Connected Medical Device Market Emerging Business Trends and Investment Research Report 2022-2026
The connected medical devices market was valued at USD 28.24 billion in 2020, and it is expected to reach USD 94.32 billion by 2026, at a CAGR of 18.92% over the forecast period from 2021 to 2026.
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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:
Wearable Device is Expected to Hold Major Share
- Wearable technologies in the healthcare industry offer convenient means to monitor physiological features. A multitude of medical solutions are not restricted to consumers but provide current data for doctors to analyze patients at remote locations. Wearable medical technologies have a vast range of applications in the healthcare segment, from Apple Watch's glucose monitoring systems to its EKG capabilities. Apart from being convenient, wearable devices were proven to be cost-effective, as the data generated by these devices may help doctors make decisions remotely, thus reducing the patients' repeated visits to hospitals for regular checkups.
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.
Investigator Observers Strong Growth in Specific Regions:
– Europe Market (Germany, UK, France, Russia, Italy)
– Center East and Africa Market (Saudi Arabia, UAE, Egypt, Nigeria, South Africa)
– South America Market (Brazil, Argentina, Colombia)
– North America Market (United States, Canada, Mexico)
– Asia Pacific Market (China, Japan, Korea, India, Southeast Asia).
The Latest Industry Data Included in this Report:
- Connected Medical Device Market Size & Analysis (2016 - 2026)
- Market Share Analysis of Connected Medical Device Market (%),2016 - 2026
- Connected Medical Device Market Share, By Brand
- Connected Medical Device Market Share, By Company
- Connected Medical Device Market Assessment & Opportunity (Value),2016 - 2026
- Major Companies Connected Medical Device Market Value Analysis & Forecast
- Promising Connected Medical Device Development by Major Companies
- Detailed Connected Medical Device Portfolio of the Major Companies
- Major Deals in the Connected Medical Device Market
- Major Companies Analysis
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