PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1752989
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1752989
Global Healthcare Connected Devices Market to Reach US$129.6 Billion by 2030
The global market for Healthcare Connected Devices estimated at US$58.1 Billion in the year 2024, is expected to reach US$129.6 Billion by 2030, growing at a CAGR of 14.3% over the analysis period 2024-2030. Heart Rate Monitors, one of the segments analyzed in the report, is expected to record a 17.0% CAGR and reach US$34.9 Billion by the end of the analysis period. Growth in the Smart Pill Dispensers segment is estimated at 12.1% CAGR over the analysis period.
The U.S. Market is Estimated at US$15.8 Billion While China is Forecast to Grow at 19.4% CAGR
The Healthcare Connected Devices market in the U.S. is estimated at US$15.8 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$28.3 Billion by the year 2030 trailing a CAGR of 19.4% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 10.3% and 12.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.4% CAGR.
Global Healthcare Connected Devices Market - Key Trends & Drivers Summarized
How Are Connected Devices Revolutionizing Patient Monitoring?
The integration of connected devices into healthcare has ushered in a new era of patient monitoring, enabling real-time data collection and analysis. These devices, ranging from wearable fitness trackers to implantable sensors, allow for continuous monitoring of vital signs, facilitating early detection of anomalies and timely interventions. The proliferation of the Internet of Medical Things (IoMT) has further enhanced this capability, with devices communicating seamlessly to provide a comprehensive view of a patient's health status. This interconnected ecosystem not only improves patient outcomes but also reduces the burden on healthcare facilities by minimizing unnecessary hospital visits and admissions.
What Technological Advancements Are Driving the Market Forward?
Technological innovations are at the heart of the growth in the healthcare connected devices market. Advancements in sensor technology, data analytics, and wireless communication have significantly improved the accuracy and reliability of these devices. The integration of artificial intelligence (AI) and machine learning algorithms enables predictive analytics, allowing for proactive healthcare management. Moreover, the advent of 5G technology has facilitated faster data transmission, enhancing the efficiency of remote monitoring and telemedicine services. These technological strides have not only expanded the capabilities of connected devices but have also made them more accessible and user-friendly, encouraging widespread adoption.
How Is Consumer Behavior Influencing Market Dynamics?
Consumer behavior plays a pivotal role in shaping the healthcare connected devices market. There is a growing demand for personalized healthcare solutions, with individuals seeking tools that empower them to take charge of their health. This trend is evident in the increasing popularity of wearable devices that track fitness metrics, sleep patterns, and other health indicators. Additionally, the COVID-19 pandemic has accelerated the acceptance of remote healthcare services, with patients becoming more comfortable with virtual consultations and home-based monitoring. This shift in consumer preferences has prompted healthcare providers and device manufacturers to prioritize user-centric designs and functionalities, ensuring that the devices meet the evolving needs of the end-users.
What Factors Are Driving the Growth of the Healthcare Connected Devices Market?
The growth in the healthcare connected devices market is driven by several factors. The increasing prevalence of chronic diseases necessitates continuous monitoring, which connected devices effectively provide. An aging global population further amplifies the demand for remote healthcare solutions that can manage age-related health issues efficiently. Technological advancements, particularly in AI, IoMT, and 5G connectivity, have enhanced the functionality and reliability of these devices, making them indispensable tools in modern healthcare. Moreover, the rising healthcare costs have led to a shift towards preventive care and home-based monitoring, both of which are facilitated by connected devices. The growing emphasis on personalized medicine and patient-centric care models also contributes to the market's expansion, as connected devices provide the necessary data and insights to tailor treatments to individual needs.
SCOPE OF STUDY:
The report analyzes the Healthcare Connected Devices market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Product (Heart Rate Monitors, Smart Pill Dispensers, Portable GPS PERS, Insulin Pumps, Pulse Oximeters, ECG Monitoring Devices, Glucose Monitoring Devices, BP Monitoring Devices, Other Products); Application (Remote Monitoring Application, Treatment Services Application, Fitness Application, Consultation & Diagnosis Services Application, Wellness Services Application); End-Use (Hospitals End-Use, Specialty Clinics End-Use, Ambulatory Surgery Centers End-Use, Other End-Uses)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
Select Competitors (Total 42 Featured) -
AI INTEGRATIONS
We're transforming market and competitive intelligence with validated expert content and AI tools.
Instead of following the general norm of querying LLMs and Industry-specific SLMs, we built repositories of content curated from domain experts worldwide including video transcripts, blogs, search engines research, and massive amounts of enterprise, product/service, and market data.
TARIFF IMPACT FACTOR
Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by increasing the Cost of Goods Sold (COGS), reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.