Connected Medical Device Market Size - by Product Type (Connected Health Personal Medical Devices, Connected Health Wellness Devices, Consumer (Patient) Monitoring, Wearable Device, Internally Embedded Device, Stationary Device, Connectivity Hub), by Services (Clinical Monitoring, Connectivity Hubs, Telehealth, Integration Solutions), by Technology (Wired, Hybrid), by Application (Diagnosis & Treatment, Wellness and prevention, Monitoring), by End Use (Hospitals/Clinic , Home Monitoring) & Region - Global Forecasts 2023 - 2033
- PUBLISHED ON
- 2024-03-10
- NO OF PAGES
- 256
- CATEGORY
- Healthcare & Life Sciences
Market: Overview
The Connected Medical Devices Market was predicted for a value of USD 46,926 million in 2022, and it is expected to touch USD 156,857 million by 2033, at a CAGR of 12.1% over the forecast prediction from 2023-2033.
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.
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 world’s 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.
Connected Medical Device Market Segmentation
Key Players:
Medtronic Inc.,Koninklijke Philips NV,Boston Scientific Corpo,Abbott Laboratories,Garmin Ltd,Biotronik Se & Co. Kg,Honeywell International,Stanley Healthcare,NXP Semiconductors NV,10 GE Healthcare
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.
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.
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.
Some of the major market players are, GE Healthcare, Honeywell International Inc., Abbott Laboratories and Medtronic Inc.
1.
Global Connected Medical Device Market
Introduction and Market Overview
1.1. Objectives
of the Study
1.2. Connected Medical Device Market Definition & Description
1.3. Global
Connected Medical Device Market Scope and Market Estimation
1.3.1. Global
Connected Medical Device Market Size, Revenue (US$ Mn), Market CAGR (%), Market
forecast (2023-2033)
1.3.2. Global
Connected Medical Device Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019-2033
1.4. Market
Segmentation
1.4.1. By
Product Type of Global Connected Medical Device Market
1.4.2. By End
Users of Global Connected Medical Device Market
1.4.3. By
Application of Global Connected Medical Device Market
1.4.4. By Region
of Global Connected Medical Device Market
2.
Executive
Summary
2.1. Global
Connected Medical Device Market
Industry Trends under COVID-19 Outbreak
2.1.1. Global
COVID-19 Status Overview
2.1.2. Influence
of COVID-19 Outbreak on Global Connected
Medical Device Market Industry Development
2.2. Market
Dynamics
2.2.1. Drivers
2.2.2. Limitations
2.2.3. Opportunities
2.2.4. Impact
Analysis of Drivers and Restraints
2.3. Pricing
Trends Analysis & Average Selling Prices (ASPs)
2.4. Key
Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.
2.5. Porter’s
Five Forces Analysis
2.5.1. Bargaining
Power of Suppliers
2.5.2. Bargaining
Power of Buyers
2.5.3. Threat
of Substitutes
2.5.4. Threat
of New Entrants
2.5.5. Competitive
Rivalry
2.6. Value
Chain / Ecosystem Analysis
2.7. PEST
Analysis
2.8. Russia-Ukraine
War Impacts Analysis
2.9. Economic
Downturn Analysis
2.10. Market
Investment Opportunity Analysis (Top Investment Pockets), By Segments & By
Region
3.
Global
Connected Medical Device Market Estimates & Historical Trend Analysis
(2020 - 2022)
4.
Global
Connected Medical Device Market Estimates
& Forecast Trend Analysis, By Product Type
4.1. Global
Connected Medical Device Market Revenue (US$ Mn) Estimates and Forecasts, By
Product Type, 2023 to 2033
4.1.1. Connected
Health Personal Medical Devices
4.1.2. Insulin
Pumps
4.1.3. Glucose
Monitors
4.1.4. Connected
Health Wellness Devices
4.1.5. Body
Analyzers
4.1.6. Digital
Pedometers
5.
Global
Connected Medical Device Market Estimates & Forecast Trend Analysis, By
End Users
5.1. Global
Connected Medical Device Market Revenue (US$ Mn) Estimates and Forecasts, By
End Users, 2023 to 2033
5.1.1. Home
Monitoring
5.1.2. Hospitals
or Clinics
6.
Global
Connected Medical Device Market Estimates & Forecast Trend Analysis, By
Application
6.1. Global
Connected Medical Device Market Revenue (US$ Mn) Estimates and Forecasts, By
Application, 2023 to 2033
6.1.1. Remote
Monitoring
6.1.2. Treatment
Services
7.
Global
Connected Medical Device Market Estimates & Forecast Trend Analysis, By Region
7.1. Global
Connected Medical Device Market Revenue (US$ Mn) Estimates and Forecasts, By Region,
2023 to 2033
7.1.1. North
America
7.1.2. Europe
7.1.3. Asia
Pacific
7.1.4. Middle
East & Africa
7.1.5. South
America
8.
North
America Connected Medical Device Market:
Estimates & Forecast Trend Analysis
8.1. North
America Connected Medical Device Market Assessments & Key Findings
8.1.1. North
America Connected Medical Device Market Introduction
8.1.2. North America
Connected Medical Device Market Size Estimates and Forecast (US$ Million) (2023
to 2033)
8.1.2.1. By Product Type
8.1.2.2. By End Users
8.1.2.3. By Application
8.1.2.4. By
Country
8.1.2.4.1. The
U.S.
8.1.2.4.2. Canada
8.1.2.4.3. Mexico
9.
Europe
Connected Medical Device Market:
Estimates & Forecast Trend Analysis
9.1. Europe
Connected Medical Device Market Assessments & Key Findings
9.1.1. Europe
Connected Medical Device Market Introduction
9.1.2. Europe
Connected Medical Device Market Size Estimates and Forecast (US$ Million) (2023
to 2033)
9.1.2.1. By Product Type
9.1.2.2. By End Users
9.1.2.3. By Application
9.1.2.4. By
Country
9.1.2.4.1. Germany
9.1.2.4.2. U.K.
9.1.2.4.3. France
9.1.2.4.4. Italy
9.1.2.4.5. Spain
9.1.2.4.6. Russia
9.1.2.4.7. Rest
of Europe
10. Asia Pacific Connected Medical Device Market: Estimates
& Forecast Trend Analysis
10.1. Asia
Pacific Market Assessments & Key Findings
10.1.1. Asia
Pacific Connected Medical Device Market Introduction
10.1.2. Asia
Pacific Connected Medical Device Market Size Estimates and Forecast (US$
Million) (2023 to 2033)
10.1.2.1. By Product Type
10.1.2.2. By End Users
10.1.2.3. By Application
10.1.2.4. By
Country
10.1.2.4.1.
China
10.1.2.4.2.
Japan
10.1.2.4.3.
India
10.1.2.4.4.
Australia
10.1.2.4.5.
South Korea
10.1.2.4.6.
ASEAN
10.1.2.4.7.
Rest of Asia Pacific
11. Middle East & Africa Connected Medical Device Market: Estimates
& Forecast Trend Analysis
11.1. Middle
East & Africa Market Assessments & Key Findings
11.1.1. Middle
East & Africa Connected Medical
Device Market Introduction
11.1.2. Middle
East & Africa Connected Medical Device Market Size Estimates
and Forecast (US$ Million) (2023 to 2033)
11.1.2.1. By Product Type
11.1.2.2. By End Users
11.1.2.3. By Application
11.1.2.4. By
Country
11.1.2.4.1. U.A.E.
11.1.2.4.2. Saudi
Arabia
11.1.2.4.3. Egypt
11.1.2.4.4. South
Africa
11.1.2.4.5. Rest
of Middle East & Africa
12. South America Connected Medical Device Market: Estimates
& Forecast Trend Analysis
12.1. South
America Market Assessments & Key Findings
12.1.1. South
America Connected Medical Device Market Introduction
12.1.2. South
America Connected Medical Device Market Size Estimates and Forecast (US$
Million) (2023 to 2033)
12.1.2.1. By Product Type
12.1.2.2. By End Users
12.1.2.3. By Application
12.1.2.4. By
Country
12.1.2.4.1. Brazil
12.1.2.4.2. Argentina
12.1.2.4.3. Colombia
12.1.2.4.4. Rest
of South America
13. Competition Landscape
13.1. Global
Connected Medical Device Market Competition Matrix & Benchmarking, by
Leading Players / Innovators / Emerging Players / New Entrants
13.2. Global
Connected Medical Device Market Concentration & Company Market Shares (%)
Analysis, 2022
14. Company Profiles
14.1. Medtronic Inc.
14.1.1. Company
Overview & Key Stats
14.1.2. Financial
Performance & KPIs
14.1.3. Product
Portfolio
14.1.4. Business
Strategy & Recent Developments
* Similar details would be provided for all the
players mentioned below
14.2. Koninklijke Philips NV
14.3. Boston Scientific Corpo
14.4. Abbott Laboratories
14.5. Garmin Ltd
14.6. Biotronik Se & Co. Kg
14.7. Honeywell International
14.8. Stanley Healthcare
14.9. NXP Semiconductors NV
14.10. 10 GE Healthcare
14.11. Others**
15. Research Methodology
15.1. External
Transportations / Databases
15.2. Internal
Proprietary Database
15.3. Primary
Research
15.4. Secondary
Research
15.5. Assumptions
15.6. Limitations
15.7. Report
FAQs
16. Research Findings & Conclusion
Quality Assurance Process
- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
- Project kickoff meeting with client
- Conduct frequent client communications
- Form project steering committee
- Assign a senior SR executive as QA Executive
- Conduct internal editorial & quality reviews of project deliverables
- Certify project staff in SR methodologies & standards
- Monitor client satisfaction
- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The Connected Medical Devices Market was predicted for a value of USD 46,926 million in 2022, and it is expected to touch USD 156,857 million by 2033, at a CAGR of 12.1% over the forecast prediction from 2023-2033.
What are the trends shaping various markets?
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.
Who are the key competitors of market Players?
Some of the major players operating within the market are GE Healthcare, Honeywell International Inc., Abbott Laboratories and Medtronic Inc.
What are the top performing segments, and countries / regions of each of the markets?
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.
}})
Select a license type that suits your business needs
US $3499
Only Three Thousand Four Hundred Ninety Nine US dollar
- 1 User access
- 15% Additional Free Customization
- Free Unlimited post-sale support
- 100% Service Guarantee until achievement of ROI
US $4499
Only Four Thousand Four Hundred Ninety Nine US dollar
- 5 Users access
- 25% Additional Free Customization
- Access Report summaries for Free
- Guaranteed service
- Dedicated Account Manager
- Discount of 20% on next purchase
- Get personalized market brief from Lead Author
- Printing of Report permitted
- Discount of 20% on next purchase
- 100% Service Guarantee until achievement of ROI
US $5499
Only Five Thousand Four Hundred Ninety Nine US dollar
- Unlimited User Access
- 30% Additional Free Customization
- Exclusive Previews to latest or upcoming reports
- Discount of 30% on next purchase
- 100% Service Guarantee until achievement of ROI