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Global Connected Medical Device Market: Description
The global connected medical device market refers to the market for medical devices that are connected to the internet or other networks. These devices are designed to collect, transmit, and analyse patient data in real-time, which can be used by healthcare providers to make more informed decisions about patient care. Connected medical devices can include a wide range of products, from wearable fitness trackers to complex medical equipment used in hospitals. They can monitor a variety of health metrics, such as heart rate, blood pressure, and blood sugar levels, and can also provide alerts and notifications to healthcare providers in the event of an emergency. Customers are buying more connected monitoring devices, encouraged by the COVID-19 pandemic, and its growth in the market has ramped up by 2022. U.S. Tech Industry will see a hike in their revenue market, according to the Consumer Technology Association (CTA), driven by unprecedented consumer demand and new technology on the horizon. As the countries are now re-opening, technology will still play a central role in peoples lives, from using smartphones to upgrading automotive tech. As for now the clothing industry is on a ramp, wearable technologies like smartwatches and wireless earbuds are also making their position in the market. Technology is now a crucial part of the modern closet.
Source: WMR
Global Connected Medical Device Market: Overview
The Connected Medical Devices Market was predicted for a value of USD 35,280 million in 2022, and it is expected to touch USD 123,020 million by 2033, at a CAGR of 18.92% over the forecast prediction from 2022-2033.
The healthcare industry witnessed an outstanding transformation throughout the last few years, assisted by the transformative nature of IOT Technologies and advances in computer power, data analytics techniques, wireless technologies. Big Data, is presently deployed in the medical facilities and the medical research sector for the analysis of huge amount of complex heterogeneous medical data, that involves genomics, pharmacogenomics and proteomics throughout the world. Medical devices and software were generally installed to control the medical equipment and display reading. The growth in potential of current software and its offerings dominates the need for advanced sensory and connected medical hardware equipment. Therefore, there is growth in the number of connected medical devices and advancements in software which are capable of capturing and transmitting medical data, with data analytics service. This helps the medical practitioners drive insights and promote the delivery of predictive, personalized, participatory and preventive medicines.
Source: WMR
Global Connected Medical Devices Market: Key Trends
Wearable devices hold the majority of shares in the market.
Wearable Technologies in the Healthcare industry offer easy means to monitor physiological features. Mass of medical solutions are not constrained to consumers but also provide current data for doctors to inspect patients living at remote locations. Wearable medical technologies have an extensive range of applications in the healthcare segment, from Apple Watch's glucose monitoring systems to its EKG capabilities. Apart from being appropriate, wearable devices are proven to be cost-effective, as the data generated by these devices might help doctors make decisions remotely. Thus, reducing the patients' regular visit to the hospitals for check-ups. The acceptance of wearable devices in the healthcare system is gaining a lot of attraction over recent years.
COVID-19 has impacted the market growth very positively. This is because of rapid increase in the number of patients. The doctors are under pressure to provide advanced healthcare services, also the governments developing these apps based on connectivity technologies. The pandemic has made possible to look-out for new ways in which patients can interact with doctors. There is drastic hike in the telemedicine services, as the governments across the world have advised citizens to avoid going out of their homes. Hospitals are only concentrating on treating COVID-19 patients, so these medical devises are becoming more reliable for the customers to keep a check on their health themselves and visiting the hospitals only in case of emergency.
Increasing Demand for Remote Patient Monitoring
There is a growing demand for remote patient monitoring solutions, particularly as the worlds population ages and chronic diseases become more prevalent. Connected medical devices that can monitor patients health remotely, such as wearable devices and home monitoring systems, can help improve patient outcomes and reduce healthcare costs. The increasing availability of wireless communication technologies, such as Bluetooth and Wi-Fi, has made it easier and more affordable to connect medical devices to the internet and other networks. This has enabled the development of new, more advanced connected medical devices that can provide real-time monitoring and analysis of patient data.
Global Connected Medical Device Market Segmentation
Key Players:
GE Healthcare
Honeywell International Inc.
Abbott Laboratories and Medtronic Inc.
Segmentation on the basis of Product Type
Connected Health Personal Medical Devices
Insulin Pumps
Glucose Monitors
Connected Health Wellness Devices
Body Analyzers
Digital Pedometers
Segmentation on the basis of End Users
Home Monitoring
Hospitals or Clinics
Some of the connected health device companies profiled in this report include Apple Inc., Fitbit, Philips Healthcare Company and Omron. The hospitals or clinic segment remains the largest segment over the forecast time from 2023 to 2033. APAC is expected to become the largest market and witness the highest growth, due to a rapidly growing aging population with rising disposable income, increased adoption of smart phones and vulnerability to chronic diseases.
Source: WMR
Segmentation on the basis of Application
Remote Monitoring
Treatment Services
Remote Monitoring is going to hold the largest share of the global market over the forecasted period due to rising demand from healthcare providers and other professionals for tele-monitoring and teleconsultation. The application of connected medical devices in remote monitoring can give better outputs with the right consultation and it helps the patients to get consultation and medication conveniently and faster.
Segmentation on the basis of Regional Analysis
The United States, established connected medical device manufacturers define the medical devices market, advanced healthcare ecosystem, and significant healthcare expenditure advanced healthcare ecosystem. Some of the other emerging countries are, Germany, United Kingdom, France, South Korea, Japan and China.
Global Connected Medical Device Market: Competitive Landscape
The connected medical devices market comprises multiple domestic and international players in fragmented and highly competitive environment for primary reasons. Technological advancements in the market also bring sustainable competitive advantages to the companies, that gets the markets a lot of mergers. In April 2021, Medtronic announced the launch of its research and development centre in India, which will supposedly be the largest R&D centre outside the United States.
In November 2020, The Garmin International, Inc. also launched the Pregnancy Tracking feature. It is integrated into various Garmin smartwatches and Garmin Connect app. This app helps the users to track baby movements, log pregnancy-related symptoms, customize reminders, receive nutrition tips and exercise reminders.
Some of the major market players are, GE Healthcare, Honeywell International Inc., Abbott Laboratories and Medtronic Inc.
Scope of the Report:
Historical Years: 2020-2021
Forecast Years: 2023-2033
Global Connected Medical Devices market USD Value in 2022: $35,280 million
Global Connected Medical Devices Market USD value in 2033: $123,020 million
Global Connected Medical Devices Market CAGR: 18.92%
Segments Covered: Product Type, End-user, Application and Region
Regions Covered: North America (US, Canada), Europe (UK, France, Germany, Italy, Spain), Asia-pacific (India, China, Japan, Australia, South Korea), Latin America (Mexico, Brazil), Middle East and Africa (UAE, Saudi Arabia, South Africa)
1. Global Connected Health Devices Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. Connected Health Devices Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years 2020 to 2021
1.3.2. Projected Data Reporting Years 2023 to 2033
1.3.3. Reporting Data Parameters Value (US$ Million) & Volume (Units)
1.4. Global Connected Health Devices Market Scope and Market Estimation
1.4.1. Global Connected Health Devices Overall Market Size (US$ Million) & (Units), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Connected Health Devices Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Connected Health Devices Market Segmentation
1.5.1. Product Type of Global Connected Health Devices Market
1.5.2. Services of Global Connected Health Devices Market
1.5.3. Technology of Global Connected Health Devices Market
1.5.4. Application of Global Connected Health Device Market
1.5.5. End Use of Global Connected Health Device Market
1.5.6. Key Regions of Global Connected Health Device Market
2. Global Connected Health Device Market - Executive Summary
2.1. Global Connected Health Device Market Summary & Snapshot
2.2. Global Connected Health Device Market, By Product Type (US$ Million) & (Units)
2.3. Global Connected Health Device Market, By Services (US$ Million) & (Units)
2.4. Global Connected Health Device Market, By Technology (US$ Million) & (Units)
2.5. Global Connected Health Device Market, By Application (US$ Million) & (Units)
2.6. Global Connected Health Device Market, By Und Use (US$ Million) & (Units)
2.7. Global Connected Health Device Market, By Geography (US$ Million) & (Units)
2.8. Global Connected Health Device Market Outlook & Future Opportunities
3. Connected Health Device Market Trends, Outlook, and Factors Analysis
3.1. Global Connected Health Device Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Connected Health Device Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. EHRs and health information exchange systems are becoming more widely used in healthcare organizations.
3.2.1.2. Increasing government investment for technological development.
3.2.1.3. Increasing adoption of IT in healthcare.
3.2.2. Restraints
3.2.2.1. Small healthcare businesses have a high deployment cost.
3.2.2.2. Consolidation in the healthcare industry is becoming more common.
3.2.3. Opportunities
3.2.3.1. Increasing demand for automated and interoperability solutions
3.2.3.2. Increasing demand of smart wearable devices which becoming cost effective devices and provide continuous monitoring
3.2.3.3. Mobile technologies are opening the way for a revolution in disease detection and treatment monitoring.
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porters Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Connected Health Device Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of Connected Health Device Market
3.9.1. By Product Type
3.9.2. By Services
3.9.3. By Technology
3.9.4. By Application
3.9.5. By End Use
3.9.6. By Regions
4. Global Connected Health Device Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Connected Health Device Market, 2020 2021 (US$ Million) & (Units)
4.2. Global Connected Health Device Market, By Product Type, 2020 to 2021 (US$ Million) & (Units)
4.3. Global Connected Health Device Market, By Services, 2020 to 2021 (US$ Million) & (Units)
4.4. Global Connected Health Device Market, By Technology, 2020 to 2021 (US$ Million) & (Units)
4.5. Global Connected Health Device Market, By Application, 2020 to 2021 (US$ Million) & (Units)
4.6. Global Connected Health Device Market, By End Use, 2020 to 2021 (US$ Million) & (Units)
4.7. Global Connected Health Device Market, By Region, 2020 to 2021 (US$ Million) & (Units)
5. Global Connected Health Device Market Estimates & Forecast Trend Analysis, by Product Type
5.1. Global Connected Health Device Market Share (%) Estimates and Forecasts, by Product Type, 2022 & 2033
5.2. Global Connected Health Device Market Size (US$ Million) & (Units) Estimates and Forecasts, by Product Type, 2023 to 2033
5.2.1. Connected Health Personal Medical Devices
5.2.1.1. Insulin Pumps
5.2.1.2. BP Monitors
5.2.1.3. Portable GPS PERS
5.2.1.4. Glucose Monitors
5.2.1.5. Personal Plus Oximeters
5.2.1.6. Others
5.2.2. Connected Health Wellness Devices
5.2.2.1. Digital Pedometers
5.2.2.2. Body Analyzers
5.2.2.3. GPS Sports Watches
5.2.2.4. Heart Rate Monitors
5.2.2.5. Others
5.2.3. Consumer (Patient) Monitoring
5.2.4. Wearable Device
5.2.5. Internally Embedded Device
5.2.6. Stationary Device
5.2.7. Connectivity Hub
6. Global Connected Health Device Market Estimates & Forecast Trend Analysis, by Services
6.1. Global Connected Health Device Market Share (%) Estimates and Forecasts, by Services, 2022 & 2033
6.2. Global Connected Health Device Market (US$ Million) & (Units) Estimates and Forecasts, by Services, 2023 to 2033
6.2.1. Clinical Monitoring
6.2.2. Connectivity Hubs
6.2.3. Telehealth
6.2.4. Integration Solutions
6.2.5. Others
7. Global Connected Health Device Market Estimates & Forecast Trend Analysis, by Technology
7.1. Global Connected Health Device Market Share (%) Estimates and Forecasts, by Technology, 2022 & 2033
7.2. Global Connected Health Device Market (US$ Million) & (Units) Estimates and Forecasts, by Technology, 2023 to 2033
7.2.1. Wired
7.2.2. Hybrid
8. Global Connected Health Device Market Estimates & Forecast Trend Analysis, by Application
8.1. Global Connected Health Device Market Share (%) Estimates and Forecasts, by Application, 2022 & 2033
8.2. Global Connected Health Device Market (US$ Million) & (Units) Estimates and Forecasts, by Application, 2023 to 2033
8.2.1. Diagnosis & Treatment
8.2.2. Wellness and prevention
8.2.3. Monitoring
8.2.4. Others
9. Global Connected Health Device Market Estimates & Forecast Trend Analysis, by End Use
9.1. Global Connected Health Device Market Share (%) Estimates and Forecasts, by End Use, 2022 & 2033
9.2. Global Connected Health Device Market (US$ Million) & (Units) Estimates and Forecasts, by End Use, 2023 to 2033
9.2.1. Hospitals/Clinic
9.2.2. Home Monitoring
10. Global Connected Health Device Market Analysis and Forecast, by Region
10.1. Global Connected Health Device Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033
10.2. Global Connected Health Device Market (US$ Million) & (Units) Estimates and Forecasts, by Region, 2023 to 2033
10.2.1. North America
10.2.2. Europe
10.2.3. Asia Pacific
10.2.4. Middle East and Africa
10.2.5. Latin America
11. North America Connected Health Device Market: Estimates & Forecast Trend Analysis
11.1. North America Connected Health Device Market Assessments & Key Findings
11.2. North America Connected Health Device Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. North America Connected Health Device Market Size Estimates and Forecast (US$ Million) & (Units) (2023 to 2033)
11.3.1. By Product Type
11.3.2. By Services
11.3.3. By Technology
11.3.4. By Application
11.3.5. By End Use
11.3.6. By Major Country
11.3.6.1. The U.S.
11.3.6.2. Canada
12. Europe Connected Health Device Market: Estimates & Forecast Trend Analysis
12.1. Europe Connected Health Device Market Assessments & Key Findings
12.2. Europe Connected Health Device Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Europe Connected Health Device Market Size Estimates and Forecast (US$ Million) & (Units) (2023 to 2033)
12.3.1. By Product Type
12.3.2. By Services
12.3.3. By Technology
12.3.4. By Application
12.3.5. By End Use
12.3.6. By Major Country
12.3.6.1. Germany
12.3.6.2. The U.K.
12.3.6.3. France
12.3.6.4. Italy
12.3.6.5. Spain
12.3.6.6. Rest of Europe (includes all other European countries)
13. Asia Pacific Connected Health Device Market: Estimates & Forecast Trend Analysis
13.1. Asia Pacific Connected Health Device Market Assessments & Key Findings
13.2. Asia Pacific Connected Health Device Market Share (%) Estimates and Forecasts, 2022 & 2033
13.3. Asia Pacific Connected Health Device Market Size Estimates and Forecast (US$ Million) & (Units) (2023 to 2033)
13.3.1. By Product Type
13.3.2. By Services
13.3.3. By Technology
13.3.4. By Application
13.3.5. By End Use
13.3.6. By Major Country
13.3.6.1. China
13.3.6.2. Japan
13.3.6.3. India
13.3.6.4. ASEAN
13.3.6.5. South Korea
13.3.6.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
14. Middle East & Africa Connected Health Device Market: Estimates & Forecast Trend Analysis
14.1. Middle East & Africa Connected Health Device Market Assessments & Key Findings
14.2. Middle East & Africa Connected Health Device Market Share (%) Estimates and Forecasts, 2022 & 2033
14.3. Middle East & Africa Connected Health Device Market Size Estimates and Forecast (US$ Million) & (Units) (2023 to 2033)
14.3.1. By Product Type
14.3.2. By Services
14.3.3. By Technology
14.3.4. By Application
14.3.5. By End Use
14.3.6. By Major Country
14.3.6.1. GCC
14.3.6.2. South Africa
14.3.6.3. Egypt
14.3.6.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
15. Latin America Connected Health Device Market: Estimates & Forecast Trend Analysis
15.1. Latin America Market Assessments & Key Findings
15.2. Latin America Connected Health Device Market Share (%) Estimates and Forecasts, 2022 & 2033
15.3. Latin America Connected Health Device Market Size Estimates and Forecast (US$ Million) & (Units) (2023 to 2033)
15.3.1. By Product Type
15.3.2. By Services
15.3.3. By Technology
15.3.4. By Application
15.3.5. By End Use
15.3.6. By Major Country
15.3.6.1. Brazil
15.3.6.2. Mexico
15.3.6.3. Rest of Latin America (includes all other Latin America countries)
16. Competitive Landscape
16.1. Market Revenue Share Analysis (%), by Major Players (2022)
16.2. Market Competition Matrix, by Leading Players
16.3. List of Emerging, Prominent and Leading Players
16.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
17. Company Profiles
17.1. Koninklijke Philips N.V.
17.1.1. Company Overview & Insights
17.1.2. Financial Performance
17.1.3. Product / Service Portfolio
17.1.4. Geographical Footprint & Share
17.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
17.2. KGaA
17.3. Boston Scientific Corporation
17.4. Honeywell International Inc.
17.5. NXGN Management, LLC
17.6. Apple, Inc.
17.7. ResMed
17.8. GE Healthcare
17.9. Lantronix Inc
17.10. Medtronic Inc
17.11. Fitbit LLC
17.12. iHealth Labs Inc.
17.13. S3 Connected Health
17.14. Drgerwerk AG & Co.
17.15. Abbott
17.16. Cisco Systems
17.17. Spectrum Medical Ltd.
17.18. Garmin International, Inc.
17.19. Masimo Corporation
17.20. Abbott Laboratories
17.21. Biotronik Se & Co. Kg
17.22. Stanley Black & Decker, Inc.
17.23. OMRON Corporation
17.24. Cerner Corporation
17.25. Stryker Corporation
17.26. Others
18. Assumptions and Research Methodology
18.1. Data Mining
18.2. Secondary Research
18.3. Primary Research
18.4. Subject Matter Expert Advice
18.5. Quality Check
18.6. Final Review
18.7. Data Triangulation
18.8. Bottom-Up Approach
18.9. Top Down Approach
18.10. Research Flow
18.11. Key Insights from Industry Experts
18.12. Data Sources
18.13. Assumptions
18.14. Limitations
19. Conclusions and Recommendations
19.1. Key Research Findings and Conclusion
19.2. Key Insights & Recommendations from Analysts