Forecast Period
|
2024-2028
|
Market Size (2022)
|
USD 45.20 Billion
|
CAGR (2023-2028)
|
15.10%
|
Fastest Growing Segment
|
Remote Monitoring
|
Largest Market
|
North America
|
Market Overview
Global Healthcare Connected Devices Market has
valued at USD 45.20 billion in 2022 and is anticipated to project robust growth
in the forecast period with a CAGR of 15.10% through 2028. Connected health is
a conceptual paradigm encompassing a multitude of devices, solutions, and software
for health management. Its purpose is to enable hospitals, clinics, and other
healthcare facilities to provide remote health services through the utilization
of wireless technology. By leveraging automated methods, connected healthcare
facilitates the connection between patients and caregivers via the Internet,
Wi-Fi, and other associated technologies. Not only does connected healthcare
offer numerous advantages, but it also has the power to transform the
healthcare industry. Through continuous monitoring of vital indicators and the
easy accessibility of medical data, connected healthcare promotes patient
engagement and satisfaction. By integrating various data sources such as
biological, genetic, medical, lifestyle, and sentiment/mood data, patient-centered
treatment recommendations can be made based on a comprehensive understanding of
a patient's health history and lifestyle. The application of connected
healthcare has expanded to include patient education, appointment organization,
and medication management, thereby enhancing decision-making and patient
satisfaction. The utilization of IoT in healthcare not only contributes to
overall cost reduction but also improves medical outcomes. Proactive and
preventive care has become a primary focus for hospitals and healthcare
facilities, with connected healthcare playing a vital role in early illness
detection through continuous monitoring of patients' health statuses. The
development of wearable devices for monitoring blood oxygen levels, heart rate,
and various biochemical levels in the human body is a testament to the
advancements in connected health technology.
Key Market Drivers
Increasing Penetration 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 growing demand for affordable internet access in
healthcare operations, coupled with the aim of improving diagnostics, patient
experience, and disease management with reduced errors, is driving market
growth. Additionally, the increasing adoption of wearable technology for
precise capture, monitoring, and analysis of physiological data to enhance
health and healthcare outcomes is contributing to this growth. The healthcare
industry has experienced a remarkable transformation in recent years, driven by
the revolutionary impact of IoT technologies and advancements in computer
power, data analytics techniques, and wireless technologies. The utilization of
Big Data in medical facilities and research sectors has become widespread,
enabling the analysis of vast amounts of complex and diverse medical data,
encompassing genomics, pharmacogenomics, and proteomics on a global scale.
Traditionally, medical devices and software were primarily utilized for
equipment control and data display. However, with the increasing potential of
software and its offerings, there is a growing demand for advanced sensory and
connected medical hardware equipment. Consequently, the number of connected medical
devices is on the rise, accompanied by advancements in software capable of
capturing and transmitting medical data, supported by data analytics services.
This empowers medical practitioners to derive valuable insights and facilitates
the delivery of predictive, personalized, participatory, and preventive
healthcare solutions.
Rising Popularity of Telehealth
There is a growing trend towards predictive
healthcare, driving the demand for IoT-enabled wearable devices for monitoring
patient health in home care settings. Notable technology and consumer
electronics companies such as Apple Inc., Samsung, Omron Corporation, and
others are introducing a range of wearable watches, bands, and more to
facilitate real-time health status monitoring. IoT-enabled devices support
telemedicine and telehealth services by providing remote consultations, virtual
appointments, and remote diagnostics. Patients can communicate with healthcare
providers, share health data, and receive medical advice without the need for
in-person visits, increasing access to care, especially in remote or
underserved areas. The market is expected to witness substantial growth in the
coming years, fueled by the increasing popularity of telehealth, which
encompasses medical counseling, physical and occupational therapy, home health
services, as well as chronic disease monitoring and management.
Growing Prevalence of Chronic Diseases Globally
The increasing prevalence of chronic diseases is
driving the demand for disease management and continuous patient monitoring
services. This, in turn, is fueling the need for connected health devices in
the foreseeable future. These devices, connected to electronic patient health
records, provide patients with crucial data during therapy. Over the projected
timeframe, the widespread use of mHealth devices and the development of
technologically advanced innovations are expected to further boost the demand.
The market's future development will be propelled by a focused adoption of
Internet of Things (IoT) devices and wearable medical equipment, including
mobile communication devices and sensors. The growing awareness of connected
health devices, combined with the healthcare sector's increasing emphasis on
cost reduction, is driving the integration of new techniques to handle high
patient volumes and ultimately bolster the connected health devices industry.
Rising Adoption of IoT in Healthcare Devices
IoT-enabled devices in healthcare, such as wearable
health trackers, remote patient monitoring devices, and smart medical
equipment, allow healthcare professionals to gather real-time patient data.
This data can include vital signs, medication adherence, activity levels, and
more. This continuous data collection enhances the ability to diagnose, treat,
and monitor patients effectively, leading to improved outcomes. IoT devices
enable healthcare providers to remotely monitor patients' health conditions
without requiring them to be physically present in a healthcare facility. This
is particularly beneficial for managing chronic diseases, post-operative care,
and elderly patients. RPM reduces hospital readmissions, improves patient
comfort, and lowers healthcare costs. IoT devices empower patients to take a
more active role in managing their health. Wearable devices and mobile apps
provide patients with personalized health insights, encourage healthy
behaviors, and promote adherence to treatment plans. Overall, the integration
of IoT technology into healthcare devices has transformed the way healthcare is
delivered, leading to better patient outcomes, cost savings, and improved
operational efficiency. This, in turn, has fueled the growth of the Healthcare
Connected Devices market as healthcare providers and organizations increasingly
recognize the potential benefits of IoT in improving patient care and overall
healthcare processes.
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Key Market Challenges
Concerns About Data Security
Concerns about data security have posed significant
challenges to the growth of the Healthcare Connected Devices market. While
IoT-enabled devices offer numerous benefits in healthcare, the collection,
transmission, and storage of sensitive patient data through these devices also
raise several security and privacy concerns. Healthcare data breaches can lead
to the exposure of sensitive patient information, including personal health
records and medical histories. Unauthorized access to this data can result in
identity theft, fraud, and other malicious activities. The potential for data
breaches can deter healthcare organizations from fully embracing IoT devices.
IoT devices are susceptible to cyberattacks, such as hacking and malware
infections. These attacks can compromise the functionality of devices, disrupt
patient care, and compromise the confidentiality and integrity of patient data.
Connected healthcare devices often collect a wide range of personal health
information, and patients are concerned about how this data is used and shared.
The improper handling of patient data can erode patient trust and lead to legal
and reputational consequences for healthcare providers and device
manufacturers. The lack of standardized security protocols across different IoT
devices and platforms can create vulnerabilities. Inconsistent security
measures make it difficult to ensure comprehensive protection against potential
threats.
The High Cost of Connected Medical Devices
While these devices offer numerous benefits,
including improved patient care and operational efficiency, their high upfront
and ongoing costs can hinder widespread adoption and integration in healthcare
systems. Healthcare organizations, especially smaller clinics and hospitals
often have limited budgets for technology investments. The high cost of
acquiring and implementing connected medical devices can strain these budgets,
making it challenging to allocate resources for such devices. Implementing
connected medical devices may require upgrading or modifying existing IT
infrastructure, including networking, data storage, and cybersecurity systems.
These infrastructure costs can add to the overall expense of adopting connected
devices. Introducing new connected devices into healthcare settings often
requires training staff members to effectively use and manage these
technologies. The costs associated with training, technical support, and
ongoing maintenance can contribute to the overall financial burden. Reimbursement
policies and regulations in healthcare systems may not adequately cover the
costs of connected medical devices. This lack of reimbursement can discourage
healthcare providers from adopting these devices, as they may not see a clear
financial benefit.
Key Market Trends
Increasing Adoption of Home Medical Equipment
As more patients and healthcare providers recognize
the benefits of managing health conditions at home, the demand for connected
devices that enable remote monitoring, data collection, and telehealth
interactions will continue to rise. The aging population prefers to maintain
independence and live at home for as long as possible. Connected devices
provide a way to monitor the health and safety of elderly individuals while
enabling healthcare providers and family members to intervene if needed. Home
medical equipment, such as wearable health trackers, smart blood pressure
monitors, and glucose meters, can be connected to digital platforms that enable
remote patient monitoring. These devices transmit real-time health data to
healthcare providers, allowing for timely interventions and adjustments to
treatment plans without requiring patients to visit healthcare facilities. As
the adoption of home medical equipment continues to grow, the demand for
connected devices that enhance remote monitoring, telehealth, and data-driven
care will also increase. Manufacturers and developers of Healthcare Connected
Devices are likely to invest in innovations that cater to the unique needs of
home-based care, ultimately contributing to the expansion and advancement of
the Healthcare Connected Devices market.
Digitalization In the Healthcare Sector
Digitalization in the healthcare sector plays a
crucial role in boosting the growth of Healthcare Connected Devices in the
future. The integration of digital technologies and data-driven solutions into
healthcare processes creates an environment conducive to the adoption and
utilization of connected medical devices. Digitalization promotes the
development of interoperable systems that can seamlessly exchange data between
different healthcare devices, platforms, and electronic health records. This
facilitates the integration of Healthcare Connected Devices into existing
workflows, making it easier for healthcare providers to collect and utilize
data from various sources. Digitalization enables advanced data analytics and
artificial intelligence (AI) algorithms to process and analyze large volumes of
healthcare data. Connected devices contribute valuable data to these analytics,
facilitating the identification of trends, patterns, and insights that can
inform personalized treatment plans and preventive strategies. As healthcare
organizations increasingly embrace digital transformation, the integration of
connected devices becomes a natural extension of their efforts to improve
patient outcomes, operational efficiency, and overall healthcare delivery.
Segmental Insights
Product Insights
Based the product, there is
a significant projected growth in the market for ECG monitoring devices in the
coming years. An electrocardiogram (ECG) monitoring device is designed to
record heart activity using electric signals, which are then amplified on an
ECG monitor. During the forecast period, advancements in IoT-based ECG
monitoring systems and the increasing global disease burden will drive the
market for ECG monitoring devices. Additionally, factors such as the growing
emphasis on patient-centric care delivery, the penetration of smartphone and
high-speed networking and connectivity solutions, and the need to reduce
medical costs contribute to the growth of the ECG monitoring devices segment in
the connected medical devices market.
End User Insights
Based on the end-user
classification, the market is categorized into hospitals, specialty clinics,
home care settings/monitoring, ambulatory surgical centres, and others. The
hospitals segment has generated the highest revenue due to the rapid adoption
of IoT-enabled healthcare for remote patient monitoring systems and effective
management of electronic health records (EHR) by medical professionals. A
connected healthcare system facilitates remote monitoring of patients' health,
including blood pressure and saline levels. This enables hospitals to embrace
new technologies, enhance patient and physician satisfaction, and improve
clinical outcomes. The increasing number of hospitals and clinics striving to
enhance healthcare accessibility has also contributed to the growth of the
market in this segment.