Connected Medical Devices Market Research Report ‚Äď Forecast to 2032

Connected Medical Devices Market Research Report Information, by Product (ECG Monitoring Devices, BP Monitor), Device (Wearables and Non-Wearables), Application (Remote Monitoring and Others), End-User (Hospitals) - Forecast Till 2032.

ID: MRFR/MED/0205-HCR | 110 Pages | Author: Kinjoll Dey | October 2023         

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Connected Medical Devices Market Overview


The connected medical devices market is anticipated to reach USD 5.72 Billion by 2032 at 5.8% CAGR during the forecast period 2023-2032.


Connected Medical Devices utilize wired or remote availability assets to gather and screen patient information. Verizon-connected medical devices can diminish human blunders and give continuous and precise information all the more oftentimes. 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. 


The exorbitant cost of connected medical devices and IoT, security concerns, dangers related to information protection, and low chance of reception of associated clinical gadgets in immature nation’s items may hamper the the connected medical devices market during the estimated time frame. But, on the other hand, the medical care industry has seen a huge change all through the most recent couple of years, supported by the extraordinary idea of IoT advances and advances in PC power, remote innovations, and information examination strategies, like Big Data, which as of now is sent in clinical offices and the clinical exploration area for the investigation of a lot of complex heterogeneous clinical information including genomics, proteomics, and pharmacogenomics, around the world. 


Previously, connected medical devices and applications were, for the most part, conveyed to control clinical hardware and show perusing. Notwithstanding, the developing capability of current programming and their contributions overwhelms the requirement for the high-level tactile and associated clinical equipment hardware. Henceforth, there is an ascent in the quantity of associated clinical gadgets and headways in programming that are equipped for catching and sending medical information, alongside information examination benefits, that help medical experts drive bits of knowledge into and advance the conveyance of prescient, preventive, customized, and participatory meds.


The rising prevalence of persistent infections and associated risks necessitates sophisticated and robust patient monitoring frameworks, rising levels of awareness, and rising levels of appropriation of IT in medical care, all of which are driving the expansion of the connected medical devices market. Market growth for linked medical devices is also being aided by rising factors including technological progress, funding for R&D, and speedy approval from administrative specialists. 


The linked medical devices market may be hampered throughout the predicted time frame by factors such as the high price of IoT and connected medical devices, security worries, risks related to information protection, and a poor possibility of reception of connected clinical gadgets in developing nations. The extraordinary idea of Internet of Things (IoT) advancements and advancements in PC power, remote innovations, and information examination strategies, like Big Data, are currently being sent in clinical offices and the clinical exploration area for the examination of a great deal of complex heterogeneous clinical data, for example, genomics, proteomics, and pharmacogenomomics. 


April 2023:Armis, the industry standard in asset visibility and security, has published new findings from its ongoing investigation into the most vulnerable connected medical and IoT devices in clinical settings. Nurse call systems are the most dangerous* IoMT equipment, followed by infusion pumps and medicine delivery systems, according to data gathered by the Armis Asset Intelligence and Security Platform, which monitors more than three billion assets. IP cameras, printers, and VoIP phones are the most popular types of Internet of Things (IoT) gadgets.


Covid-19 Analysis of Connected Medical Devices Market 


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.


Market Dynamics


Drivers


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 Global 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.


Challenges


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.


Opportunities


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.


Restraints


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 Global Connected Medical Devices Industry in the mentioned estimated time frame.


Cumulative growth Analysis


The developing mindfulness among the patients regarding the advantages of individual clinical gadgets will help improve the market for connected medical device manufacturer’s.


Connected Medical Devices Market Segment Overview


By Item Insights


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. 


By Use Insights


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. 


By End-user Insights


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 in March 2023. 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.


Regional Analysis of Connected Medical Devices Market


The Americas are probably going to overwhelm the Global 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. 


Major Market Players of Connected Medical Devices Market 


The key players of the global connected medical devices market:



  • Capsule Technologies, Inc. (US)

  • Cerner Corporation (US)

  • Infosys Limited (India)

  • iHealth Labs (US)

  • Medtronic plc (Ireland)

  • Lantronix Inc. (US).

  • GE Healthcare (US)

  • Koninklijke Philips N.V. (Netherlands)

  • Digi International Inc. (US)

  • Masimo Corporation (US)

  • Hill-Rom Technologies Inc. (US)

  • True Process (US)

  • Cisco Systems, Inc. (US)


Recent Developments



  • In March 2020, Masimo Corporation (US) banded together with Imprivata (US) to coordinate Imprivata's clinical gadget access innovation into Masimo's root patient checking and availability stage and Iris Gateway. 

  • In January 2020, Masimo Corporation (US) went into consent to obtain NantHealth's associated care business.


Report Overview



  • Market overview highlights the global recognition of IoT medical devices market overview

  • Analysis based upon COVID 19

  • Explanation upon the Market Dynamics

  • Value chain analysis for the Global market for connected medical devices Report.

  • Market segmentation overview

  • The regional analysis of market for connected medical devices

  • Competitive landscape analysis

  • Recent Developments of market connected medical devices Forecast


The report highlights the connected medical devices market size development includes its revenue hike's growth potential by the end of the forecast years in 2030.



Report Scope:

Report Scope:
Report Attribute/Metric Details
  Market Size   USD 5.72 Billion
  CAGR   5.8%
  Base Year   2021
  Forecast Period   2023-2032
  Historical Data   2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors and Trends
  Segments Covered   Product, device, application and end user
  Geographies Covered   North America, Europe, Asia-Pacific and Rest of the World (RoW)
  Key Vendors   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
 

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.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players‚Äô financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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