Connected medical devices are devices that can transmit and/or receive data to/from another device or the Internet. They are capable of connecting to the internet through WiFi, Bluetooth, or radio transmission. Connected health refers to the model of healthcare management and/or delivery that uses technology to provide healthcare services remotely. Connected devices play an important role when the patient's health is to be monitored remotely. While, wireless medical devices (connected devices) bring benefits to three key stakeholders in the healthcare industry: Patients, Clinicians, and Medical Device Manufacturers. Connected medical devices can bring healthcare technology to the next level with IoT remote monitoring.
Market Statistics:
The global connected medical device market is estimated to account for US$ 42.5 Mn in terms of value by the end of 2022
Drivers:
Rise in the number of connected medical devices and technological advancements in medical devices are major factors expected to augment growth of the global connected medical devices market over the forecast period. Adoption of connected medical devices has increased to 25% of US broadband households in 2021. The research firm (Parks Associates) reports that over 55% of US broadband households now own a connected health device, while the adoption of connected medical devices, which includes smart thermometers, wireless CPAP machines, and connected blood-pressure cuffs, increased from 15% in 2020 to 25% in 2021.
Opportunities:
The outbreak of COVID-19 across the globe is expected to offer lucrative growth opportunities for players in the global connected medical devices market. The pandemic most certainly has driven telehealth/telemedicine into the mainstream of healthcare. Remote patient monitoring benefits healthcare during the pandemic by helping with hospitals already packed to the gills, enabling patients to be monitored and treated at home. Moreover, it has reduced the amount of time patients must spend in situations where the COVID-19 can be transmitted. As a result, the demand/adoption of connected medical devices has also increased worldwide.
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Restraints:
Risks associated with data privacy, security concerns, high price of connected medical devices products, and lack of adoption in underdeveloped countries are some major factors expected to hinder growth of the global connected medical devices market.
Of the healthcare organizations hit by an attack, 30% said the security incident compromised end-user safety, according to a survey by security software company Irdeto. The U.S. hospitals spent approximately US$ 200 billion on medical devices.
Global Connected Medical Device Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has caused a massive acceleration in the use of telehealth, as it is an effective option to fight the outbreak of COVID-19. 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. Telehealth is emerging as an effective and sustainable solution for precaution, prevention, and treatment to stem the spread of COVID-19 (coronavirus). For instance, in May 2021, Dozee (India) developed Remote Patient Monitoring System that checks COVID-19 vital signs. This device monitors heart rate, respiration rate, oxygen saturation, and blood pressure, among other things, and sends continuous data streams to Dozee’s mobile application.
Key Takeaways:
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.
Among application, stationary device segment held dominant position in the global connected medical device market in 2022, accounting for 33.2% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
- Increasing adoption of connected medical devices across the world is expected to propel the growth of the global connected medical devices market. In July 2020, TRIMEDX and Medigate teamed up to provide real-time visibility into connected medical devices, launched expanded offerings for health systems to optimize health systems' understanding of medical device use & introducing next-generation device safety & security protection.
- Introduction of technologically advanced medical products is expected to propel the growth of the global connected medical devices market. In 2021, the Food and Drug Administration (FDA) approved Epitel's wireless and wearable EEG (brain wave monitor) sensor for use in hospital emergency rooms and critical care units. FDA-approved product contains wearable, wireless sensors that a nurse or hospital technician may apply quickly and easily.
Competitive Landscape:
Major players operating in the global connected medical device market include
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.
Recent Developments:
In June 2021, India Medtronic Private Ltd. announced the launch of Micra AV, a miniaturized, fully self-contained pacemaker that delivers advanced pacing technology to atrioventricular (AV) block patients via a minimally invasive approach.
In February 2021, Royal Philips announced the Philips Medical Tablet, a portable monitoring kit designed to allow clinicians to remotely monitor a larger patient population in emergencies such as the COVID-19 pandemic.
