The connected medical devices market is estimated to grow at a CAGR value of ~25.2% from 2020 to 2026. The medical devices that are capable to transmit vital sign data from a patient staying at home or any other place to the doctor or hospital staff are called as connected or IoT based devices.
Such devices allow remote patient monitoring at the cheapest possible price as compared to traditionally monitored devices. The patient is connected wirelessly to glucometers, coagulators, heart rate, and blood pressure monitors, Apnea monitors, patient identification monitor, etc. Hence, advantages of IoT based or connected medical devices such as easy transfer of patient medical records, health data, lower medical errors, lower dependency on the medical staff, evolved patient safety, encouraging patient engagement scenario, and efficient patient monitoring. The market is seeing growth due to the advent of the internet and telecommunication with healthcare service along with the evolution of high-speed networking and the rising adoption of smartphones with healthcare.
Also, the growing incidence of chronic diseases like arthritis, diabetes, cardiovascular disease, and cancer will increase the demand for connected medical devices to be used mostly for home care settings. As per the recent data provided by CDC, from 2013-2017, around 55 million people have been diagnosed with some form of arthritis and around 460 million people with diabetes. Moreover, one person dies of some form of heart disease every 37 seconds i.e. 647,000 people in America. Hence monitoring and diagnosing such a lifestyle disorder has become the basis of any further treatments. This will lead to the increasing purchase of connected devices at home settings.
Moreover, the rising preference for self-monitoring of vital signs, the increasing purchasing power of IoT based medical devices, high portability of the devices, added advantage of quick diagnosis, and analysis of vital signs will fuel the market growth. Patient admission for diagnosis, treatment, and monitoring at the hospital setting gets extremely difficult due to lack of space, loss of time, patient administration queue, increased the burden on the medical staff. Hence this is giving rise to increasing adoption of the use of portable connected medical devices.
The market is divided into products and integrated software. The products/medical devices segment is further split into medical imaging devices, vital sign & patient monitoring devices, implantable devices, infusion pump, Ingesters sensors, insulin pens, inhalers, neurological devices, hearing devices, fetal monitoring devices, ventilators, portable GPS trackers, biometric sensors, connected contact lenses, sleep Apnea monitors, and fitness and wellness monitors/ sensors/ wearable. Furthermore, the vital sign and patient monitoring segment are split into Blood Glucose Monitors, ECG/heart rate monitors, BP monitors, Multiparameter monitors, Oximeters, coagulation monitors, Holter monitors, blood gas monitors, temperature monitors, respiratory monitors, and anesthesia monitors, whereas, the implantable device is further segmented into Cardioverter defibrillators, pacemakers, and implantable cardiac monitors.
The market can be better explained as per the portability of these products. Connected medical devices can be divided into standalone and wired devices, internally embedded devices, and wireless/ wearable/ portable devices. Of which the wearable or portable connected devices have received huge demand and interest from the public. The reason for this demand is the high portability offered by the device that allows the patient to monitor and diagnose their vital signs anywhere, anytime, and anyplace regardless of any help. Moreover, aggressive marketing strategies taken up by several medical device companies for selling their products have helped increase the adoption of the products in the market. The low cost, reliability, and ease of use are added advantages offered by wearable products.
Geographically the market is split into North America, Europe, APAC, MEA and CSA. North America being the most advanced region will have the largest share. This is also due to the growing awareness of patient engagement in medical diagnosis and monitoring, rising affordability for advanced connected devices, and increasing launches of innovative medical devices.
Some of the prominent key players in the market that are dedicating their research and development activities for offering best-connected devices are Medtronic, GE Healthcare, Philips Healthcare, Siemens, F. Hoffmann-La Roche, Abbott Laboratories, Boston Scientific, Honeywell Life Care Solutions, Biotronik, Johnson & Johnson, Omron, Biotelemetry, Alivecor, Agamatrix, Stanley Healthcare, Welch Allyn, Analog Devices, Inc., Semiconductor, Inc., Infineon Technologies, Renesas Electronics Corporation, Stmicroelectronics, Texas Instruments, HeartFlow, Sotera, MediBeacon, Vincense, iHealth Lab Inc., Withings, Muse, SpaceLabs, Schiller, Masimo, Suntech Medical, HingMed, FitBit Inc., and Garmin.
Awareness regarding self-screening for potential health disorders using connected medical devices at home care settings will be the future of diagnosis and monitoring.
Check the report summary at: https://www.globalmarketestimates.com/market-report/global-connected-medical-devices-market-2225