Connected Medical Devices Market Overview:
Connected medical devices are used to monitor patients and collect data via wired or wireless resources. This has the potential to reduce human errors and maintain an uninterrupted data influx. The global connected medical devices market is all set to garner comprehensive CAGR during the forecast period (2018-2023). Market Research Future (MRFR) assures in a recent report that the growth would be remarkable to surpass the expected valuation in the coming years.
Several factors like cost-effectivity, increasing number of chronic diseases, provision to keep track of patient’s state of health with real-time data, increasing awareness, better IT infrastructures, and others are expected to take the connected medical devices market ahead. However, risk of leaking of information, and malware attacks can deter the expected growth rate of the connected medical devices market.
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Connected Medical Devices Market Competitive Landscape:
Various companies are showing interest in taking the global connected medical devices market ahead with substantial market lead. The process includes implementation of strategic moves and attempts that could solidify the market stance of these companies. These companies are
- Medtronic Plc
- GE Healthcare Inc.
- Philips Healthcare
- OMRON Corporation
- Fitbit Inc.
- McKesson Corporation
- Boston Scientific Corporation
- Johnson & Johnson
- AgaMatrix Inc.
- iHealth Labs (subsidiary of Andon Health)
- St. Jude Medical Inc. (Abbott)
- Polar Electro
- Dexcom
- F. Hoffmann-La Roche
- Aerotel Medical Systems Ltd.
MRFR studied these companies well to understand the impact of their moves on the market and to identify trends.
Segmentation:
MRFR, in their global connected medical devices market report made a segmentation of the market on the basis of product, device, application and end-user. This segmentation allows a closer observation of the market and facilitates better understanding of it.
Based on the product, the connected medical devices market can be segmented into ECG monitoring devices, portable GPS pers, insulin pump, bp monitor, pulse oximeter, glucose monitor, heart rate monitor, smart pill dispenser, and others. The device segment has two prominent aspects wearables and non-wearables.
Based on the application, the connected medical devices market includes treatment services, fitness, remote monitoring, consultation & diagnosis services, and wellness services. The fitness segment is gaining substantial market boost as several companies are launching their own products to gain more from the market. The remote monitoring segment is also gaining much as it facilitates treatment procedure.
Based on the end-user, the connected medical devices market includes hospitals, ambulatory surgical centers, specialty clinics, home care settings/monitoring and others. The home care settings/ monitoring segment is having a great run in the market as several patients prefer home atmosphere for better treatment facilities.
Regional Analysis:
Region-specific analysis of the global connected medical devices market leads to namely, the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas has the maximum market dominance that is taking place due to a hike in the number of cases registered for chronic diseases, better awareness initiatives, favorable government norms, better technological integration, substantially aggressive market study, and others are benefitting the global market share. Several market players are also operating from this region and making the competition much healthy that ensure better growth prospect for the market.
Europe’s market is second only to the America’s market. This is due to the immense investment plans launched by both governments and private players. The research and development sector is getting remarkable funds to take the market forward.
The APAC market is all set to gain from burgeoning healthcare industry and growing per-capita income. Several companies are launching various policies to optimally use the potential of the regional market. The huge population of the region is also a major factor as they are using such products to stay aware of various chronic diseases.
Connected Medical Devices Industry Update / News
In July 2023, FDA released a new list that recognizes several standards for the healthcare industry. Among them, a UL standard series was included with a two-pronged discuss the cybersecurity of connected medical devices. The device, if goes in the wrong hand or hacked can turn into a potential threat. That is why this guideline are all the more relevant.
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