Connected Medical Device Market 2021 Status and Business Outlook - Medtronic Inc., Koninklijke Philips NV, Boston Scientific Corporation, Abbott Laboratories, Garmin Ltd., Qualcomm Incorporation

The Connected Medical Device Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

The connected medical devices market was valued at USD 23.17 billion in 2019, and it is expected to reach USD 77.24 billion by 2025, at a CAGR of 18.92% over the forecast period from 2020 to 2025.

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Top Leading Companies of Connected Medical Device Market are Medtronic Inc., Koninklijke Philips NV, Boston Scientific Corporation, Abbott Laboratories, Garmin Ltd., Qualcomm Incorporation, Honeywell International Inc., Stanley Black & Decker, Inc. (Stanley Healthcare), NXP Semiconductors NV and others.

Industry News and Updates

- March 2020 - Royal Philips announced the HealthSuite System of Engagement which is an integrated, modular set of standards-based capabilities that support the development of digital health propositions, including new capabilities for cloud-based managed AI workflow and DICOM interoperability. HealthSuite System of Engagement is helping a wide range of both Philips and 3rd party connected healthcare applications, including a smart cloud-based application that connects homecare providers, physicians, and payers with patients quickly and efficiently to critical data across connected devices and locations.

- February 2020 - GE Healthcare introduced a cybersecurity service that combines medical device expertise, artificial intelligence, and process management tools to help the connected medical devices in the hospital groups to fight against cybersecurity threats. A SOC team provides monitoring and warning detection and remediation for connected medical devices under a GE Healthcare service contract.

Key Market Trends

North America Holds Highest Market Share

- The United States 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 10-15 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 is expected to cross USD 175 billion by 2020, which clearly indicates the immense potential offered by the region for connected medical devices. The country's 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.

Regional Outlook of Connected Medical Device Market report includes the following geographic areas such as: North America, Europe, China, Japan, Southeast Asia, India and ROW.

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What Are The Market Factors That Are Explained In The Report?

Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

Analytical Tools: The Connected Medical Device Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.

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