Networked Medical Devices Market is set to garner staggering revenues by 2026

Advanced networked medical devices monitors/track a variety of different vital signs readings ranging from heart rate and core body temperature

Networked medical devices are the medical devices integrated with networking systems that capture patient vital signs and helps in diagnosis of health conditions. The networked medical devices enable health professionals to offer patients with benefit of point of care diagnosis. The latest research and technological advancements in network solutions, has enabled physicians and patients to easily access the health status via connecting through the Internet without facing any cyber theft of data. Medical devices integrated with wireless connectivity are designed in a way that they can be used in variant configurations such as homecare settings, network connected hospitals, and could be embedded in a patient’s body.

The networked medical devices enable improved monitoring and recording of vital signs as they are prone to less human errors. Such devices allows easy data handling and stores high volume of health data via an encrypted database for future reference, thereby increasing the privacy of data storage. Broad categories of networked medical devices include consumer health monitoring, wearable devices, embedded devices and stationary devices. The advanced state-of-the-art technology with the ability to make medical data safer is anticipated to generate large revenues in the networked medical devices market. Based on the end users, the networked medical devices market is categorized into hospital care, homecare settings and point of care settings.

Rising data security measurements driving the overall market globaaly

Increased cyber securities for networked medical devices that minimizes potential expose to data breach have been the primary factors driving networked medical devices market. Ease in complex networking of devices with different class and configurations are some of the factors fueling growth of networked medical devices market. Additionally, introduction of state-of-art networked medical devices that compels investment for involved medical facilities, increase in government and private funding to develop upgraded networking solutions coupled with growing footprint of market players in untapped regions is further anticipated to spur the market growth during the forecast period of 2027.

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However, high possibilities of cybercriminal activities such as hacking medical data of a patient, misuse of the system is restraining the growth of networked medical devices market. Thus it is crucial for manufacturers to design secure networking solutions and advanced technology in order to avoid as much possibilities of data hacks.

On the basis of device type, stationary devices are registering a significant revenue share in the networked medical devices market followed by embedded devices. As per the HHS data, approximately 78% of the physicians have electronic medical records (EMR/EHR) systems interconnected with large network of medical practitioners. Since the above mentioned devices are integrated within hospitals and healthcare facilities either using Ethernet or Wi-Fi services, thus they are highly exposed to events of medical device hacking.

High capability of networked medical devices of being Internet-connected that enables high network connectivity among targeted groups is anticipated to propel the networked medical devices market over the forecast period. However, on the basis of end use segments, networked medical devices find large applications in hospital acre facilities followed by homecare settings. Both the end use segments hold significant revenue share in global networked medical devices market owing to its intuitive features such as ease to use, high accuracy, and portability.

FDAs guidance for healthcare organizations, challenge for medical device manufacturers

Center for Devices and Radiological Health, FDA, has issued a direction report for makers on cyber security of organized medical devices that utilization OTS programming. Most IoT-empowered medical devices were made without understanding the full ramifications of digital security. Inside medical facilities, medical systems are genuinely complex with systems of all classes and capacities set up together in various arrangements. Still, some of the systems remain in the medicinal services supplier systems for 10 to 25 years, producers need to think about what innovations and programming will resemble in upcoming 10 years.

Notwithstanding these difficulties, there are strict FDA controls on re-confirming certain classes of critical medical devices if any progressions are made to it. In specific cases, the most networked medical systems may not be fit for giving sufficient security in light of current or future norms. Networked medical device manufacturers are in charge of staying watchful about recognizing risks and threats related with their medical devices, including hazards identified with cyber security.

Regional Market Outlook

Based on geography, global networked medical devices market is segmented into five key regions viz. North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominated the global networked medical devices market registering largest revenue shares and is anticipated to follow the same trend during the forecast period owing to increasing adoption of networked medical devices such as portable insulin pumps, embedded pacemakers, and integrated stationary device with an interconnected user interface in the region.

Europe networked medical devices market accounted for a significant revenue shares after North America on the account of increasing footprint of local manufacturers for networked medical devices and software. However, Asia Pacific region is projected to grow at the highest CAGR during the forecast period in global networked medical devices market on the account of rise in number of local manufacturers, and increasing government investment and healthcare expenditure to develop technologically upgraded networked medical devices and network systems that are not vulnerable to security breaches.

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Competition Outlook

Some of the key players present in global networked medical devices market are Infinium Medical, Lantronix, Inc., Integra Systems, Inc., Phoenix Medical Systems (P) Ltd., Digi International Inc., Trivitron Healthcare, HCL Technologies Limited, Silex Technology America, Inc., and others.

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