Market Research Report
Connected Medical Device Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||704899|
|Published||Content info||100 Pages
Delivery time: 2-3 business days
|Connected Medical Device Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: February 1, 2019||Content info: 100 Pages||
The connected medical devices market was valued at USD 18.90 billion in 2018, and it is expected to reach USD 63 billion by 2024, at a CAGR of 22.26% over the forecast period (2019-2024). The healthcare industry has witnessed significant transformation over the last few years, aided by the emergence of new technological advancements, such as IoT and Big Data analytics.
Internet-connected devices, ranging from hospital imaging equipment to implantable pacemakers and infusion pumps, help healthcare providers and patients in a variety of tasks, such as monitoring vitals, improving diagnostics, regulating dosages, and more. According to Synopsys, a computer integrated systems design company, US hospitals have an average of 10-15 connected medical devices per bed.
A critical factor for companies looking to bring connected devices to the market is the wireless device certification process. In North America, this is separate from the FDA testing, and is required for all wireless devices.
Increasing expenditure on treating chronic diseases and the need to monitor and curb them have led to significant innovations in the connected devices market, which have enabled individuals to track and keep a check on these chronic diseases.
The Internet of Medical Things (IoMT) allows medical devices to be connected to the cloud and to applications. Connected medical devices can also provide portable diagnostic devices that can be used for in-home collection and diagnosis. Connectivity can directly benefit both patients and healthcare service companies.
Increasing Adoption of Wearable Devices
The adoption of wearable devices in the healthcare segment has been gaining traction in recent times. This, in turn, has been one of the significant factors influencing the connected medical devices market.
The worldwide wrist wearable shipment in 2015 was estimated at more than 40 million units, which is expected to cross 100 million units by the end of 2018, with the healthcare sector accounting for a significant portion of the demand. The wearable devices that accounted for the second-highest number of shipments were the modular wearables.
The healthcare wearable devices comprise more than fitness bands. Smart watches, smart glasses, smart footwear, smart apparel, posture monitors, movement sensors, wrist devices, heart straps, headbands, wearable patches, pain management devices, and medicine delivery pods are some of the myriad devices that make up the vast and growing healthcare wearables market.
This growth in the global smart wearable devices unit shipments is dominated by healthcare and fitness applications. Thus, due to the rise in the usage of wearable devices in the healthcare sector and improved connectivity solutions, the market for wearable connected devices for healthcare applications is expected to grow.
North America Holds Highest Market Share
The US connected medical devices market is defined by the presence of established medical device manufactures, an advanced healthcare ecosystem, and significant healthcare expenditure. According to Synopsys, US hospitals have an average of 10and 15 connected medical devices per bed.
The sale of blood pressure monitoring equipment in the region is expected to cross USD 1.92 billion in 2018, which would be a 370% increase from that in 2013. This makes blood pressure monitoring the most lucrative segment in the US connected medical devices market, which is the major contributor in the region.
The region has witnessed a considerable rise in the use of connected medical devices. The size of the US medical devices industry was estimated at about USD 148 billion in 2015, and is expected to cross USD 175 billion by 2020, which clearly indicates the immense potential offered by the region for connected medical devices.
The country's healthcare industry has shown keen focus on the protection of patient health information through the HIPAA Act of 1996 and the subsequent HITECH Act of 2009, while also favoring the IoT aligned to federal standards for the manufacturing, deployment, and support of the connected devices for patient care.
The connected medical devices market is highly fragmented. Some of the key players in the market include GE, Abbot, and Philips. Some key recent developments in this market are as follows:
Medtronic, plc., along with Nutrino, announced that the companies have entered into a definitive agreement, under which Medtronic will acquire Nutrino. The companies recognized this as an opportunity to enhance clinical outcomes for people with diabetes by integrating Nutrino's extensive food analysis infrastructure, nutrition science expertise, and artificial intelligence (AI)-driven personalized insights with Medtronic's technology and future innovations.
PHILIPS NV announced that it has expanded its General Care Solution, which comprises patient monitors, wearable biosensors, and clinical decision support algorithms, with the new Philips IntelliVue GuardianSoftware mobile client application.
Boston Scientific acquired Securus Medical Group, Inc., a privately-held company that has developed a thermal monitoring system for the continuous measurement of esophageal temperature. The acquisition of Securus further broadens its electrophysiology portfolio and fuels its mission to provide physicians with meaningful innovations that advances patient care.