The Global Connected Medical Devices Market accounted for US$ 31.2 Bn in 2021 and is expected to reach US$ 181.9 Bn by 2030 with a considerable CAGR of 22.1% during the forecast timeframe of 2022 to 2030.
The market for connected medical devices is one of the emerging disciplines of medicine that has been continuously growing over the last decade. Connected medical devices offer numerous advantages, including automated alarms, remote monitoring, accurate intervention, cheaper healthcare costs, and, most significantly, improved patient outcomes. These devices can be a highly useful solution for enhancing patient health when secured properly and maintained.
Connected medical devices are medical devices that are linked to data collection and monitoring systems via computers, smartphones, and other devices. In addition to earlier detection and prediction, connected medical devices can track the effectiveness of patient outcomes. This gives clinicians more precise and consistent data about their patients, as well as better results. Additionally, expanding the generic population, increased acceptance of connectivity options, increased internet penetration, and considerable expansion in IoT technology across medical products are the key factors that drive global demand for connected medical devices.
Drivers
· Rising adoption of IoT in healthcare devices
· Growing prevalence of chronic diseases globally
· Technological advancements in wearable devices
Restraints
· Concerns about data security
· The high cost of connected medical devices
Opportunity
· Increasing adoption of home medical equipment
· Digitalization in the healthcare sector
| Market |
Connected Medical Devices Market |
| Market Size 2021 |
US$ 31.2 Mn |
| Market Forecast 2030 |
US$ 181.9 Mn |
| CAGR |
22.1 % During 2022 - 2030 |
| Analysis Period |
2018 - 2030 |
| Base Year |
2021 |
| Forecast Data |
2021 - 2028 |
| Segments Covered |
By Product , By Application,By End-User And By Geography
|
| Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled |
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. |
Report Coverage
|
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
| Customization Scope |
10 hrs of free customization and expert consultation
|
Connected Medical Devices Market Dynamics
Advancements in technology, raising occurrence rates of chronic diseases such as genetic diseases, COPD, respiratory diseases, and others, improved access to high-speed internet, and the implementation of favorable government regulatory policies are the major factors driving the growth of the connected medical devices market. Furthermore, due to the accessibility of web-connected devices and feasible networks, consumers and healthcare providers can now use connected medical devices for examinations and monitoring the patient. Such devices can facilitate assessments and assist healthcare professionals in providing appropriate consultation and medication to patients in remote areas. Increased internet penetration among individuals and medical professionals is also assisting market growth.
Additionally, the needs for cost-cutting in healthcare delivery, as well as a growing emphasis on effective patient engagement and improving patient outcomes, are driving the growth of this market. Furthermore, federal programs to promote digitalization in healthcare are expected to drive demand growth in the connected medical devices market over the forecast period.
Market Segmentation
Market by Product
· Heart Rate Monitor
· Smart Pill Dispenser
· Portable GPS PERS
· Insulin Pump
· Pulse Oximeter
· ECG Monitoring Devices
· Glucose Monitor
· BP Monitor
· Others
Based on the product, ECG monitoring devices are expected to grow significantly in the market over the next few years. An electrocardiogram (ECG) monitoring device is a device that records heart activity using electric signals that are amplified on an ECG monitor. Over the forecast period, the market for ECG monitoring devices will be driven by advancements in IoT-based ECG monitoring systems and an increase in the global disease burden. Furthermore, factors such as a growing emphasis on patient-centric care delivery, an increase in smartphone and high-speed networking and connectivity solutions penetration, and a growing need to reduce medical costs are driving the growth of the ECG monitoring devices segment in the connected medical devices market.
Market by Application
· Remote Monitoring
· Treatment Services
· Fitness
· Consultation and Diagnosis Services
· Wellness Services
Based on the application, remote monitoring is expected to grow significantly in the market over the next few years. Remote monitoring is a technology that collects medical and health-related data from people in one location and sends it digitally to a healthcare provider in another. Remote monitoring is used to remotely analyze physiological indicators such as pulse rate, blood pressure, blood oxygen levels, sugar levels, and any other vital signs, andimproving care and quality of life and allowing for early prediction of aggravations and exacerbations. The major factors driving the growth of this segment are advancements in telecommunications, rising chronic disease incidences, growing geriatric population, and increased investments in telehealth and remote monitoring devices.
Market by End-User
· Hospitals
· Specialty Clinics
· Home Care Settings/Monitoring
· Ambulatory Surgical Centers
· Others
Hospitals will have the largest share of the global connected medical devices market due to reduced inpatient processing, increased demand for telehealth, and teleconsultation, among other factors. Furthermore, the enormous patient volume, increasing investment in hospitals to purchase modern medical device connectivity solutions, lowering hospital margins, and an increased focus on providing high-quality patient care and safety all contribute to this segment growth in the market. Furthermore, the increased emphasis on remote patient monitoring devices for continuous monitoring of COVID-19 patients, as well as the rising prevalence of various chronic respiratory disorders, is driving the adoption of these devices and services in this segment.
Connected Medical Devices Market Regional Overview
North America
· U.S.
· Canada
Europe
· U.K.
· France
· Germany
· Spain
· Rest of Europe
Latin America
· Mexico
· Brazil
· Rest of Latin America
Asia-Pacific
· India
· China
· Japan
· Australia
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· GCC
· Rest of Middle East & Africa
The market in North America is expected to have the highest share. The expanding prevalence of IoT-based solutions, a growing generic population, and advanced medical infrastructure are moving the Connected Medical Devices industry forward in the region. The large share of this region can be due to factors such as the presence of large market participants, widespread adoption of clinical remote monitoring, and integration solutions to lower healthcare costs. Also, an increase in the number of corona virus patients in the United States, as well as stringent rules and guidelines imposed by various government and non-government organizations, are driving the regional market forward. Furthermore, the presence of well-established medical device manufacturers, as well as advanced healthcare infrastructures, expansions, and high healthcare expenditures, characterize the US-connected medical device industry.
Competitive Landscape
Some of the prominent players in global connected medical devices market 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.
CHAPTER 1. Industry Overview of Connected Medical Devices Market
1.1. Definition and Scope
1.1.1. Definition of Connected Medical Devices
1.1.2. Market Segmentation
1.1.3. Years Considered for the Study
1.1.4. Assumptions and Acronyms Used
1.1.4.1. Market Assumptions and Market Forecast
1.1.4.2. Acronyms Used in Global Connected Medical Devices Market
1.2. Summary
1.2.1. Executive Summary
1.2.2. Connected Medical DevicesMarketByProduct
1.2.3. Connected Medical DevicesMarketByApplication
1.2.4. Connected Medical DevicesMarketByEnd-User
1.2.5. Connected Medical DevicesMarketBy Regions
CHAPTER 2. Research Approach
2.1. Methodology
2.1.1. Research Programs
2.1.2. Market Size Estimation
2.1.3. Market Breakdown and Data Triangulation
2.2. Data Sources
2.2.1. Secondary Sources
2.2.2. Primary Sources
CHAPTER 3. Market Dynamics And Competition Analysis
3.1. Market Drivers
3.1.1. Driver 1
3.1.2. Driver 2
3.2. Restraints and Challenges
3.2.1. Restraint 1
3.2.2. Restraint 2
3.3. Growth Opportunities
3.3.1. Opportunity 1
3.3.2. Opportunity 2
3.4. Porter’s Five Forces Analysis
3.4.1. Bargaining Power of Suppliers
3.4.2. Bargaining Power of Buyers
3.4.3. Threat of Substitute
3.4.4. Threat of New Entrants
3.4.5. Degree of Competition
3.5. Market Concentration Ratio and Market Maturity Analysis of Connected Medical Devices Market
3.5.1. Go To Market Strategy
3.5.1.1. Introduction
3.5.1.2. Growth
3.5.1.3. Maturity
3.5.1.4. Saturation
3.5.1.5. Possible Development
3.6. Technological Roadmap for Connected Medical Devices Market
3.7. Value Chain Analysis
3.7.1. List of Key Manufacturers
3.7.2. List of Customers
3.7.3. Level of Integration
3.8. Cost Structure Analysis
3.8.1. Price Trend of Key Raw Materials
3.8.2. Raw Material Suppliers
3.9. Regulatory Compliance
3.10. Competitive Landscape, 2021
3.10.1. Player Positioning Analysis
3.10.2. Key Strategies Adopted By Leading Players
CHAPTER 4. Manufacturing Plant Analysis
4.1. Manufacturing Plant Location and Establish Date of Major Manufacturers in 2021
4.2. R&D Status of Connected Medical DevicesMajor Manufacturers in 2021
CHAPTER 5. Connected Medical DevicesMarket Revenue By Product
5.1. Introduction
5.2. Connected Medical Devices MarketRevenue (US$ Bn)By Product
5.2.1. Connected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
5.2.2. Heart Rate Monitor
5.2.2.1. Heart Rate Monitor Market Revenue (US$ Bn) and Growth Rate (%), 2018-2030
5.2.3. Smart Pill Dispenser
5.2.3.1. Smart Pill Dispenser Market Revenue (US$ Bn) and Growth Rate (%), 2018-2030
5.2.4. Portable GPS PERS
5.2.4.1. Portable GPS PERS Market Revenue (US$ Bn) and Growth Rate (%), 2018-2030
5.2.5. Insulin Pump
5.2.5.1. Insulin Pump Market Revenue (US$ Bn) and Growth Rate (%), 2018-2030
5.2.6. Pulse Oximeter
5.2.6.1. Pulse Oximeter Market Revenue (US$ Bn) and Growth Rate (%), 2018-2030
5.2.7. ECG Monitoring Devices
5.2.7.1. ECG Monitoring Devices Market Revenue (US$ Bn) and Growth Rate (%), 2018-2030
5.2.8. Glucose Monitor
5.2.8.1. Glucose Monitor Market Revenue (US$ Bn) and Growth Rate (%), 2018-2030
5.2.9. BP Monitor
5.2.9.1. BP Monitor Market Revenue (US$ Bn) and Growth Rate (%), 2018-2030
5.2.10. Others
5.2.10.1. Others Market Revenue (US$ Bn) and Growth Rate (%), 2018-2030
CHAPTER 6. Connected Medical Devices Market Revenue By Application
6.1. Introduction
6.2. Connected Medical DevicesMarket Revenue (US$ Bn) By Application
6.2.1. Connected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
6.2.2. Remote Monitoring
6.2.2.1. Remote Monitoring Market Revenue (US$ Bn) and Growth Rate (%), 2018-2030
6.2.3. Treatment Services
6.2.3.1. Treatment Services Market Revenue (US$ Bn) and Growth Rate (%), 2018-2030
6.2.4. Fitness
6.2.4.1. Fitness Market Revenue (US$ Bn) and Growth Rate (%), 2018-2030
6.2.5. Consultation and Diagnosis Services
6.2.5.1. Consultation and Diagnosis Services Market Revenue (US$ Bn) and Growth Rate (%), 2018-2030
6.2.6. Wellness Services
6.2.6.1. Wellness Services Market Revenue (US$ Bn) and Growth Rate (%), 2018-2030
CHAPTER 7. Connected Medical Devices Market Revenue By End-User
7.1. Introduction
7.2. Connected Medical DevicesMarket Revenue (US$ Bn) By End-User
7.2.1. Connected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
7.2.2. Hospitals
7.2.2.1. HospitalsMarket Revenue (US$ Bn) and Growth Rate (%), 2018-2030
7.2.3. Specialty Clinics
7.2.3.1. Specialty ClinicsMarket Revenue (US$ Bn) and Growth Rate (%), 2018-2030
7.2.4. Home Care Settings/Monitoring
7.2.4.1. Home Care Settings/MonitoringMarket Revenue (US$ Bn) and Growth Rate (%), 2018-2030
7.2.5. Ambulatory Surgical Centers
7.2.5.1. Ambulatory Surgical CentersMarket Revenue (US$ Bn) and Growth Rate (%), 2018-2030
7.2.6. Others
7.2.6.1. Others Market Revenue (US$ Bn) and Growth Rate (%), 2018-2030
CHAPTER 8. North America Connected Medical Devices Market By Country
8.1. North America Connected Medical DevicesMarket Overview
8.2. U.S.
8.2.1. U.S.Connected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
8.2.2. U.S.Connected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
8.2.3. U.S.Connected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
8.3. Canada
8.3.1. Canada Connected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
8.3.2. Canada Connected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
8.3.3. Canada Connected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
8.4. North America PEST Analysis
CHAPTER 9. Europe Connected Medical DevicesMarket By Country
9.1. Europe Connected Medical DevicesMarket Overview
9.2. U.K.
9.2.1. U.K.Connected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
9.2.2. U.K.Connected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
9.2.3. U.K.Connected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
9.3. Germany
9.3.1. GermanyConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
9.3.2. GermanyConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
9.3.3. GermanyConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
9.4. France
9.4.1. FranceConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
9.4.2. FranceConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
9.4.3. FranceConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
9.5. Spain
9.5.1. SpainConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
9.5.2. SpainConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
9.5.3. SpainConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
9.6. Rest of Europe
9.6.1. Rest of EuropeConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
9.6.2. Rest of EuropeConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
9.6.3. Rest of EuropeConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
9.7. Europe PEST Analysis
CHAPTER 10. Asia-Pacific Connected Medical Devices Market By Country
10.1. Asia-Pacific Connected Medical DevicesMarket Overview
10.2. China
10.2.1. ChinaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
10.2.2. ChinaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
10.2.3. ChinaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
10.3. Japan
10.3.1. JapanConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
10.3.2. JapanConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
10.3.3. JapanConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
10.4. India
10.4.1. IndiaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
10.4.2. IndiaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
10.4.3. IndiaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
10.5. Australia
10.5.1. AustraliaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
10.5.2. AustraliaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
10.5.3. AustraliaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
10.6. South Korea
10.6.1. South KoreaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
10.6.2. South KoreaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
10.6.3. South KoreaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
10.7. Rest of Asia-Pacific
10.7.1. Rest of Asia-PacificConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
10.7.2. Rest of Asia-PacificConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
10.7.3. Rest of Asia-PacificConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
10.8. Asia Pacific PEST Analysis
CHAPTER 11. Latin America Connected Medical Devices Market By Country
11.1. Latin AmericaConnected Medical DevicesMarket Overview
11.2. Brazil
11.2.1. BrazilConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
11.2.2. BrazilConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
11.2.3. BrazilConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
11.3. Mexico
11.3.1. MexicoConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
11.3.2. MexicoConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
11.3.3. MexicoConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
11.4. Rest of Latin America
11.4.1. Rest of Latin AmericaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
11.4.2. Rest of Latin AmericaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
11.4.3. Rest of Latin AmericaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
11.5. Latin America PEST Analysis
CHAPTER 12. Middle East & Africa Connected Medical Devices Market By Country
12.1. Middle East & Africa Connected Medical DevicesMarket Overview
12.2. GCC
12.2.1. GCCConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
12.2.2. GCCConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
12.2.3. GCCConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
12.3. South Africa
12.3.1. South AfricaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
12.3.2. South AfricaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
12.3.3. South AfricaConnected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
12.4. Rest of Middle East & Africa
12.4.1. Rest of Middle East & Africa Connected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByProduct, 2018-2030
12.4.2. Rest of Middle East & Africa Connected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByApplication, 2018-2030
12.4.3. Rest of Middle East & Africa Connected Medical DevicesMarket Revenue (US$ Bn) and Forecast ByEnd-User, 2018-2030
12.5. Middle East & Africa PEST Analysis
CHAPTER 13. Player Analysis Of Connected Medical Devices Market
13.1. Connected Medical Devices Market Company Share Analysis
13.2. Competition Matrix
13.2.1. Competitive Benchmarking of Key Players by Price, Presence, Market Share, and R&D Investment
13.2.2. Product Launches and ProductEnhancements
13.2.3. Mergers And Acquisition InGlobal Connected Medical Devices Market
13.2.4. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements
CHAPTER 14. Company Profile
14.1. Honeywell International Inc.
14.1.1. Company Snapshot
14.1.2. Business Overview
14.1.3. Financial Overview
14.1.3.1. Market Revenue (US$ Bn), 2021
14.1.3.2. Honeywell International Inc.2021Connected Medical Devices Business Regional Distribution
14.1.4. Product/service and Specification
14.1.5. Recent Developments & Business Strategy
14.2. GE Healthcare
14.3. Garmin Ltd.
14.4. Boston Scientific Corporation
14.5. NXP Semiconductors NV
14.6. Koninklijke Philips NV
14.7. Abbott Laboratories
14.8. Medtronic PLC
14.9. Stanley Black & Decker, Inc.
14.10. Qualcomm Incorporation
