The global Connected Medical Device market offers patients and healthcare providers numerous advantages through medical-grade wireless technologies that improve patient care and safety. Connected devices enable real-time transmission of crucial health data to clinicians while also empowering individuals to better manage chronic conditions at home.
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.
Connected medical devices leverage wireless technologies like Bluetooth and cellular networks to transmit diagnostic information such as heart rate, blood glucose levels, oxygen saturation, and more from the device to clinicians and caregivers. This facilitates remote monitoring of patients and quick response in emergency situations. The growing prevalence of chronic and lifestyle diseases has increased demand for such home healthcare solutions that offer convenience while lowering costs for both patients and providers. Furthermore, connected devices empower individuals to proactively manage their conditions and prevent health complications with real-time insights and clinical guidance.
Key Takeaways
Key players operating in the Connected Medical Device 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 increasing incidence of chronic conditions globally has boosted demand for connected healthcare solutions that facilitate remote patient monitoring and management. Major players are actively collaborating with digital health companies to develop innovative offerings in sync with the growing digital health ecosystem.
The connected medical device market Growth is witnessing rapid international expansion as well with major players focusing on emerging countries in Asia Pacific and Latin America. This is owing to the burgeoning medical technologies industry and improving connectivity infrastructure in these regions.
Market Key Trends
Increased adoption of IoT in healthcare is a major trend in the connected medical device market. The growing popularity of IoT driven connected medical device market Size And Trends healthcare systems and medical wearables is transforming patient care and clinical decision making. Integrating IoT capabilities in an expanding range of medical devices enables constant remote monitoring of critical health parameters. This allows automatic alerts to caregivers in emergency situations while also facilitating predictive analysis of conditions through collection and analysis of massive historical health data sets. The convergence of IoT and medical technologies is poised to revolutionize healthcare over the coming decade.
Porter’s Analysis
Threat of new entrants: New players entering the market face high investment barriers and established dominant brands.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but differentiated products allow premium pricing.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many component suppliers globally without significant switching costs.
Threat of new substitutes: Threat of new substitutes is moderate as new technologies can disrupt existing connected medical devices.
Competitive rivalry: Industry is growing rapidly attracting new entrants intensifying competition among existing big players focusing on innovation.
North America accounts for the largest share of the connected medical device market owing to improved infrastructure such as advanced healthcare facilities, high healthcare expenditure, higher adoption of advanced technologies. According to studies, North America accounts for around 30% of the global market value as large hospitals are equipped with technologically advanced medical systems.
Asia Pacific region is expected to witness the highest growth during the forecast period due to rising healthcare expenditures, growing population with lifestyle diseases, increasing number of hospitals equipped with connected systems in major countries such as India, China and Japan driving the growth of the regional market
*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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