Connected Medical Devices Market: Growth Trends, Forecast, and Opportunity Analysis 2022 to 2030

The Global Connected Medical Devices Market Size is estimated to grow a CAGR above 22% over the forecast timeframe and reach a market value of USD 181.9 Billion by 2030.

Traditionally, medical devices and software were commonly used to control medical equipment and show readings. However, the expanding potential of existing software and its offers surpasses the demand for advanced sensory and connected medical devices. As a result, the number of connected medical devices is increasing, as are advancements in software capable of capturing and transmitting medical information, as well as data analytics services that assist medical practitioners in driving insights into and promoting the delivery of predictive, personalized, preventive, and participatory medicines.

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 Connected medical devices provide a plethora of new opportunities for healthcare providers to remotely monitor patients as well as for individuals to monitor themselves. As a result, the variety of connected medical devices provides healthcare providers and patients with a variety of benefits and challenges. Remote patient monitoring is the most common application of connected medical devices in healthcare. Connected medical devices can collect patient health information such as pulse rate, blood pressure, temperature, and more from patients who are not physically present in a healthcare facility, eliminating the need for patients to travel to clinicians or collect it themselves. Furthermore, a wide range of tiny and wearable connected medical devices for heart rate monitoring is now available, allowing patients and healthcare professionals to monitor their health.

Global Connected Medical Devices Market Growth Aspects

The global connected medical devices market has grown rapidly as a result of rising government initiatives to promote automation in healthcare, a growing need for cost-cutting in the healthcare system, and a growing emphasis on active patient engagement and improving patient outcomes. Furthermore, as the number of people suffering from chronic illnesses grows, so does the demand for disease management and continuous patient monitoring tools, driving up the demand for connected medical devices. These devices, which are linked to electronic patient records, provide access to critical health information during treatment.

Growing Usage of Wearable Devices Propels Market Growth

A wearable medical device is defined as noninvasive, autonomous technology that performs certain medical functions such as providing assistance or observation over time. Throughout the evaluation period, the rapid rise of numerous industries, such as remote health monitoring devices and home healthcare, is predicted to have a beneficial impact on the global wearable medical devices market. Furthermore, a growing consumer focus on health and fitness has resulted in attempts to live a healthy lifestyle, which will fuel market expansion in the coming years. The rise of chronic diseases such as diabetes and cardiovascular disease has boosted the demand for wearable medical devices. As a result of these factors, the demand for connected medical devices is expected to rise in the coming years.

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Regional Overview

North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global connected medical devices market. Asia Pacific is expected to expand at the fastest CAGR during the forecasted years, owing to rising demand for wearable medical devices and increased government aid for healthcare infrastructure development. Furthermore, the growing adoption of mHealth, telehealth, and eHealth applications in rising economies such as China and India is propelling the sector ahead. During the COVID-19 epidemic, telemedicine services were used in Australia as an alternative method of providing healthcare to patients. Additionally, favorable government measures encouraging the use of such medical remote monitoring devices, a growing senior population base, and rising healthcare expenditure in this region are important drivers driving the market growth. The rising demand for in-house monitoring, supported central data management systems, the increasing prevalence of COVID 19, and the increasing accuracy and efficiency of remote patient monitors are the key contributors to regional growth.

Market Segmentation:

The global connected medical devices market has been segmented by Acumen Research and Consultancy based on product, application, and end-user. Based on the product, the market is divided into heart rate monitor, smart pill dispenser, portable GPS PERS, Insulin pump, pulse oximeter, ECG monitoring devices, glucose monitor, BP monitor, and others. Based on application, the market split into remote monitoring, treatment services, fitness, consultation and diagnosis services, and wellness services. Based on end-user, the market is classified into hospitals, specialty clinics, home care settings/monitoring, ambulatory surgical centers, and others.

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 Major Key Players

Some key players covered global in the connected medical devices industry are Honeywell International Inc., GE Healthcare, Garmin Ltd., Boston Scientific Corporation, NXP Semiconductors NV, Koninklijke Philips NV, Abbott Laboratories, Medtronic PLC, Stanley Black & Decker, Inc, and Qualcomm Incorporation.

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