Connected Health Devices Market Trends and Forecast 2018 - 2028 : Koninklijke Philips NV, Boston Scientific, Honeywell International Inc., Medtronic Inc., GE Healthcare, Fitbit, Inc
Today’s medical devices have undergone tremendous transformations with the changing perspectives of consumers triggered by increased consciousness towards health and wellness. Convergence of advanced technologies with the healthcare industry has enabled healthcare professionals, including doctors and diagnostic service providers, to obtain real-time insights into their patients’ health. Thereby, increasing health-consciousness among consumers and needs for improving patient outcomes and quality of healthcare services among healthcare professionals is triggering demand for connected health devices.
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Connected Health Devices Market – Notable Developments
Koninklijke Philips NV, Boston Scientific, Honeywell International Inc., Medtronic Inc., GE Healthcare, Fitbit, Inc., NXP Semiconductor NV, Aerotel Medical System Ltd., Abbott Laboratories, McKesson Corporation Garmin Ltd., Qualcomm Inc., Stanley Healthcare, Omron Healthcare, Inc., Draeger Medical Systems, Inc., Body Media, Inc., AgaMatrix, Inc., and Apple, Inc., are among the leading players in the connected health devices market.
Medtronic Inc. – one of the leading medical device company headquartered in Dublin, Ireland – launched a mobile app, MyCareLink HeartTM that can communicate with its portfolio of connected pacemakers, in January 2019. The company also declared that the new smartphone app is compatible with company’s Medtronic BlueSyncTM technology-enabled pacemakers and it will eliminate the need for any remote monitoring hardware or a dedicated bedside monitor for patients. The app help healthcare professionals as well as patients to access pacemaker data including pacemaker battery information, updates on physical activity transmission success history, while answering common questions about how to live with a pacemaker.
Garmin International, Inc., a U.S.-based technology company in the connected health devices market, recently announced that it has collaborated with ActiGraph, leading provider of medical-grade wearable activity and sleep monitoring solutions, to introduce innovative connected health devices by combining its wearable devices and ActiGraph’s data analytics platform. The company aims to introduce powerful connected health devices that can be used for various patient monitoring applications, clinical trials, and remote patient monitoring, as well as for academic research.
Stanley Healthcare – the healthcare business division of the company Stanley Black & Decker, Inc. and a leading stakeholder in the connected device market, launched a new cloud-based solution – the STANLEY Healthcare AeroScout® Links – for real-time monitoring of different conditions and aspects of the environment of care, in February 2018. The new cloud-based IoT platform integrates a cloud-based network with smart sensors to help healthcare service providers to monitor cold storage and various other operations for offering efficient patient care. With the launch of such connected health devices and platforms, the company aims to target small hospitals, pharmacies, and outpatient service providers to gain momentum in the connected health devices market.
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Connected Health Devices Market Dynamics
Increasing Growth of the MedTech Industry is Driving Growth of the Connected Health Devices Market
Rapid advancements and innovations in technologies have been influencing growth prospects of various industrial sectors. The healthcare industry has been welcoming connected health devices with the increasing quest for improving the quality and efficiency of healthcare services and patient outcomes. Leading technology companies are foraying in to the healthcare industry to capitalize on the profitable opportunities and increasing demand for high-tech health devices. Staggering growth prospects of the MedTech industry and a rise in demand for personalized next-generation healthcare devices is expected to boost growth of the connected health devices market in the upcoming years.
Internet Connectivity Challenges in Emerging Economies will Impact Market Penetration of Connected Heath Devices
Even though the healthcare sector in emerging economies, such as India and China, has been witnessing exponential growth, the penetration of internet connectivity is significantly low in developing and underdeveloped countries. Thereby, despite the high sales potential and lucrative opportunities in the healthcare sector in developing countries, issues associated with connectivity are creating major challenges for players in the connected health devices market.
Increasing use of smartphones and emergence of technological advancements is expected to make the Asia-Pacific region more lucrative than ever for connected health devices market players. Leading companies are focusing on investing to resolve connectivity issues to meet the burgeoning demand for connected health devices in emerging economies, and to ultimately gain momentum in the global connected health devices market.
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Convergence of Cloud Technology and Healthcare Industry will Augur Well for the Connected Health Devices Market
The healthcare industry is undergoing tremendous transformations with the adoption of technological advancements to improve quality and efficiency of various healthcare services. Growing awareness about the significant value that cloud-connected health devices offer to patients and medical service providers is boosting adoption of connected health devices. Top healthcare industry players, health device manufacturers, and other stakeholders in the connected health devices market are working closely with cloud service providers to sync with and leverage the emergence of the trending cloud technology.
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