Connected Medical Device Market 2021 Precise Outlook- Medtronic PLC, Koninklijke Philips NV, Boston Scientific Corporation, Abbott Laboratories
The connected medical devices market was valued at USD 23.17 billion in 2019, and it is expected to reach USD 77.24billion by 2025, at a CAGR of 22.26% over the forecast period (2020-2025).
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Key Market Players:
Medtronic PLC, Koninklijke Philips NV, Boston Scientific Corporation, Abbott Laboratories, GE Healthcare, Garmin Ltd., Qualcomm Incorporation, Honeywell International Inc., Stanley Black & Decker, Inc., NXP Semiconductors NV and Other
Key Market Trends
Increasing Adoption of Wearable Devices
The adoption of wearable devices in the healthcare segment has been gaining traction in recent times. This, in turn, has been one of the significant factors influencing the connected medical devices market.
The worldwide wrist wearable shipment in 2015 was estimated at more than 40 million units, which is expected to cross 100 million units by the end of 2018, with the healthcare sector accounting for a significant portion of the demand. The wearable devices that accounted for the second-highest number of shipments were the modular wearables.
The healthcare wearable devices comprise more than fitness bands. Smart watches, smart glasses, smart footwear, smart apparel, posture monitors, movement sensors, wrist devices, heart straps, headbands, wearable patches, pain management devices, and medicine delivery pods are some of the myriad devices that make up the vast and growing healthcare wearables market.
This growth in the global smart wearable devices unit shipments is dominated by healthcare and fitness applications. Thus, due to the rise in the usage of wearable devices in the healthcare sector and improved connectivity solutions, the market for wearable connected devices for healthcare applications is expected to grow.
North America Holds Highest Market Share
The US connected medical devices market is defined by the presence of established medical device manufactures, an advanced healthcare ecosystem, and significant healthcare expenditure. According to Synopsys, US hospitals have an average of 1015 connected medical devices per bed.
The sale of blood pressure monitoring equipment in the region is expected to cross USD 1.92 billion in 2018, which would be a 370% increase from that in 2013. This makes blood pressure monitoring the most lucrative segment in the US connected medical devices market, which is the major contributor in the region.
The region has witnessed a considerable rise in the use of connected medical devices. The size of the US medical devices industry was estimated at about USD 148 billion in 2015, and is expected to cross USD 175 billion by 2020, which clearly indicates the immense potential offered by the region for connected medical devices.
The countrys healthcare industry has shown keen focus on the protection of patient health information through the HIPAA Act of 1996 and the subsequent HITECH Act of 2009, while also favoring the IoT aligned to federal standards for the manufacturing, deployment, and support of the connected devices for patient care.
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What are the market factors that are explained in the report?
Executive Summary: It includes key trends of the global Connected Medical Device market related to products, applications, and other crucial factors. It also provides an analysis of the competitive landscape and CAGR and market size of the global Connected Medical Device market based on production and revenue.
Production and Consumption by Region: It covers all regional markets focusing on the research study. It discusses prices and key players besides production and consumption in each regional market.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the global Connected Medical Device market.
Market Segments: This part of the report discusses product type and application segments of the global Connected Medical Device market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses the research methodology and approaches Connected Medical Device used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The research includes historic data from 2015 to 2021 and forecasts until 2026 which makes the report an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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