Connected Medical Devices Market Size

Connected Medical Devices Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The connected medical devices market is a fast-growing market. The current market size is projected to reach USD 5.72 billion in 2024, and is expected to reach the same size by 2032. This stability, combined with a high CAGR of 5.8% from 2023 to 2032, reflects the steady demand for connected medical devices. The market is expected to grow mainly due to the increasing demand for digital health solutions, driven by the development of IoT technology, telemedicine and the increase in the number of chronic diseases that require continuous monitoring and management. The patient-centric trend, the integration of artificial intelligence into medical devices, and the rapid development of medical equipment in emerging economies will also drive the market. The major companies such as Philips, Medtronic and Abbott are at the forefront of innovation and have established strategic cooperation and made a series of investments to enhance their product offerings. Medtronic's recent collaboration with technology companies to develop remote monitoring solutions is an example of the industry's commitment to using technology to improve patient outcomes. As the market develops, the role of connected medical devices in transforming the delivery of medical services and strengthening patient engagement will become increasingly important.

Regional Market Size

Regional Deep Dive

The connected medical devices market is experiencing a considerable growth in various regions, owing to technological advancements, increasing expenditure on health, and growing focus on patient-centric care. In North America, the market is characterized by the high rate of adoption of new medical devices and the robust regulatory framework that supports the integration of connected devices in the healthcare system. The European region has a varied regulatory framework and a high focus on data privacy. The Asia-Pacific region is a rapidly growing market, owing to the increasing demand for healthcare and government initiatives to improve the health care system. The Middle East and Africa have a unique set of challenges, such as limited access to quality healthcare, but the market is growing rapidly with the increasing investment in telehealth and connected health solutions. Latin America is gradually adopting connected medical devices, owing to the growing awareness and government support for digital health initiatives.

North America

• The FDA has issued new guidelines to encourage innovation and speed the introduction of new medical devices.
• In recent years, telehealth services have expanded, with companies like Teladoc Health and Amwell launching new services, and a new demand for connected devices to enable remote monitoring.
• Artificial intelligence is gaining ground in connected devices, and companies like Medtronic and Philips are investing heavily in developing and deploying artificial intelligence-based solutions to improve the outcomes of patients.

Europe

• The new Medical Devices Regulation (MDR) of the European Union imposes stricter requirements on medical devices that are connected to the Internet. This has had a profound effect on the development and the certification of these products.
• Wearable technology is developing rapidly, and companies such as Fitbit and Garmin are collaborating with medical practitioners to create devices for the prevention and treatment of chronic diseases.
• The emphasis on data privacy and security, especially with the General Data Protection Regulation (GDPR), has influenced the development and deployment of connected medical devices in the region.

Asia-Pacific

• China and India are investing in the development of medical facilities. The government of India is promoting the use of medical devices with the “digital India” program.
• The rise of local health technology entrepreneurs such as Ping An Good Doctor and WeDoctor has driven innovation and increased access to connected health solutions.
• In Japan, the regulatory authorities are more able to cope with the rapid technological changes and thus offer a more favorable environment for the development of connected medical devices.

MEA

• In the United Arab Emirates, the government has taken steps, such as the Dubai Health Strategy 2021, to improve the quality of health care by using connected medical devices.
• In Africa, telemedicine is on the rise, with companies such as Lifebank and 54gene using connected devices to improve the delivery of health care in remote areas.
• Among the problems encountered are the lack of Internet and the lack of medical facilities. But governments and companies are collaborating to develop digital health solutions.

Latin America

• Brazil's Ministry of Health is promoting the use of connected medical devices as part of its strategy to improve access to care and the quality of care in underserved areas.
• The growing use of mobile health applications is changing the way patients are involved in their own care, and DabaDoc and Dr Consulta are two of the companies that are transforming this.
• Regulatory frameworks in countries such as Mexico are evolving to meet the growing demand for connected medical devices, thereby creating a more favourable environment for innovation.

Did You Know?

“It is estimated that about thirty per cent of American hospitals are now using connected medical devices to monitor their patients remotely. This figure has doubled in the past three years.” — American Hospital Association

Segmental Market Size

The Connected Medical Devices market plays a crucial role in the overall healthcare market, which is growing rapidly and is mainly driven by the growing demand for remote patient monitoring and the management of chronic diseases. This market is characterized by the integration of IoT technology into medical devices, which enhances the quality of care and the efficiency of care. The main drivers are the growing number of chronic diseases that require continuous monitoring and the regulatory environment that promotes telehealth solutions, especially in response to the outbreak of COVID.

Today the use of connected medical devices is a reality and is already in the implementation phase. Philips and Medtronic are the leading companies in this field with their innovations. The most important applications are remote monitoring of vital signs, medication adherence and remote consultations, especially in North America and Europe where the health care system supports such technology. Such trends as the push for digital health solutions and government support for telehealth services are driving this development. Cloud, artificial intelligence and advanced data analysis are the technology trends that will make this trend more efficient and more personal.

Future Outlook

The market for connected medical devices is expected to grow at a compound annual growth rate of 5.8 per cent from 2024 to 2032. By then it will be worth an estimated $US 5.72 billion, reflecting the strong demand for new medical solutions. The growth will be driven by the growing prevalence of chronic diseases, the increasing use of telehealth services, and the growing focus on patient-centric care. The integration of connected medical devices into everyday medical practice will become more and more common as patients and doctors seek to manage their health more efficiently and effectively.

The future of connected medical devices will be shaped by the development of the Internet of Things, artificial intelligence, and advanced data analytics. These new tools will not only improve the functionality of medical devices, but also enhance the monitoring and data collection of patients, and thus lead to better health outcomes. Also, government policies that support digital health solutions will help drive penetration. In the long run, connected medical devices will improve patient engagement and the operational efficiency of hospitals.