As per Market Research Future Analysis, the connected medical devices market is projected to reach USD 5.72 Billion by 2032, growing at a CAGR of 5.8% from 2023 to 2032. The market is driven by the increasing prevalence of chronic diseases, the need for robust patient monitoring systems, and advancements in technology. Key developments include partnerships and acquisitions among major players, such as Align Technology with 3M and Smith & Nephew's acquisition of Osiris Therapeutics. However, challenges such as high costs, security concerns, and low adoption rates in developing countries may hinder growth.
The connected medical devices market is characterized by several key trends and highlights.
Key players include Capsule Technologies, Inc., Cerner Corporation, Infosys Limited, Medtronic plc, GE Healthcare, Koninklijke Philips N.V., and Cisco Systems, Inc.
The Increasing event of constant infections and hazard factors related to it needs savvy and solid patient checking frameworks, expanding mindfulness, and expanding appropriation of IT in medical care to drive the market development of the connected medical devices. Besides, Advancement in innovation, spending on innovative work, and quick endorsement from administrative specialists to the associated clinical gadgets are adding to the market development of the connected medical devices. For example, in 2018, more than 30 new clinical gadgets and advances were supported by the US FDA.Â
Align Technology announced a partnership with 3M in March of 2023 to collaborate on the development of clear aligner materials. Smith & Nephew announced the acquisition of Osiris Therapeutics, a company specializing in regenerative medicine and wound care products, in February 2023.
Bioventus announced the acquisition of Catalyst OrthoScience, a company specializing in shoulder replacement surgery, in January 2023.
With the developing pervasiveness of constant infections like a malignant growth, diabetes, hypertension, and others alongside the danger factors related to asthma, rest apnea, stoutness, and others, the Connected Medical Devices Industry is assessed to drive the worldwide market of connected medical devices. Furthermore, the expanding patient checking frameworks across the globe, developing selection of IT in the medical care area, and rising mindfulness for associated clinical gadgets are probably going to individuals the market development during the estimated time frame. Additionally, mechanical headways, fast endorsement from administrative experts for associated clinical gadgets, and innovative work exercises are expected to encourage the market. Moreover, key sellers in the purchaser medical devices connected to smartphones like Fitbit are zeroing in on keeping an online presence as it lessens the dissemination, arrangement, and operational expenses. Attributable to such benefits, sellers are quickly infiltrating the online stage, further cultivating market development.
The nation segment of the associated well-being individual connected medical devices market report additionally gives singular market affecting components and changes in the guideline in the market locally that impact the market's current and future patterns. The information focuses on a list of connected medical devices like utilization volumes, creation destinations, and volumes, import send out an investigation, value pattern examination, cost of crude materials, down-stream and upstream worth chain examination are a portion of the significant pointers used to figure the market situation for only nations. Additionally, the presence and accessibility of worldwide brands and their difficulties looked because of huge or scant rivalry from the neighborhood and local brands, the effect of local levies and shipping lanes are thought of while giving conjecture investigation of the nation information.
The expanding improvement of medical care bio-detecting wearables, for example, computerized circulatory strain screens, glucose sensors, and others alongside rising uses of connected medical devices technology upheld by cell phones and tablets which will additionally set out many open doors that will prompt the development of the associated wellbeing individual clinical gadgets market in the previously mentioned estimate time frame.
The expanding issues in the market of connected medical devices are related to security, protection, information over-burden, and dependability, alongside an absence of mindfulness in creating economies in regards to the accessibility of trendsetting innovation, which will be liable to go about as market restrictions factors for the development of the associated wellbeing individual Connected Medical Devices Industry in the mentioned estimated time frame.
The developing mindfulness among the patients regarding the advantages of individual clinical gadgets will help improve the market for connected medical device manufacturer’s.
Based on the method of an item, the Global market for connected medical devices has been portioned into brilliant pill allocator, pulse screen, compact GPS pers, beat oximeter, BP screen, insulin siphon, ECG checking gadgets, glucose screen, and others. Among these, the gadget fragment is further sub-sectioned into wearables and non-wearables.Â
Based on the utilization method, the global market for connected medical devices has been divided into meeting and determination administrations, remote observing, wellness, treatment administrations, and wellbeing administrations.Â
Based on the end-user method, the global market for connected medical devices has been divided into wandering careful focuses, claim to fame facilities, emergency clinics, home consideration settings/observing, and others.
March 2023: With this new partnership, announced in March of 2023, Cynerio, the industry's premier provider of healthcare IoT cybersecurity, will be able to offer hospitals and healthcare systems unparalleled visibility into their IoMT footprint, enabling the prompt remediation of identified threats through the provision of detailed mitigation recommendations for each attack and risk. Cynerio and Sodexo HTM have partnered to deliver threat intelligence to healthcare businesses, allowing them to create an accurate inventory of all enterprise and medical IoT devices linked to the network.
March 2023: The FDA implemented a new cybersecurity policy for medical devices. As of today, medical devices classified as "cyber devices" are subject to stricter cybersecurity regulations, such as post-market monitoring, vulnerability remediation, and patch distribution. The FDA has the authority to reject submissions that do not fulfill these conditions under the "Refuse to Accept" policy. The policy was enacted in response to an increase in cyberattacks on connected medical devices, with the goal of guaranteeing patient safety, device performance, and cybersecurity right from the start. Current unsecure gadgets and older technologies are exempt from this need.
The Americas are probably going to overwhelm the Connected Medical devices market because of the rising commonness of persistent infections, expanding mindfulness about the associated clinical gadgets, good arrangements from government and administrative specialists, and appropriation of exceptionally trend-setting innovation forceful systems received by significant parts on the lookout. For example, in Jan 2017, Abbott research centers gained medical devices monster St. Jude Medical, Inc. for 25 billion. This will assist Abbott with covering the whole cardiovascular market, which is assessed to develop around USD 30 billion. The European market is required to be the second-biggest associated clinical gadgets market. The market development in this locale can be ascribed to government financing, and backing of the medical services is combined with expanding innovative work. Additionally, the expansion in mindfulness about the associated clinical gadgets adds to the development of the global market for connected medical devices all over.Â
Coronavirus has decidedly affected the market of connected medical devices. This is because of the exceptional expansion in the number of patients, the tension on specialists to give progressed medical care administrations, and governments creating applications dependent on availability innovations. The pandemic has brought out new manners by which patients can cooperate with specialists. There is a rising pattern of telemedicine administrations as governments worldwide have encouraged residents to keep away from any development outside their homes. As the complete centralization of medical clinics is on treating COVID-19 patients, individuals are finding better approaches to screen their wellbeing themselves and just methodology specialists if there should arise crises. In this way, the deals of smart wearables, particularly smart watches, have expanded over the most recent couple of months.Â
| Attribute/Metric | Details |
| Market Size 2022 | NA (USD Billion) |
| Market Size 2023 | NA (USD Billion) |
| Market Size 2032 | 5.72 (USD Billion) |
| Compound Annual Growth Rate (CAGR) | 5.8 % (2024- 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2022 |
| Market Forecast Period | 2023 - 2032 |
| Historical Data | 2019 - 2022 |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â 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 |
|   Key Market Opportunities | · Increasing occurrence of chronic diseases· Cost-effective and reliable patient monitoring systems· Increasing adoption of IT\r\nResearch and development \r\n |
|   Key Market Drivers | · Increasing occurrence of chronic diseases· Cost-effective and reliable patient monitoring systems· Increasing adoption of IT |
Connected Medical Devices Market Highlights:
Frequently Asked Questions (FAQ):
Americas are predicted to have the highest share in the connected medical devices market.
Rising prevalence of chronic diseases, demand for reliable patient monitoring systems, and use of IT in healthcare are boosting market growth.
High price and security concerns may limit market growth.
It is widely used in fitness & wellness services, treatment services, consultation & diagnosis services, and remote monitoring.
Key competitors in the medical devices market include Aerotel Medical Systems Ltd, iHealth Labs (subsidiary of Andon Health), Polar Electro, F. Hoffmann-La Roche, Dexcom, St. Jude Medical, Inc. (Abbott), AgaMatrix, Inc., Boston Scientific Corporation, Johnson & Johnson, Fitbit, Inc., McKesson Corporation, Philips Healthcare, OMRON Corporation, Medtronic Plc, and GE Healthcare, Inc.
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Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
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