Global Connected Medical Devices Market Overview
Connected medical devices refer to medical gadgets that use wired or wireless connectivity resources to collect and monitor patient data. These smart devices can reduce the scope of error by eliminating the need for human intervention and provide uninterrupted and accurate data. The global connected medical devices market is estimated to expand at a lucrative CAGR during the forecast period. Many factors are leading the ascension of the global connected medical devices market.
Some of these factors include the increasing occurrence of chronic diseases and risk factors associated with it. Further, need for cost-effective and reliable patient monitoring systems, increasing awareness and the rising adoption of IT in healthcare are also estimated to burgeon the growth in the global connected medical devices market during the forecast period.
Moreover, advancements in technology, mushrooming investments in the research and development, and faster approvals from regulatory authorities to the connected medical devices are pushing the global market to a great extent. For instance, in 2018, more than 30 new medical devices and technologies were approved by the FDA in the U.S.
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However, the high price of the connected medical devices, security concerns, and significant risks associated with data privacy coupled with a lower possibility of the adoption of connected medical devices are all posing as market restraints, hampering the growth of the global connected medical devices market during the forecast period.
Market Segmentation
The global connected medical device market is studied for numerous segments. This market segmentation has been carried out on the basis of product, device, application, end-users, and region. Based on product, the global connected medical devices market is segmented into insulin pump, bp monitor, ECG monitoring devices, portable GPS pers, pulse oximeter, smart pill dispenser, glucose monitor, and heart rate monitor.
The market has been segmented into consultation & diagnosis services, remote monitoring, treatment services, and fitness & wellness services on the basis of application. On the basis of devices, the global market is segmented into wearables and non-wearables. The global connected medical devices market, by end-users, is segmented into ambulatory surgical centers, hospitals, home care settings/ monitoring, specialty care, and hospitals.
Detailed Regional Analysis
The global connected medical devices market is premeditated for the geographical segments of the Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas are anticipated to spearhead the connected medical devices market during the forecast period. Such market domination can be accredited to the increasing prevalence of chronic diseases like hypertension and diabetes as well as the adoption of advanced technologies by many key players residing in the region. Further, favorable policies introduced by the regulatory authorities and the government, growing awareness regarding the connected medical devices are also contributing to the upscaling of the global connected medical devices market.
Europe is estimated to follow the footsteps of the Americas and garner the second largest market share for connected medical devices. Substantial growth in this region can be attributed to the governments’ funding and support from the healthcare sector. Also, the extensive research activities for connected medical devices and the increasing awareness towards the connected medical devices has also promoted substantial growth of the market in the region.
Asia Pacific is projected to witness a moderate growth rate during the forecast period owing to the swelling prevalence of chronic diseases, the adoption of innovative medical technologies, and the rising investments witnessed in the healthcare sector of this region. Alternatively, the Middle East & Africa are estimated to account for the smallest share in the global connected medical devices market because of the underdeveloped healthcare sector, meager medical facilities and the lack of proper technical knowledge.
Key Players
The global connected medical devices market is being fueled by the actions of many prominent market vendors. These noteworthy players include 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 Update
May 2019: MedCrypt is a maker of cybersecurity software for medical devices. MedCrypt has raised USD 5.3 million in a Series A funding round led by Section 32.
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