by The connected medical device market has seen significant growth in recent years due to the rising demand for remote monitoring of patients. Connected medical devices help collect physiological data of patients through devices such as glucose meters, pulse oximeters, blood pressure monitors and transmit it to the healthcare providers, family members, or caregivers through mobile applications. This enables condition monitoring from home and helps improve patient care while reducing healthcare costs.
The global connected medical device market is estimated to be valued at US$ 62.39 Mn in 2024 and is expected to exhibit a CAGR of 20% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the connected medical device market are GE Healthcare, Biotronik Se Co. Kg, Garmin Ltd., Abbott Laboratories, Koninklijke Philips NV, Medtronic PLC, Honeywell International Inc., Boston Scientific Corporation, NXP Semiconductors NV, and Stanley Black Decker Inc. (Stanley Healthcare), among others. The growing demand for self-monitoring of health conditions and chronic diseases along with an aging population are creating lucrative opportunities for players in this market. Connected Medical Device Companies are expanding globally to address the needs of healthcare providers and patients.
Key opportunities in the market include growing adoption of telehealth and remote patient monitoring, increasing investments in digital health by hospitals and availability of devices suitable for home healthcare. The connected medical device market is witnessing rapid global expansion driven by an increased focus on preventive healthcare and management of chronic diseases. Rising medical costs are prompting healthcare providers to shift from conventional hospital-centric approach to more cost-effective home healthcare solutions.
Market drivers:
One of the key drivers for the connected medical device market Demand is the growing adoption of wireless technology in healthcare. The increased adoption of technologies such as Bluetooth, Wi-Fi, cellular networks for transmission of healthcare data from remote patient monitoring devices to providers has made real-time monitoring and treatment convenient. This is expected to positively impact the demand for connected medical devices. Growing focus on management of chronic diseases and preventive healthcare is another major factor driving the need for continuous monitoring of patients through connected devices.
PEST Analysis
Political: Data privacy regulation and cybersecurity laws impact the adoption of connected medical devices. Monitoring of such regulations promote safety and create opportunities.
Economic: Higher disposable income, rising healthcare costs propel investments in advanced medical technologies for improved patient care and outcomes. Recovery in global economy encourage spending.
Social: Aging population, growing lifestyle diseases drive demand for remote and self-monitoring. Widespread internet and smartphone access boost digital transformation across healthcare.
Technological: Advancements in wireless technologies, miniaturization, artificial intelligence and integration with cloud services enable real-time data collection and analysis facilitating virtual care. Interoperability across care settings ensure continuity.
North America region commands the major share in the global connected medical device market in terms of value due to large patient population, growing acceptance of digital healthcare, strong presence of key players and well-established healthcare infrastructure. Asia Pacific is identified as the fastest growing regional market driven by increasing investments towards improving healthcare access, rising medical tourism and expanding patient base of chronic conditions in developing countries.
Europe holds a substantial share in the global connected medical device market owing to higher per capita healthcare spending, presence of leading manufacturers and rising cases of lifestyle diseases. Supportive government initiatives to modernize equipment and focus on patient centric model provide impetus. China, India and other developing Asian countries present lucrative opportunities attributed to expanding middle class population, growing medical awareness and improving access through public and private investments. Advancements in data connectivity across rural areas enhance market prospects
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
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