Global Connected Medical Devices Market Size Was Worth USD 28.24 billion in 2020, and It Is Estimated to Reach a Valuation of USD 94.32 billion by the end of 2026

Global Connected Medical Devices Market Size Was Worth USD 28.24 billion in 2020, and It Is Estimated to Reach a Valuation of USD 94.32 billion by the end of 2026

November 11, 2021, New York, USA -

Connected Medical Devices: Introduction:

The industry of healthcare has experienced significant changes over the past few years. It has been helped by the revolutionary nature of IoT technologies as well as advances in computing power, wireless technology, and data analytics methods like Big Data, which currently is being used by hospitals and in the medical research, field to aid in the analysis of large amounts of medical data that is complex and heterogeneous including genomics, proteomics and pharmacogenomics globally.

The Global Connected Medical Devices Market Forecast: 

The market for connected medical devices was estimated at USD 28.24 billion as of 2020 and is projected to rise to the figure of USD 94.32 billion in 2026, at an annual rate of 18.92% for the forecast period 2021 to 2026.

In the past, medical devices and software were typically used in order to manage medical equipment as well as display information. However, the increasing potential of the current software and its options outweighs the need for sophisticated sensors and medical hardware. Thus, there's an increase in the use of connected medical devices as well as advances in software that are capable of recording and transmitting medical records as well as for analytics tools that aid medical professionals to gain insights into and encourage the provision of preventive, predictive, customized, and participative medicines.

According to a report released by the Telegraph, Apple Watch, featuring an electronic heart rate sensor, which is synchronized by medical history information, was able to save the life of a man by alerting him whenever the heart rate was below 40 beats per minute and then recommending to go to the closest ER hospital. In addition, the Philips IntelliVue Guardian wearable patch was launched by Philips, which can be used at homes and in the hospital to monitor patients. In addition, the use of the devices helped Mt. Sinai Medical Center, a hospital located in New York, to cut down on time spent waiting for patients waiting in the emergency ward by 50 percent.

This further expands the possibilities of remote monitoring devices that are available within the connected medical devices market. It is believed that remote monitoring for healthcare will be worth around USD 1.1 trillion in 2025. In their efforts focused on customer engagement, attempts to implement these devices by health companies have been gaining momentum. It was found that pharmacy and medical technology firms typically invest approximately 5-12% of their earnings for R&D (including studies in a clinical trial) in developing high-quality and safe products for the market. It is well-known that the use of the connected device in clinical environments can cut down the overall cost of tests, thus reducing the overall cost of the product.

Market Trend and Dynamics of the Global Connected Medical Devices Market:

Wearable Devices Are Predicted to Dominate the Major Share.

Wearable technology in the medical industry provides the convenience of monitoring physiological functions. Many medical devices do not only cater to patients but offer current information to medical professionals to evaluate patients in remote places. Wearable medical technology has many applications for healthcare, including the glucose monitoring system of the Apple Watch as well as the EKG capabilities.

Wearables for healthcare are much more than simply fitness watches. Smartwatches, smart glasses, intelligent footwear, clothes and posture monitors, motion sensors, heart straps, wrist devices and bands for headbands, wearable patches, pain management devices, as well as medicines delivery pods are just a few of the gadgets that comprise the huge and expanding market for healthcare wearables.

The number of products shipped in the modular sector was over 2.5 million. This is nearly 16 times the amount of shipments coming from the wrist wearable segment, showing the vast opportunities this industry has to offer. Furthermore, the devices associated with cardiac-related illnesses are anticipated to total USD 800 billion in 2030. This suggests a substantial potential in the heart segment for various wearables used in healthcare.

With the increase in health consciousness in the general population, it is obvious that apps that promote the health and fitness of people are on the rise. Research shows that over 30% of mobile users utilize fitness apps, and their use has grown by 60% from 2014. Today, over 97,000 fitness and health applications are available for download. Due to this increase in the global market for smart wearable devices, units health and fitness apps are the most popular in the market that is being researched.

North America Holds Highest Market Share

In the United States, connected established medical device makers define the medical devices market, and advanced healthcare system, and significant healthcare expenses. As per Synopsys, US hospitals have an average of 10-15 connecting medical devices per bed. The sales of equipment for monitoring blood pressure within the area is anticipated to reach USD 1.92 billion by the year 2018, which is 370% more than the previous year. This means that blood pressure monitoring is the most profitable segment of the US connected medical device market and one of the main contributors in the region.

The region has seen significant growth in the use of medical devices that are connected. The amount of the US medical device market is projected to surpass USD 175 billion in the year 2020. This clearly demonstrates the enormous potential of the region in connection with medical devices.

The Key Market Segmentation of the Global Connected Medical Devices Market: 

Global Connected Medical Devices Market can be divided into Product Types, End-User and Geographical landscapes, etc. 

Connected Medical Devices Market Segmentation By Product Type:

  • Cardiac Monitoring Devices
  • Neuro Monitoring Devices
  • Respiratory Monitoring Devices
  • Consumer (Patient) Monitoring
  • Wearable Device
  • Internally Embedded Device
  • Stationary Device

Connected Medical Devices Market Segmentation By End-User:

  • Hospital
  • Clinic
  • Other

Connected Medical Devices Market Segmentation By Geographical Landscape:

  • North America
  • Europe
  • Asia Pacific
  • South America
  • The Middle East and Africa

Major Key Players in the Global Connected Medical Devices Market Are:

  • Medtronic Inc.
  • Koninklijke Philips NV
  • Cisco Systems Inc.
  • IBM Corporation
  • GE Healthcare
  • SAP SE
  • Qualcomm Life Inc.
  • Abbott Laboratories
  • Honeywell International Inc.
  • Microsoft Corporation
  • Stanley Healthcare
  • Diabetizer GmbH and Co. KG

The Covid-19 Impact Analysis:

Yet, COVID-19 has positively impacted the growth of the market. The reason for this is the massive rise in the number of patients, the pressure on doctors to provide the latest healthcare services, and the fact that governments are creating apps that are based on connectivity technology. The pandemic has revealed new ways that patients can connect with doctors.

There is a growing trend of telemedicine since governments around the globe have instructed people to stay away from any activity away from their homes. Because the main focus of hospitals are devoted to treating COVID-19 patients, patients are finding new ways to track their health for themselves and only seek medical attention when they are in a crisis. Therefore, the market for smart wearables, particularly smart watches, have risen over the past few months.

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