The Global Connected Medical Device Market report offers a comprehensive analysis of the market. This report focused on market past and present growth globally. Global research on Global Connected Medical Device Industry presents a market overview, product details, classification, market concentration, and maturity study. The market value and growth rate from 2020-2026 along with industry size estimates are explained.
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The connected medical devices market was valued at USD 23.17 billion in 2019, and it is expected to reach USD 77.24 billion by 2025, at a CAGR of 22.26% over the forecast period (2020-2025).
The healthcare industry has witnessed significant transformation over the last few years, aided by the emergence of new technological advancements, such as IoT and Big Data analytics.
Connected medical devices are the embodiment of digitization for the medical industry. These advanced tools can change the face of the current healthcare services for better. As its demand is on the rise, the global connected medical devices market is gaining momentum.
The Internet of Medical Things (IoMT) allows medical devices to be connected to the cloud and to applications. Connected medical devices can also provide portable diagnostic devices that can be used for in-home collection and diagnosis. Connectivity can directly benefit both patients and healthcare service companies.
The prominent players in the global Connected Medical Device market are:
GE Healthcare, Medtronic, OMRON Corporation, AgaMatrix, Boston Scientific Corporation, F. Hoffmann-La Roche, iHealth Labs, Johnson & Johnson, True Wearables, Smiths Group
Connected Medical DeviceMarket segment by Types:
Blood Pressure Monitors
ECG Monitors
Safety Monitoring Devices
Activity Monitoring Devices
Connected Medical DeviceMarket segment by Applications:
Hospitals
Clinics
Individual Consumers
Home Healthcare
Report Coverage
Increasing Adoption of Wearable Devices
The adoption of wearable devices in the healthcare segment has been gaining traction in recent times. This, in turn, has been one of the significant factors influencing the connected medical devices market.
The worldwide wrist wearable shipment in 2015 was estimated at more than 40 million units, which is expected to cross 100 million units by the end of 2018, with the healthcare sector accounting for a significant portion of the demand. The wearable devices that accounted for the second-highest number of shipments were the modular wearables.
The healthcare wearable devices comprise more than fitness bands. Smart watches, smart glasses, smart footwear, smart apparel, posture monitors, movement sensors, wrist devices, heart straps, headbands, wearable patches, pain management devices, and medicine delivery pods are some of the myriad devices that make up the vast and growing healthcare wearables market.
This growth in the global smart wearable devices unit shipments is dominated by healthcare and fitness applications. Thus, due to the rise in the usage of wearable devices in the healthcare sector and improved connectivity solutions, the market for wearable connected devices for healthcare applications is expected to grow.
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Competitive Landscape
The connected medical devices market is highly fragmented. Some of the key players in the market include GE, Abbot, and Philips. Some key recent developments in this market are as follows:
Medtronic, plc., along with Nutrino, announced that the companies have entered into a definitive agreement, under which Medtronic will acquire Nutrino. The companies recognized this as an opportunity to enhance clinical outcomes for people with diabetes by integrating Nutrino’s extensive food analysis infrastructure, nutrition science expertise, and artificial intelligence (AI)-driven personalized insights with Medtronic’s technology and future innovations.
PHILIPS NV announced that it has expanded its General Care Solution, which comprises patient monitors, wearable biosensors, and clinical decision support algorithms, with the new Philips IntelliVue GuardianSoftware mobile client application.
Boston Scientific acquired Securus Medical Group, Inc., a privately-held company that has developed a thermal monitoring system for the continuous measurement of esophageal temperature. The acquisition of Securus further broadens its electrophysiology portfolio and fuels its mission to provide physicians with meaningful innovations that advances patient care.
Furthermore, Global Connected Medical Device Market following points are involved along with a detailed study of each point: –
-Manufacture Analysis — Generation of this Global Connected Medical Device Industry is tested about applications, types, and regions with price analysis of players that are covered.
-Sales & Revenue Assessment — Revenue, sales are planned for this Connected Medical Device market, including with various essentials along yet another facet is assessed in this section for foremost regions.
-Supply and Effectiveness — In continuation using earnings, this section studies consumption, and global Connected Medical Device market. This area also sheds light on the variance between ingestion and distribution. Export and Connected Medical Device significance data are provided in this part.
-Competitors — In this section, key players have been studied depending on product portfolio, their Connected Medical Device market company profile, volume, price, price, and earnings.
-Investigations and Analysis — Connected Medical Device market analysis aside from business, the information, and supply, contact information from manufacturers, consumers and providers can also be presented. Additionally, a feasibility study to asset and SWOT analysis for endeavors have been contained.
All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supplychain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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