Global Connected Medical Devices Market size was valued US$ XX Bn in 2019 and the total revenue is expected to grow at CAGR of 23.3% through 2020 to 2027.
Market Definition:
Connected medical devices are used to collect and monitor patient data via wired or wireless connectivity resources. Connected medical devices not only ease human error, but it offers accurate and uninterrupted data more often.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Market Dynamics:
The report contains a detailed list of factors that will drive and restrain the growth of the connected medical devices market. The global connected medical devices market is estimated to drive the market because of rising expenditure on R&D, technology developments, mounting awareness, need of lucrative and dependable patient monitoring systems, and cumulative acceptance of information technology in healthcare. The increase in the number of connected medical devices, together with advances in the systems and software that support the capture and transmission of medical-grade data, connectivity technologies, and services, has created the Internet of Medical Things (IoMT).
Also, the growing popularity of wearable medical devices between consumers who are capable of detecting diabetes at an early stage is surging the connected medical device market globally. High use of smartphones, mobile platforms, and applications that are aiding to monitor health issues decreases the patient admission rate in hospitals. Connected medical devices give an improvement in the quality of patient care and cost discount of health treatments. Therefore, the aged population is mainly inclining towards the acceptance of connected medical devices for effective care and treatment through remote monitoring.
A key challenge for medical technology is confirming that health care organizations, clinicians and patients understand the added value of connected medical devices and use them at scale to drive better economics and patient outcomes.
However, the low possibility of their acceptance in underdeveloped Countries, the high price of connected medical devices products, risks related to data privacy, and security concerns, these are the factors restraining the market growth.
Internet of Medical Things (IoMT): Ecosystem
Global Connected Medical Devices Market
Global Connected Medical Devices Market Segment Analysis:
The report covers all segments such as devices, product type, application, and end user in the connected medical devices market. Based on devices, wearable devices are estimated to grow at the highest XX% CAGR throughout the forecast period. The wearable devices getting lead in the healthcare segment and this factor is impelling the connected medical devices market. The wearable devices that accounted for the second-highest number of shipments were the modular wearable. There are more than 500,000 medical technologies currently available. The increase in usage of healthcare and fitness applications is dominating the growth of the global smart wearable devices. The smart watches, smart footwear, postures monitors, movement sensors, wrist devices, heart straps, headbands, wearable patches, pain management devices, and medicine delivery pods are the numerous devices that blooming the global connected medical devices market.
Global Connected medical devices Market Regional analysis
The North America region has dominated the market with US$ XX Bn in 2019 because of the availability of progressive medical facilities, key players also give a boost to become a better market. Market growth owing to satisfactory policies from the government along with regulatory authorities, growing awareness about the connected medical devices, and the increasing occurrence of chronic diseases. The implementation of very advanced technology and aggressive strategies accepted by major market players can also flourish market growth.
Country-wise Analysis:
Emerging economies, such as Middle East & Africa anticipated to accounts for the smallest share and contribute to the growth of the market which will grow at a CAGR of XX%, because of underdeveloped healthcare sectors, lack of technical knowledge and poor medical facilities.
The objective of the report is to present a comprehensive analysis of the Global Connected Medical Devices Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Connected Medical Devices Market dynamics, structure by analyzing the market segments and project the Global Connected Medical Devices Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Connected Medical Devices Market make the report investor’s guide.
Scope of the Global Connected Medical Devices Market
Global Connected Medical Devices Market, By Devices
• wearable
• Non-wearable
Global Connected Medical Devices Market, By Product Type
• ECG monitoring devices
• Portable GPS PERS
• Insulin pump
• BP monitor
• Pulse oximeter
• Glucose monitor
• Heart rate monitor
• Smart pill dispenser
• others
Global Connected Medical Devices Market, By Application
• Treatment services
• Fitness and Wellness services
• Remote monitoring
• Consultation & diagnosis services
Global Connected Medical Devices Market, By End User
• Hospitals
• Clinics
• Ambulatory
• Surgical Centers
• Other
Global Connected Medical Devices Market, By Regions
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa (MEA)
Key players operating in Global Connected medical devices Market
• Aerotel Medical Systems Ltd.
• AgaMatrix Inc.
• Boston Scientific Corporation
• Dexcom
• F. Hoffmann-La Roche
• Fitbit Inc.
• GE Healthcare Inc.
• iHealth Labs (subsidiary of Andon Health)
• Johnson & Johnson
• McKesson Corporation
• Medtronic PLC
• Omron Corporation
• Philips Healthcare
• Polar Electro
• St. Jude Medical Inc. (Abbott)
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