|Status : Published||Published On : Sep, 2021||Report Code : VRHC1216||Industry : Healthcare||Available Format :||Page : 202|
The global network connected medical devices market was valued at USD 21.0 billion in 2020 and is expected to grow at a CAGR of 6.8% during the forecast period (2021–2027). The market is growing owing to extensive dissemination of network connected medical devices in healthcare domain, excessive occurrence of chronic conditions, adoption of smart phone based progressive health techniques and extensive expenditure incurred by private and government organizations.
IoT devices help in transferring and collecting health data such as oxygen, blood pressure, weight, blood sugar and ECGs. Network connected devices enable real time monitoring connected with smartphone application, connected devices aims at collecting medical and other required data pertaining to health and further aims at sending the collected information to a physician which enables flexible and efficient medical operations. Furthermore, the data collected with the help of connected devices are further stored in cloud that ensures easy access to the data by physicians and due to enhanced uses of network connected devices this is further contributing towards the growth of global network connected medical devices market.
Insight by Product
On the basis of product, the global network connected medical devices market is categorised into insulin pumps, patient monitoring devices, defibrillators, glucose monitors, infusion pumps, smart hospital beds, CT scanners, CPAP machines, ingestible sensors, dialysis machines, coagulation testing, x-ray imaging systems, ventilators and oxygen tanks. Amongst these segments, patient monitoring devices are anticipated to generate largest revenue owing to extensive adoption of cloud technique in healthcare and high cost of these devices.
Insight by Connectivity Technology
Based upon connectivity technology, the global network connected medical devices market is segmented into satellite, bluetooth-low energy (BLE), near field communication (NFC), ZigBee, cellular and Wi-Fi. Amongst these segments, bluetooth-low energy (BLE) technology is anticipated to contribute largest revenue as this technique utilises less power and provides high signal efficiency in comparison to other wireless connectivity techniques.
Increasing requirement for healthcare in remote locations is the key factor that are driving the growth of global network connected medical devices market as there are several patients in emerged as well as emerging economies that are required to travel long distances for diagnosis of diseases and routine check-ups at several healthcare facilities. With the help of IoT-enables healthcare devices and telemedicine these patients could communicate easily by availing medical facilities even at their homes thereby decreasing the frequency of a few diseases in these areas.
Increasing investment in network connected medical devices and increasing geriatric population are the key factors that are driving the growth of global network connected medical devices market. Furthermore, rapid deduction in cost of care is another factor pertaining towards the growth of global network connected medical devices market as network connected devices enables clinics and hospitals in reducing operational costs by eliminating the requirement of accumulating full time employees for assisting in various departments.
Security issues and data privacy and lack of healthcare infrastructure are the key factors that are hampering the growth of global network connected medical devices market.
Network connected medical devices market in North America is anticipated to generate largest revenue by 2027 owing to extensive adoption of IT solutions in healthcare domain and prevalence of modern healthcare IT infrastructure. Furthermore increased legislatives initiatives undertaken in countries of this region such as HITECH law along with existence of large market players of connected devices are another factors that are strengthening the growth of network connected medical devices market in North America.
Moreover, increasing initiatives by the government authorities for encouraging adoption of digital platforms in life science industry along with technological upgradation in the U.S. are another factors bolstering the growth of network connected medical devices at significant rate. There has been increasing trend observed in the U.S. as several initiatives being adhered for developing clinical and eHealth interoperability that are further contributing towards the rapid growth of network connected medical devices market in this region.
Network connected medical devices market in Asia-Pacific is anticipated to witness highest CAGR during the forecast period owing to extensive initiatives adhered in the region for stimulating demand of health services, excessive adoption of latest techniques such as smart watches and improving health IT infrastructure.
The eminent key players in the global network connected medical devices market are undertaking product innovations and technological upgradations that are enabling the manufacturers to gain competitive advantage across the globe.
Some of the players having prominent presence in the global network connected medical devices market include Nonin Medical Inc., NuvoAir AB, Koninklijke Philips N.V., Hoffmann-La Roche Ltd., PhysIQ Inc., General Electric Company, Drgerwerk AG & Co. KGaA, Fresenius Medical Care AG & Co. KGaA, Medtronic plc, Myontec Ltd., OxyGo LLC, Proteus Digital Health Inc., Aerotel Medical Systems Ltd., Aero Healthcare AU Pty Ltd., OMRON Corporation, and Hill-Rom Holdings Inc.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research