The global Connected Medical Devices market is expected to show significant growth during the forecast period (2018–2023).
Increased prevalence of chronic diseases and related risk factors, the need for cost-effective and efficient patient management services, increased understanding, and increased healthcare IT acceptance to drive market growth. In addition, advancements in technology, investment on research and development and the rapid acceptance of connected medical devices by the regulatory authorities are leading to market growth. Over the past few years, the healthcare industry has undergone a significant transition, supported by the revolutionary nature of IoT technologies and advancements in computing power, wireless technologies, and data processing tools, such as Big Data, which is currently implemented in medical facilities and the medical research field to examine a large number of complex heterogeneous microscopes. In addition, core manufacturers such as Fitbit in the consumer wearables industry rely on maintaining an online presence as it decreases the expense of shipping, configuration, and service. Because of these incentives, the online marketplace is quickly infiltrated by manufacturers, which further encourages business growth.
The high cost of products from Connected Medical Devices, security issues and risks associated with data privacy and the low likelihood of acceptance of connected medical devices in products from underdeveloped countries which impede market growth during the evaluation period.
On the basis of product, computer, application and end user, the global connected medical devices market has been segmented.
The market was listed as ECG tracking equipment, insulin pump, bp sensor, portable pers GPS, glucose monitor, pulse oximeter, smart pill dispenser, heart rate monitor, and others on the basis of the device. Wearables and non-wearables have been separated into the computer segment.
Remote surveillance, referral and diagnostic services, care services, exercise, and health services have been broken into the application group.
The industry has been segmented by end-users into hospitals, outpatient surgery facilities, specialist clinics, home care/monitoring settings and others.
The markets in the Americas, Europe, Asia-Pacific, and the Middle East & Africa have been segmented by area.
Because of the growing prevalence of chronic diseases, increasing awareness of connected medical devices, favourable policies from government and regulatory agencies, the introduction of technologically advanced technologies and competitive strategies implemented by major players in the industry, the Americas are expected to dominate the global connected medical device market.
The second largest linked medical device industry is projected to be the European market. Business growth in this region can be due to government funding and health sector support, coupled with rising research and development in this region. In addition, growing awareness of connected medical devices is adding to the development of this region’s industry.
Due to the growing prevalence of chronic diseases, increasing investments in healthcare and increasing adoption of emerging medical technology in the region, Asia-Pacific is projected to see moderate growth in the connected medical devices market during the forecast period.
Owing to an underdeveloped healthcare system, a lack of technological expertise and inadequate medical infrastructure, the Middle East & Africa region is projected to account for the smallest share of the overall market for connected medical devices.
Some of the key players in the global connected medical devices market are GE Healthcare, Inc., Medtronic Plc, OMRON Corporation, Philips Healthcare, McKesson Corporation, Fitbit, Inc., Johnson & Johnson, Boston Scientific Corporation, St. Jude Medical, Inc. (Abbott), AgaMatrix, Inc., Dexcom, F. Hoffmann-La Roche, Polar Electro, iHealth Labs (subsidiary of Andon Health) and Aerotel Medical Systems Ltd.