Connected Medical Devices Market Scenario
Connected medical devices collect and monitor patient data via wired connectivity resources or wireless connectivity resources. A new report on the global connected medical devices market, published by Market Research Future (MRFR), predicts that this market can witness growth during the forecast period (2018-2023).
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The paramount market driving factors for the global connected medical devices market growth are the increasing occurrences of chronic ailments and risk factors associated with such ailments. Connected medical devices can not only reduce human error, but they can also provide accurate and uninterrupted data more frequently. Increased spending on research & development (R&D) and fast approval from the government and other regulatory authorities can also push-up market growth. Other factors leading to the connected medical devices market growth include advancement in technology, increasing awareness, need of cost-effective as well as reliable patient monitoring systems, and increasing adoption of information technology (IT) in healthcare. However, factors impeding the market growth include high price of connected medical devices products, low possibility of their adoption in underdeveloped countries, risks associated with data privacy, and security concerns.
Connected Medical Devices Market Key Players
Big players in the global connected medical devices market are
- Aerotel Medical Systems Ltd. (Israel)
- AgaMatrix Inc. (USA)
- Boston Scientific Corporation (USA)
- Dexcom (USA)
- F. Hoffmann-La Roche
- Fitbit Inc. (Switzerland)
- GE Healthcare Inc. (USA)
- iHealth Labs (subsidiary of Andon Health) (USA)
- Johnson & Johnson (USA)
- McKesson Corporation (Germany)
- Medtronic PLC (Ireland)
- Omron Corporation (Japan)
- Philips Healthcare (USA)
- Polar Electro (Finland)
- St. Jude Medical Inc. (Abbott) (USA)
Connected Medical Devices Market Segmentation
The global connected medical devices market segmentation has been done based on application, device, end-user, and product. MRFR’s research on the market highlights many factors of the market in-depth.
The application-based segmentation of this market can cover consultation & diagnosis services, fitness & wellness services, remote monitoring, and treatment services. Regarding devices, the market has been segmented into wearable devices and non-wearable devices. Based on end-user, the market has been segmented into ambulatory surgical centers, hospitals, home care settings/monitoring, specialty clinics, and others.
In the context of the product, the market has been segmented into blood pressure (BP) Monitor, electrocardiography (ECG) monitoring devices, glucose monitor, heart rate monitor, insulin pump, Portable Global Positioning System Personal Emergency Response System (GPS PERS), pulse oximeter, smart pill dispenser, and others.
Connected Medical Devices Market Regional Segmentation
A geographical outlining of the global connected medical devices market covers the Middle East & Africa (MEA), the Americas (North America & South America), Europe, and Asia Pacific, and.
In the largest regional market, the Americas, the presence of advanced medical facilities, and key market players make North America a greater market compared to South America. In North America, the market can expand due to favorable policies from the government as well as regulatory authorities, increasing awareness about the connected medical devices, and the rising prevalence of chronic ailments. The adoption of highly advanced technology and aggressive strategies adopted by major market players can also enhance market growth. The most advanced market in this region is the USA, followed by Canada.
During the forecast period, Europe is expected to be the second-largest regional market due to government funding, an increase in awareness about the connected medical devices, support of the healthcare sector, and the increasing R&D. Due to the reasons that are similar to the Americas, Western Europe is a bigger regional market segment compared to Eastern Europe. The most lucrative markets in this region are France, Germany, Italy, Spain, and the UK. The survey of the remaining countries in Western Europe featured in this report calculates the inclusion of market revenue, with a sizable revenue contribution from Eastern Europe.
The Asia Pacific market is expected to attain moderate growth till 2023 due to the increase in acceptance of new medical technologies in this region, increasing prevalence of chronic diseases, and rising investments in healthcare. The crucial markets in this region are Australia, China, India, and South Korea. A cognition of the remaining countries in the Asia Pacific region featured in this report adds the extra market revenue to the market from these countries.
The market in the MEA region is expected to have the smallest market share during the forecast period due to a lack of technical knowledge, poor medical facilities, and an underdeveloped healthcare sector.
Connected Medical Devices Industry News
Miniature RF modules developer and vendor Insight SiP, and its partner CYSEC, cybersecurity experts, have been awarded an R&D grant by the Eurostars program. Both partners hold expertise in developing the Internet-of-Things (IoT)-based systems for the smooth functioning of the various types of connected devices.
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