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Global Connected Medical Device Market 2021 Share, Growth by Top Company, Region, Application, Driver, Trends & Forecast

Connected Medical Device

Connected Medical Device Market” report provides strategic supports mentioned by the business specialists with market sources, amount of manufacturing cost structure, raw materials, forecasts, turnover, manufacturing outlays, latest market trends, labor cost, demands and much more. Connected Medical Device market report covers a comprehensive market structure through the globe with an in-depth study of major dynamics (Drivers, Challenges, Opportunities).  

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Key Market Trends:

Increasing Adoption of Wearable Devices

The adoption of wearable devices in the healthcare segment has been gaining traction in recent times. This, in turn, has been one of the significant factors influencing the connected medical devices market.
The worldwide wrist wearable shipment in 2015 was estimated at more than 40 million units, which is expected to cross 100 million units by the end of 2018, with the healthcare sector accounting for a significant portion of the demand. The wearable devices that accounted for the second-highest number of shipments were the modular wearables.
The healthcare wearable devices comprise more than fitness bands. Smart watches, smart glasses, smart footwear, smart apparel, posture monitors, movement sensors, wrist devices, heart straps, headbands, wearable patches, pain management devices, and medicine delivery pods are some of the myriad devices that make up the vast and growing healthcare wearables market.
This growth in the global smart wearable devices unit shipments is dominated by healthcare and fitness applications. Thus, due to the rise in the usage of wearable devices in the healthcare sector and improved connectivity solutions, the market for wearable connected devices for healthcare applications is expected to grow.

North America Holds Highest Market Share

The US connected medical devices market is defined by the presence of established medical device manufactures, an advanced healthcare ecosystem, and significant healthcare expenditure. According to Synopsys, US hospitals have an average of 10and 15 connected medical devices per bed.
The sale of blood pressure monitoring equipment in the region is expected to cross USD 1.92 billion in 2018, which would be a 370% increase from that in 2013. This makes blood pressure monitoring the most lucrative segment in the US connected medical devices market, which is the major contributor in the region.
The region has witnessed a considerable rise in the use of connected medical devices. The size of the US medical devices industry was estimated at about USD 148 billion in 2015, and is expected to cross USD 175 billion by 2020, which clearly indicates the immense potential offered by the region for connected medical devices.
The country’s healthcare industry has shown keen focus on the protection of patient health information through the HIPAA Act of 1996 and the subsequent HITECH Act of 2009, while also favoring the IoT aligned to federal standards for the manufacturing, deployment, and support of the connected devices for patient care.

Market Overview:

  • The connected medical devices market was valued at USD 18.90 billion in 2018, and it is expected to reach USD 63 billion by 2024, at a CAGR of 22.26% over the forecast period (2019-2024). The healthcare industry has witnessed significant transformation over the last few years, aided by the emergence of new technological advancements, such as IoT and Big Data analytics.
  • Internet-connected devices, ranging from hospital imaging equipment to implantable pacemakers and infusion pumps, help healthcare providers and patients in a variety of tasks, such as monitoring vitals, improving diagnostics, regulating dosages, and more. According to Synopsys, a computer integrated systems design company, US hospitals have an average of 10-15 connected medical devices per bed.
  • A critical factor for companies looking to bring connected devices to the market is the wireless device certification process. In North America, this is separate from the FDA testing, and is required for all wireless devices.
  • Increasing expenditure on treating chronic diseases and the need to monitor and curb them have led to significant innovations in the connected devices market, which have enabled individuals to track and keep a check on these chronic diseases.

    Key Manufacturers Like 

  • Medtronic PLC
  • Koninklijke Philips NV
  • Boston Scientific Corporation
  • Abbott Laboratories
  • GE Healthcare
  • Garmin Ltd.
  • Qualcomm Incorporation
  • Honeywell International Inc.
  • Stanley Black & Decker, Inc.
  • NXP Semiconductors NV.

    Scope of the Report:

  • The Internet of Medical Things (IoMT) allows medical devices to be connected to the cloud and to applications. Connected medical devices can also provide portable diagnostic devices that can be used for in-home collection and diagnosis. Connectivity can directly benefit both patients and healthcare service companies.

    Connected Medical Device market report focuses on the latest trends in the global and regional spaces on all the significant components, including the capacity, cost, price, technology, supplies, production, profit, and competition. Moreover, the old data and present development of the Connected Medical Device market have been given in the scope of the report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Connected Medical Device market have also been involved in the study.

    Market Dynamics: –

    • Drivers: (Developing regions and growing markets)
    • Limitations: (Regional, Key Player facing Issues, Future Barriers for growth)
    • Opportunities: (Regional, Growth Rate, Competitive, Consumption)

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    Key Questions Answered in Market Report: –

    • What will the market growth rate, Overview and Analysis by Type of Connected Medical Device market in 2023?
    • What are the key factors driving, Analysis by Applications and Countries Connected Medical Device market?
    • What are Dynamics, This Overview Includes Analysis of Scope, and price analysis of top Vendors Profiles of Connected Medical Device?
    • Who are Opportunities, Risk and Driving Force of Connected Medical Device market? Knows Upstream Raw Materials Sourcing and Downstream Buyers
    • Who are the opportunities and threats faced by the vendors in Connected Medical Device space? Business Overview by Type, Applications, Gross Margin and Market Share
    • What are the Connected Medical Device market opportunities, market risk and market overview of the Market?

    Lastly, the Global Connected Medical Device Market Research covers a complete market structure across the world with a comprehensive analysis of major key factors. This report provides planned orientations referred by the industry experts.

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    Study objectives of Connected Medical Device Market Report:

    • To provide a detailed analysis of the market structure along with the Connected Medical Device market forecast of various segments and sub-segments of the Connected Medical Device market
    • To provide insights into factors influencing and affecting market growth
    • To provide historical, current, and forecast revenue of market segments based on material, type, design, and end user
    • To provide historical, current, and forecast revenue of market segments and sub-segments with respect to regional markets and key countries
    • To provide strategic profiling of key players in the market, comprehensively analyzing their market shares, core competencies, and drawing a competitive landscape for the market
    • To provide economic factors, technology and Connected Medical Device market trends that influence the global Connected Medical Device market

    Detailed TOC of Connected Medical Device Market Report 2019-2024:

    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Introduction to Market Drivers and Restraints
    4.3 Market Drivers
    4.3.1 Increasing Adoption Of Connected Devices In Healthcare
    4.3.2 Consistent Developments In Artificial Intelligence
    4.4 Market Restraints
    4.4.1 Performance and Certification Challenges
    4.4.2 Inefficient Internet Connectivity in Emerging Economies
    4.5 Value Chain Analysis
    4.6 Industry Attractiveness Porter’s Five Forces Analysis
    4.6.1 Threat of New Entrants
    4.6.2 Bargaining Power of Buyers/Consumers
    4.6.3 Bargaining Power of Suppliers
    4.6.4 Threat of Substitute Products
    4.6.5 Intensity of Competitive Rivalry

    5 MARKET SEGMENTATION
    5.1 By Application
    5.1.1 Consumer Monitoring
    5.1.2 Wearable Device
    5.1.3 Internally Embedded Device
    5.1.4 Stationary Device
    5.2 Geography
    5.2.1 North America
    5.2.1.1 United States
    5.2.1.2 Canada
    5.2.2 Europe
    5.2.2.1 Germany
    5.2.2.2 United Kingdom
    5.2.2.3 France
    5.2.2.4 Rest of Europe
    5.2.3 Asia-Pacific
    5.2.3.1 China
    5.2.3.2 Japan
    5.2.3.3 South Korea
    5.2.3.4 Rest of Asia-Pacific
    5.2.4 Latin America
    5.2.5 Middle East & Africa

    6 COMPETITIVE LANDSCAPE
    6.1 Company Profiles
    6.1.1 Medtronic PLC
    6.1.2 Koninklijke Philips NV
    6.1.3 Boston Scientific Corporation
    6.1.4 Abbott Laboratories
    6.1.5 GE Healthcare
    6.1.6 Garmin Ltd.
    6.1.7 Qualcomm Incorporation
    6.1.8 Honeywell International Inc.
    6.1.9 Stanley Black & Decker, Inc.
    6.1.10 NXP Semiconductors NV

    7 INVESTMENT ANALYSIS

    8 MARKET OPPORTUNITIES AND FUTURE TRENDS

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