CONNECTED MEDICAL DEVICE MARKET ANALYSIS

The global connected medical device market was valued at US$ 35.3 Mn in 2021 and is forecast to reach a value of US$ 132.7 Mn by 2028 at a CAGR of 20.9% between 2022 and 2028. The global connected medical device market is experiencing strong growth due to the rise in adoption of connected medical devices and outbreak of COVID-19 worldwide. Moreover, rise in demand or adoption of wearable medical devices around the world is expected to boost the growth of the market. However, security concerns, high price of connected medical devices products, and lack of adoption in underdeveloped countries are expected to hamper the growth of the global connected medical device market.

Global Connected Medical Device Market: Regional Insights

Based on geography, the connected medical device market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the well-developed healthcare infrastructure and widespread coverage of the Internet in this region. For instance, there are several medical technologies currently available, which all share a common purpose, having a beneficial impact on people's health and quality of life. For instance, there are 10 to 15 million medical devices in United States hospitals today with an average of 10 to 15 connected medical devices per patient bed, according to research from security company Zingbox.

Asia Pacific is also expected to witness robust growth in the global connected medical device market owing to the outbreak of COVID-19 (pandemic) in this region. For instance, connected medical devices play a major role when a patient's health is to be monitored remotely. These connected devices are revolutionizing the healthcare industry by connecting both patients and healthcare providers with vital information. Specifically, during this pandemic, it is imperative to have a remote monitoring system to assess patients remotely and curb its spread.

Figure 1. Global Connected Medical Device Market Share (%), by Region, 2022

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Global Connected Medical Device Market Drivers:

Increasing adoption of healthcare connected devices for remote patient monitoring is expected to augment growth of the global connected medical device market over the forecast period. For instance, connected medical devices are medical devices that are capable of connecting to the Internet. In August 2021, Royal Philips announced Philips HealthSuite solutions, the Philips Acute Care Telehealth, and Philips Patient Flow Capacity Suite. These solutions are designed mainly to reduce barriers across patient care and into a cost-effective and scalable model.

Growing insight of smartphones, tablets, and other mobile platforms in healthcare is expected to boost growth of the global connected medical device market during the forecast period. For instance, Mobile healthcare (mHealth) technology is the use of mobile devices, such as mobile phones and patient monitoring devices, in medicine. With around seven billion mobile phones in the world; 70% of those in low- or middle- income countries, healthcare organizations can treat patients in parts of the world they previously couldn’t access.

Global Connected Medical Device Market Opportunities:

Outbreak of COVID-19 (pandemic) across the globe is expected to provide significant growth opportunities for players in the connected medical device market. For instance, the pandemic has created an unprecedented demand on the health care system and has led to an urgent need for access to health (medical) products. In May 2021, Dozee (India) developed Remote Patient Monitoring System that checks COVID-19 related vital signs. This device monitors heart rate, respiration rate, oxygen saturation, & blood pressure, among other things, and sends continuous data streams to Dozee’s mobile application.

Increasing demand or adoption of wearable medical devices around the world is expected to offer lucrative growth opportunities for players in the global connected medical device market. For instance, in April 2021, Digital healthcare company Ava planned to test whether its fertility tracking algorithm technology is also effective at detecting COVID-19 infections in real-time. Moreover, Ava is the only wearable currently leveraged in the fight against COVID-19. This offers a unique opportunity during this pandemic.

Global Connected Medical Device Market Trends:

Increase in adoption of data analytics in the healthcare sector is expected to propel growth of the global connected medical device market. Healthcare analytics is the process of analyzing current and historical industry data to predict trends, improve outreach, and even better manage the spread of diseases. In December 2020, Amazon Web Services announced the launch of Amazon HealthLake, a HIPAA-eligible service that aims to support interoperability standards and further drive the use of big data analytics in healthcare.

Introduction of technologically advanced medical devices is expected to aid in the growth of the global connected medical device market. For instance, AliveCor developed a medical-grade electrocardiogram (ECG/EKG) band, can be used by a Smartwatch wearer to detect cardiac arrhythmia conditions causing stroke and to measure the heart rate and rhythm.

Global Connected Medical Device Market Restraints:

Security concerns and risks associated with data privacy is expected to hinder growth of the connected medical device market. For instance, eight out of 10 healthcare organizations have experienced an internet of things-focused cyber-attack in the past year. Of the organizations hit by an attack, 30% said the security incident compromised end-user safety, according to a survey by security software company Irdeto.

High cost of connected medical devices is expected to hamper growth of the global connected medical device market. For instance, according to a 2018 clinical journal article, U.S. hospitals spent approximately $200 billion on medical devices. This figure represents 6 percent of the total U.S. healthcare spend of $3.81 trillion estimated by CMS for 2019.

Figure 2. Global Connected Medical Device Market Share (%), by Application, 2022

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Global Connected Medical Device Market Segmentation:

The global connected medical device market report is segmented into Application and Region.

Based on Application, the connected medical device market is segmented into the Consumer (Patient) Monitoring, Wearable Device, Internally Embedded Device, and Stationary Device. Out of which, Consumer (Patient) Monitoring Segment is expected to dominate the market over the forecast period and this is attributed to the outbreak of COVID-19 across the world. Remote patient monitoring (RPM) devices allow providers to monitor, report, and analyze their patient's acute or chronic conditions from outside the hospital or clinic setting.

Wearable Device Segment is also expected to witness significant growth in the near future and this is due to the increasing adoption of wearable devices and increasing awareness among people about the benefits of wearables. Wearable technology has many uses, including health and fitness tracking, chronic disease management, interactive gaming, performance monitoring and navigation tracking, among others.

Global Connected Medical Device Market: Key Developments

In January 2022, Abbott Laboratories announced it's developing a new category of consumer bio-wearables called Lingoi. These bio-wearables are being designed to translate body's unique language into actionable data to help track and measure general health and wellness.

In October 2020, India Medtronic Private Limited, a wholly owned subsidiary of Medtronic plc, announced the launch of the Azure pacemaker with BlueSync technology, India's first and only pacemaker that can communicate directly with patients' smartphones and tablets.

In May 2021, Royal Philips, a global leader in health technology, announced the integration of its Interventional Hemodynamic System and portable Patient Monitor IntelliVue X3, providing advanced hemodynamic (blood flow) measurements at tableside in the cath lab and continuous monitoring of key vital signs throughout the patient journey.

Global Connected Medical Device Market: Key Companies Insights

The global connected medical device market is highly competitive. This is attributed to the rise in adoption of connected medical devices, especially during the pandemic, as a result, players in the market are focusing on launching technologically advanced products in the market.

Some of the key players in the global connected medical device market are:

GE Healthcare, Biotronik Se & Co. Kg, Garmin Ltd., Abbott Laboratories, Koninklijke Philips NV, Medtronic, Honeywell International Inc., Boston Scientific Corp., NXP Semiconductors NV, and Stanley Black & Decker Inc. (Stanley Healthcare), among others.

*Definition: Connected health, also known as technology-enabled care (TEC), refers to the model of healthcare management and/or delivery that uses technology to provide healthcare services remotely. Connected medical devices are devices that can transmit and receive data to/from another device or the Internet.