Devices that can send and/or receive data to/from another device or the Internet are referred to as connected medical devices. They can use WiFi, Bluetooth, or radio transmission to connect to the internet. The term “connected health” refers to a system of managing and/or delivering healthcare that makes use of technology to offer healthcare services remotely. When monitoring the patient’s health remotely, connected gadgets are crucial. While wireless medical devices (connected devices) help patients, doctors, and medical device manufacturers, they also benefit three other important healthcare sector players. With IoT remote monitoring, connected medical equipment can advance healthcare technologies.
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Market Statistics
By the end of the year, the value of the worldwide connected medical device market is anticipated to reach $42.5 million.
Drivers
The worldwide market for connected medical devices is anticipated to develop significantly during the projected period due to the increase in linked medical devices and technical improvements in medical devices. By 2021, 25% of US broadband households will have adopted linked medical devices. Over 55% of US internet homes now have a linked health device, according to the research firm Parks Associates. The adoption of connected medical equipment, such as smart thermometers, wireless CPAP machines, and connected blood-pressure cuffs, grew from 15% in 2020 to 25% in 2021.
Opportunities
The global spread of COVID-19 is anticipated to provide companies in the connected medical devices market with attractive growth prospects. Telehealth and telemedicine have most definitely entered the mainstream of healthcare as a result of the epidemic. The use of remote patient monitoring during the pandemic helps hospitals that are already overcrowded by allowing patients to be watched and treated at home. Additionally, it has minimised the time patients must remain in settings where the COVID-19 can spread. As a result, networked medical gadgets are now more in demand and being used globally.
Restraints
Several key constraints are anticipated to impede the growth of the connected medical devices market, including risks related to data privacy, security concerns, high prices for linked medical device products, and lack of acceptance in undeveloped nations.
According to a poll by security software provider Irdeto, 30% of healthcare businesses that had been the target of an attack stated that the security event had jeopardised end-user safety. Hospitals in the United States spent almost $200 billion on medical equipment.
Impact
Due to its effectiveness in containing the COVID-19 spread, telehealth has seen a tremendous increase in utilisation. Access to health (medical) items is now urgently needed as a result of the pandemic’s unprecedented strain on the health care system. An efficient and long-lasting method of precaution, prevention, and treatment to stop the spread of COVID-19 is emerging: telehealth (coronavirus). For instance, Dozee (India) created Remote Patient Monitoring in May 2021. This gadget continuously delivers data streams to the Dozee mobile app while monitoring heart rate, respiration rate, oxygen saturation, and blood pressure, among other things.
Key Takeaways
The market for connected medical devices was valued at US$ 35.3 million in 2021 and is anticipated to grow at a CAGR of 20.9% from 2022 to 2028 to reach US$ 132.7 million.
In terms of application, the stationary device segment dominated the worldwide connected medical device market in 2022, accounting for 33.2% of the market’s value. Increasing product approval and launches are anticipated to drive segment growth throughout the course of the forecast period.
Market Trends
The global market for connected medical devices is anticipated to increase as more linked medical devices are used throughout the world. In order to improve health systems’ comprehension of medical device use and introduce next-generation device safety & security protection, TRIMEDX and Medigate partnered in July 2020 to deliver real-time insight into linked medical devices.
The introduction of medical items with cutting-edge technology is anticipated to fuel the expansion of the market for linked medical devices worldwide. The wireless and wearable EEG (brain wave monitor) sensor from Epitel was given FDA approval in 2021 for use in hospital emergency rooms and critical care units. Wearable, wireless sensors are included in the FDA-approved solution, which a nurse or hospital technician may easily and swiftly deploy.
Competitive Landscape
In addition to others, these companies include Stanley Black & Decker Inc., GE Healthcare, NXP Semiconductors NV, Biotronik Se & Co. Kg, Boston Scientific Corp., Garmin Ltd., Honeywell International Inc., Abbott Laboratories, Medtronic, and Koninklijke Philips NV.
Recent Developments
India Medtronic Private Ltd. announced the release of Micra AV in June 2021. Micra AV is a little, totally self-contained pacemaker that uses a minimally invasive procedure to provide patients with atrioventricular (AV) block with cutting-edge pacing technology.
The Philips Medical Tablet, a portable monitoring package created to enable physicians to remotely monitor a bigger patient population in crises like the COVID-19 pandemic, was unveiled by Royal Philips in February 2021.
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Table of Content
Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Connected Medical Device Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Connected Medical Device Industry Impact
Chapter 2 Global Connected Medical Device Competition by Types, Applications, and Top Regions and Countries
2.1 Global Connected Medical Device (Volume and Value) by Type
2.3 Global Connected Medical Device (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Connected Medical Device Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Connected Medical Device Market Analysis
Chapter 6 East Asia Connected Medical Device Market Analysis
Chapter 7 Europe Connected Medical Device Market Analysis
Chapter 8 South Asia Connected Medical Device Market Analysis
Chapter 9 Southeast Asia Connected Medical Device Market Analysis
Chapter 10 Middle East Connected Medical Device Market Analysis
Chapter 11 Africa Connected Medical Device Market Analysis
Chapter 12 Oceania Connected Medical Device Market Analysis
Chapter 13 South America Connected Medical Device Market Analysis
Chapter 14 Company Profiles and Key Figures in Connected Medical Device Business
Chapter 15 Global Connected Medical Device Market Forecast (2022-2028)
Chapter 16 Conclusions
Research Methodology
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