Global Healthcare Connected Devices Market to Grow with a CAGR of 15.10% through 2028
Increasing use of personalized healthcare solutions, and a
growing emphasis on active patient engagement and improving patient outcomes is
expected to drive the Global Healthcare Connected Devices Market growth in the
forecast period, 2024-2028.
According
to TechSci Research report, “Global Healthcare Connected Devices Market - Industry Size,
Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Healthcare Connected Devices Market stood at USD
45.20 billion in 2022 and is anticipated to grow with a CAGR of 15.10% in the
forecast period, 2024-2028. Connected medical devices offer numerous
opportunities for healthcare providers to remotely monitor patients and
individuals to self-monitor. Consequently, the wide array of connected medical
devices presents both benefits and challenges for healthcare providers and
patients. Remote patient monitoring represents the primary application of
connected medical devices in healthcare. These devices can gather vital patient
health information, including pulse rate, blood pressure, temperature, and
more, without the need for physical presence in a healthcare facility. This
eliminates the necessity for patients to travel to clinicians or collect data
themselves. Moreover, a diverse range of small and wearable connected medical
devices for heart rate monitoring are now readily available, empowering
patients and healthcare professionals to effectively monitor their health.
Browse over 26 market
data Figures spread through 91 Pages and an in-depth TOC on "Global
Healthcare Connected Devices Market.”
The
Healthcare Connected Devices Market is experiencing robust growth primarily due
to the increasing integration of the internet in healthcare functions. The
internet is utilized in smartphones, tablets, and wearable devices to
facilitate the wireless transfer, storage, and display of clinical data. The
market is being driven by the rising demand for affordable internet solutions
in healthcare operations, as well as the improvement of diagnostics, patient
experience, and disease management with reduced errors. Furthermore, the
adoption of wearable technology for precise capturing, monitoring, and analysis
of physiological data to enhance health and healthcare outcomes is contributing
to market growth. There is a growing shift towards predictive healthcare, which
has led to increased demand for IoT-enabled wearable devices for monitoring
patient health in home care settings. Key players in the technology and
consumer electronics industry, such as Apple Inc., Samsung, and Omron
Corporation, are introducing a variety of wearable watches, bands, and other
devices to facilitate real-time health status monitoring. The market is
expected to witness significant growth in the coming years, driven by the
increasing popularity of telehealth. Telehealth encompasses medical counseling,
physical and occupational therapy, home health services, and chronic disease
monitoring and management. The market's growth is further fueled by the health
crisis caused by COVID-19, which has resulted in a sharp rise in the use of
remotely monitored technologies such as telehealth and telemedicine. Telehealth
has offered several benefits during the pandemic, including increased access to
healthcare, reduced risk of infection through limited exposure to medical
professionals, and preservation of scarce supplies of personal protective
equipment. The expanding technological landscape in the healthcare sector is
promoting the utilization of AI, Machine Learning, and Deep Learning in the
medical field to accurately address the needs of healthcare professionals.
There
is an emerging trend of telemedicine services due to government-imposed
restrictions on movement during the global pandemic. With hospitals primarily
focused on treating COVID-19 patients, individuals are exploring alternative
ways to monitor their health and seek medical assistance only in emergencies.
Consequently, the sales of smart wearables, particularly smartwatches, have
witnessed a surge in recent months. This pandemic has the potential to bring
about lasting changes in the adoption of various connected healthcare products
and services. Many organizations have been compelled to integrate and upgrade
new technologies, laying the foundation for a new standard of care. For
example, in November 2020, Garmin International, Inc. introduced pregnancy
tracking features, providing expectant mothers with insights into their
pregnancy alongside other health, wellness, and activity data. The widespread
adoption of mHealth devices and the introduction of technologically advanced
product designs are expected to drive market growth in the forecast period. The
focused approach towards the adoption of Internet of Things (IoT) devices and
wearable medical devices, which include sensors and mobile communication
devices, is also anticipated to contribute to the industry's expansion.
Additionally, the growing emphasis on reducing healthcare costs and increasing
awareness of connected health devices are driving the healthcare system to
incorporate innovative strategies to effectively manage high patient volumes,
thus fueling market growth.
The
population and economies of emerging nations like India and China are expected
to present strong opportunities for the health connected device industry.
Moreover, the development of innovative products with a focus on enhancing
patient comfort is anticipated to offer significant potential for the connected
health devices industry. The increasing popularity of wireless technologies,
including cloud-based technologies and Bluetooth, represent some of the latest
advancements in the global connected health devices industry. Additionally,
businesses are placing greater emphasis on efficient Research and Development
(R&D) of new products. However, the global connected health device market
growth is significantly hindered by several unfavorable factors. Uncertainty
surrounding the availability of traditional techniques and reluctance of
individuals to adopt contemporary health devices are two major challenges
limiting the global connected health devices industry.
The Global
Healthcare Connected Devices Market is segmented into product, application, end
user, regional distribution, and company.
Based on application, remote
monitoring is expected to dominate the market as there is a growing demand for
remote patient monitoring solutions, particularly as the global population ages
and chronic diseases become more prevalent. Connected medical devices, such as
wearable devices and home monitoring systems, that enable remote health
monitoring can significantly enhance patient outcomes and reduce healthcare
costs. The increasing availability of wireless communication technologies,
including Bluetooth and Wi-Fi, has facilitated the seamless and cost-effective
integration of medical devices with the internet and other networks. This, in
turn, has fueled the development of innovative connected medical devices
capable of real-time monitoring and analysis of patient data.
Based on end user, hospitals
are projected to dominate the global connected medical devices market, driven
by factors such as streamlined inpatient processing, escalating demand for
telehealth and teleconsultation. Additionally, the surge in patient volume,
augmented investments in cutting-edge medical device connectivity solutions by
hospitals, tighter profit margins, and an unwavering commitment to delivering
exceptional patient care and safety all contribute to the growth of this
segment. Moreover, the increasing focus on remote patient monitoring devices for
continuous monitoring of elderly patients, coupled with the rising prevalence
of various chronic respiratory disorders, propels the adoption of these devices
and services within this sector.
Major companies operating in Global Healthcare Connected Devices Market are:
- McKesson Corporation
- Medtronic Plc
- GE Healthcare, Inc.
- Omron Healthcare, Inc.
- Draeger Medical Systems,
Inc.
- Fitbit, Inc.
- Apple, Inc.
- Microlife Corporation
- Aerotel Medical Systems
Ltd.
- Jude Medical, Inc.
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“The global connected medical devices
market has experienced significant growth due to increasing government
initiatives to promote automation in healthcare, a growing need for
cost-cutting in the healthcare system, and a heightened focus on active patient
engagement and improving patient outcomes. Moreover, with the rising number of
individuals with chronic illnesses, the demand for disease management and
continuous patient monitoring tools has also increased, leading to a surge in
the demand for connected medical devices. These devices, which are integrated
with electronic patient records, provide critical health information access
during treatment. The connected medical devices market is a burgeoning industry
that has consistently expanded over the past decade, driven by its reliance on
IoT technologies. In the realm of connected medical devices, opportunities for
technological integration exist throughout the entire device lifecycle,
spanning from manufacturing and maintenance to usage. For more than two
decades, the consumer-facing healthcare sector has resisted the wave of
disruptive innovations that have transformed other industries. This resistance
indicates that the industry is now primed for disruption, with technologies
such as Artificial Intelligence (AI) and Machine Learning (ML) playing a
crucial role in unlocking the vast possibilities of connected healthcare.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Global
Healthcare
Connected Devices Market By Product (Heart Rate Monitor, Smart Pill Dispenser,
Portable GPS PERS, Insulin Pump, Pulse Oximeter, ECG Monitoring Devices,
Glucose Monitor, BP Monitor, Others), By Application (Remote Monitoring,
Treatment Services, Fitness, Consultation and Diagnosis Services, Wellness
Services), By End-User (Hospitals, Specialty Clinics, Home Care
Settings/Monitoring, Ambulatory Surgical Centers, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future
growth potential of Global Healthcare Connected Devices Market and provides
statistics & information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Healthcare Connected Devices Market..
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