Network Connected Medical Devices Market Growth, Leading Players, Demand and Future Analysis

The network-connected medical devices market will grow at a significant growth rate in the coming years. This has a lot to do with the growing use of network-connected medical devices in the healthcare sector, acceptance of cutting-edge smartphone-based mHealth technologies, rising occurrence of chronic conditions, and increasing funding by private and government organizations around the world. The market is also fueled by the increasing elderly population all around the world.

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With increasing age, there are chances that people succumb to one or more chronic diseases and worsen health conditions. Around 60% of adults in the U.S. suffer from a chronic condition. Apart from this 40% of the adult population has multiple chronic diseases. It is the leading cause of death and disability in the country. They not only deteriorate the health but incur a lot of treatment costs. It is one of the main reasons for a mammoth healthcare cost of $4.1 trillion on a yearly basis.

The North America network-connected medical devices market will grow at a good pace in the coming years. This is mostly because of technical progressions and high acceptance rate of advanced medical devices. Additionally, due to increasing R&D in North America, there is an extensive possibility for the progress of the medical devices industry. This growth will be supported by a large investment from numerous public and private administrations. The existence of players also supports the evolution of the industry in the region.

Globally, in 2020, there were a total of 727 million people aged 65 years or above. Over the next thirty years, the count of older persons around the world will nearly double, reaching in excess of 1.5 billion in the year 2050. There will be an increase in the older population in all the regions during 2020-2050. The percentage of the elderly population will grow from nearly 9% in 2020 to 16% in 2050. With growing age, it is almost given to have a number of health conditions, for which the network connected mobile devices are used.

Cardiac monitoring devices in the network-connected medical devices market are further classified into ECG, mobile cardiac telemetry monitors, implantable loop recorders, and pacemakers. Out of all these, mobile cardiac telemetry monitors hold the largest share. This is mainly because of the increasing count of myocardial infarction cases and further cardiovascular ailments, all around the world.

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The market of medical devices is divided into BLE, Wi-Fi, NFC, satellite, cellular, and ZigBee. Amongst all these, BLE will be the global leader with over 50% share in recent times. This is primarily because this technology has less consumption of power and gives high-signal efficiency, as opposed to other kinds of wireless technologies. It will be accepted by healthcare professionals; hospitals thus will have the largest demand in the near future.

The demand for patient monitoring devices that are network connected is because of the increasing incidence of chronic diseases and the increasing elderly population.

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This release was published on openPR.