biomet, and Others.
Recent Development:
In October 2023, Philips announced new interoperability capabilities that offer a comprehensive view of patient health for improved monitoring and care coordination. The interoperability of Philips Capsule Medical Device Information Platform (MDIP) with Philips Patient Information Center iX (PIC iX), provide hospitals with a first-of-its-kind, comprehensive patient overview. Philips is creating an open patient monitoring ecosystem to bring together disparate medical devices and systems on a single interface. Interoperability between MDIP and PIC iX gives clinicians a new clinical perspective that enables the capture of streaming data flowing freely from a variety of medical device manufacturers on an open, scalable, secure platform.
In February 2023, the province of Nova Scotia, in collaboration with Nova Scotia Health Authority (NSHA) and IWK Health (IWK), entered into a 10-year agreement with Oracle Cernerto implement an integrated electronic care record across the province. Thistechnologycan help improve access to patient information for healthcare professionals.
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Global Connected Medical Device Market Segmentation:
By Product Type
Monitoring Devices
Diagnostic Imaging Devices
Therapeutic Devices
Wearable Devices
By Connectivity Technology
Bluetooth
Wi-Fi
Cellular Networks
Zigbee
NFC (Near Field Communication)
Others
By Component
Hardware
Software
Services
By Application
Chronic Disease Management
Remote Patient Monitoring
Telemedicine
Fitness and Wellness Monitoring
Others
By End User
Hospitals
Clinics
Home Healthcare Settings
Ambulatory Surgical Centers
Diagnostic Centers
The following areas and countries are covered in the worldwide Connected Medical Device Market file:
North America (US, Canada, Mexico)
Europe (Germany, France, UK, Russia, Italy)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
Middle East and Africa (Saudi Arabia, UAE), Egypt, Nigeria, and South Korea)
In 2022, North America accounted for the largest share of the Connected Medical Device market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The dominant market share in this region is a result of several factors. These include increased collaboration among healthcare providers, widespread use of clinical device connections and interoperability solutions to manage rising healthcare expenses, and strict regulations set by various government and non-government bodies like HIPPA, FCC, and CMS.
Detailed industry forecast-Brief Introduction to the research report:
Additional information on company participants
Customized reports and analyst assistance are available upon request.
Recent market developments and potential future growth opportunities
Personalized regional/country reports upon request
New data sources are being integrated.
Increased focus on data privacy and security
Increased collaboration and co-creation
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Key Features of the Connected Medical Device Market Report: –
Analyze competitive developments such as expansions, deployments, new product launches, and market acquisitions.
Examine the market opportunities for stakeholders by identifying higher growth sections.
To study and analyze the global Connected Medical Device Market industry status and forecast including key regions.
An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.
It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter’s Five Forces analysis to provide a deeper understanding of the market.
It helps you make strategic business decisions and investment plans.
Finally, Connected Medical Device Market is a valuable source of guidance for individuals and companies.
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