Market Synopsis
The global connected medical devices market is presumed to expand at a significant CAGR during the forecast period (2018-2023) owing to the adoption of IT in the healthcare sector, asserts Market Research Future (MRFR). Connected medical devices use wireless or wired connectivity resources in order to collect and monitor patient data. Connected medical devices reduce human error by accurate and uninterrupted data. The market is considered as one of the most lucrative markets and is estimated to generate considerable revenue in the coming years.
Competitive Analysis
The major players operating the global market are Philips Healthcare, Johnson & Johnson, Aerotel Medical Systems Ltd., F. Hoffmann-La Roche, Boston Scientific Corporation, iHealth Labs (subsidiary of Andon Health), Medtronic Plc, AgaMatrix Inc., St. Jude Medical Inc. (Abbott), GE Healthcare Inc., Fitbit Inc., McKesson Corporation, Dexcom, OMRON Corporation, and Polar Electro.
Industry News
Sep 26, 2018: Zingbox, the provider of the most widely deployed healthcare Internet of Things analytics platform has recently announced new research demonstrating that hackers are leveraging error messages from connected medical devices. This incorporates X-ray, radiology, and other imaging systems in order to gain valuable insights. These insights are later used to refine the attacks, thus increasing the chance of successful hack.
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Drivers and Constraints Impacting the Market
With the growing prevalence of chronic diseases such as cancer, diabetes, hypertension, and others along with the risk factors associated with it such as asthma, sleep apnea, obesity and others, the global market for connected medical devices is estimated to drive the global market. The increasing patient monitoring systems across the globe, growing adoption of IT in the healthcare sector, and rising awareness regarding connected medical devices are likely to people the market growth during the forecast period. Moreover, technological advancements, quick approval from regulatory authorities for connected medical devices, and research and development activities are anticipated to foster the market. Additionally, key vendors in the consumer wearables market like Fitbit are focusing on maintaining an online presence as it reduces the distribution, setup, and the operational costs. Owing to such advantages, vendors are rapidly penetrating the online platform which is further fostering the market growth.
On the flip side, security concerns, high price of such medical devices, low possibility of adoption in underdeveloped countries, and risk factors associated with data piracy are likely to inhibit the market growth in the coming years. For instance, the US FDA has identified around 300 IoT medical devices that are prone to cyber attack.
Global Connected Medical Devices Market: Segmental Analysis
The global connected medical devices market has been segmented on the basis of device, product, application, end-user, and region.
By mode of product, the global connected medical devices market has been segmented into smart pill dispenser, heart rate monitor, portable GPS pers, pulse oximeter, BP monitor, insulin pump, ECG monitoring devices, glucose monitor, and others. Among these, the device segment is further sub-segmented into wearables and non-wearables.
By mode of application, the global connected medical devices market has been segmented into consultation and diagnosis services, remote monitoring, fitness, treatment services, and wellness services.
By mode of end-users, the global connected medical devices market has been segmented into ambulatory surgical centers, specialty clinics, hospitals, home care settings/monitoring, and others.
Regional Insights
Geographically, the connected medical devices market span across regions namely, Europe, America, Asia Pacific, the Middle East and Africa.
Among all the regions, the American region is anticipated to dominate the global market due to the increasing prevalence of chronic diseases such as diabetes and hypertension, favorable policies from the regulatory authorities and the government, growing awareness regarding connected medical devices, and adoption of advanced technologies by key market players.
Europe is estimated to be the second-largest region due to government funding and support from the healthcare sector. Also, extensive research and development activities and increasing awareness regarding connected medical devices have propelled the market growth in this region.
Asia Pacific is considered to register a moderate growth rate during the assessment period due to increasing prevalence of chronic diseases, adoption of innovative medical technologies, and increasing investment in the healthcare sector in this region.
On the other hand, the Middle East and Africa are presumed to account for the least market share due to underdeveloped healthcare sector, poor medical facilities, and lack of technical knowledge.
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