Connected Medical Device Market By Product Type (Monitoring, Diagnostic Imaging, Therapeutic, Wearable), Connectivity Technology (Bluetooth, Wi-Fi, Cellular Networks, Zigbee, NFC, Others), Component (Hardware, Software, Services), Application, End User & Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits - Forecast 2024-2032

Industry : Information Technology | Pages : 175 Pages | Published On : Mar 2024

         
     
The Connected Medical Device Market is Valued USD 48.5 billion by 2024 and projected to reach USD 162.8 billion by 2032, growing at a CAGR of 14.40% During the Forecast period of 2024-2032.

Connected Medical Device Market Size


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             2020                         2024-2032      

ReportDetails
Market Size ValueUSD 48.5 billion by 2024
Market Size ValueUSD 162.8 billion by 2032
CAGR14.40%
Forecast Period2024-2032
Base Year 2023
Historic Data2020
Segments CoveredProduct Type, Connectivity Technology, Component, Application, End User
Geographics CoveredNorth America, Latin America, Europe, Asia-Pacific, Middle East & Africa

Major players in the Connected Medical Device Market include Medtronic, Philips, GE Healthcare, Abbott Laboratories, Siemens Healthineers, Johnson & Johnson, Boston Scientific Corporation, Dexcom, Stryker Corporation, Roche Diagnostics, Becton, Dickinson and Company (BD), Omron Corporation, Smith & Nephew, ResMed, Zimmer Biomet, and Others.

The Global Connected Medical Device Market holds a pivotal role in the healthcare ecosystem, revolutionizing patient care, monitoring, and healthcare delivery. These interconnected medical devices, enabled by advanced technologies such as the Internet of Things (IoT), cloud computing, and data analytics, are reshaping healthcare by offering real-time patient insights, remote monitoring, and personalized treatment options. This market's significance lies in its ability to enhance patient outcomes, reduce healthcare costs, and streamline healthcare processes.

Connected medical devices enable healthcare professionals to monitor patient's health remotely, facilitating early detection of issues and timely intervention. This real-time data transmission empowers healthcare providers with valuable insights, enabling them to make informed decisions and tailor treatments to individual patient needs. Moreover, these devices enhance patient engagement by allowing them to actively participate in managing their health. Patients can receive personalized health data, set health goals, and communicate with their healthcare providers more effectively. This technology also aids in preventive healthcare, enabling continuous monitoring of chronic conditions and alerts healthcare providers to any anomalies, preventing potential emergencies.

Advancements in IoT and Wireless Technologies

One of the primary drivers propelling the growth of the Global Connected Medical Device Market is the continuous advancement in the Internet of Things (IoT) and wireless technologies. The increasing ubiquity of high-speed internet connectivity, along with the development of low-power and high-performance sensors, has enabled seamless communication between medical devices and centralized systems. This connectivity empowers healthcare providers with real-time data streams from patients, leading to more accurate and timely diagnoses, treatment adjustments, and interventions.

The integration of IoT in medical devices enables remote patient monitoring, which is particularly beneficial for patients with chronic diseases. For instance, wearable devices can continuously track vital signs such as heart rate, blood pressure, and glucose levels, transmitting this data to healthcare professionals in real-time. This real-time monitoring not only enhances patient safety but also reduces the need for frequent hospital visits, optimizing healthcare resource utilization. Moreover, the application of IoT in telemedicine allows for virtual consultations and remote diagnostics, overcoming geographical barriers and ensuring timely medical attention.

Increasing Demand for Personalized and Remote Healthcare

The growing demand for personalized and remote healthcare solutions is another significant driver for the Global Connected Medical Device Market. Patients and healthcare providers alike are recognizing the benefits of continuous health monitoring, personalized treatment plans, and self-management of health conditions. Connected medical devices cater to this demand by offering tailored health insights, and empowering patients to take proactive measures to manage their health effectively.

These devices provide patients with real-time feedback on their health metrics, promoting healthier life choices and early intervention in case of anomalies. Moreover, they allow healthcare providers to gather comprehensive patient data over time, facilitating the formulation of individualized treatment strategies. For instance, cardiac patients can use wearable heart rate monitors to track their activity levels and receive alerts if irregularities are detected. This personalized approach not only improves patient outcomes but also reduces the burden on healthcare systems by minimizing emergency situations.

Dominating Region and Country:

The North American region dominates the Global Connected Medical Device Market due to its strong technological infrastructure, significant investment in healthcare technology, and supportive regulatory environment. The United States stands out as a leading player in this market, driven by its advanced healthcare system and robust research and development activities.

Emerging economies in the Asia-Pacific region, such as China and India, present promising growth opportunities. These countries are witnessing rapid digitalization of healthcare services, a growing aging population, and increasing awareness about remote monitoring solutions. The rising healthcare expenditure and government initiatives to improve healthcare accessibility further fuel the adoption of connected medical devices.

The Connected Medical Device Market research report provides an in-depth overview of the industry including market segmentation by product type, connectivity technology, component, application, end-user, and Region. Analysis of the global market with a special focus on high-growth applications in each vertical and fast-growing market segment. It includes a detailed competitive landscape with identification of the key players concerning each type of market, in-depth market share analysis with individual revenue, market shares, and top players’ rankings. Impact analysis of the market dynamics with factors currently driving and restraining the growth of the market, along with their impact in the short, medium, and long-term landscapes. Competitive intelligence from the company profiles, key player strategies, and game-changing developments such as new product launches, collaborations, expansions, investment analysis, mergers, and acquisitions. The market analysis focuses on revenue and forecast by region/countries and by application in terms of revenue forecast for the period 2023-2030.

The report further studies the market strategies of key players, recent development status, plans, and Connected Medical Device Market trends across the world. Also, it splits the market segmentation further to deep dive into research and reveals company profile and prospects.

Major Classifications are as follows:

  • By Product Type
    • Monitoring Devices
    • Diagnostic Imaging Devices
    • Therapeutic Devices
    • Wearable Devices
  • By Connectivity Technology
    • Bluetooth
    • Wi-Fi
    • Cellular Networks
    • Zigbee
    • NFC (Near Field Communication)
    • Others
  • By Component
    • Hardware
    • Software
    • Services
  • By Application
    • Chronic Disease Management
    • Remote Patient Monitoring
    • Telemedicine
    • Fitness and Wellness Monitoring
    • Others
  • By End User
    • Hospitals
    • Clinics
    • Home Healthcare Settings
    • Ambulatory Surgical Centers
    • Diagnostic Centers
  • By Region
    • North America
      • US
      • Canada
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Spain
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Rest of Asia Pacific
    • Rest of the World
      • Middle East
        • UAE
        • Saudi Arabia
        • Israel
        • Rest of the Middle East
      • Africa
        • South Africa
        • Rest of the Middle East & Africa

Reason to purchase this Connected Medical Device Market Report:

  • Determine prospective investment areas based on a detailed global Connected Medical Device Market trend analysis over the next years.
  • Gain an in-depth understanding of the underlying factors driving demand for different Connected Medical Device Market segments in the top spending countries across the world and identify the opportunities each offers.
  • Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
  • Identify the major channels that are driving the global Connected Medical Device Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
  • Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Connected Medical Device Market.
  • Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Connected Medical Device Market providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.

TOC

  1. Executive Summary
  2. Introduction
    1. Key Takeaways
    2. Report Description
    3. Market Scope & Definition
    4. Stakeholders
    5. Research Methodology
      1. Market size
      2. Key data points from primary sources
      3. Key data points from secondary sources
      4. List of primary sources
      5. List of secondary sources
  3. Market Overview
    1. Introduction
    2. Industry Segmentation
    3. Market Trends Analysis
    4. Major Funding & Investments
    5. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
    6. Value Chain Analysis
    7. Pricing Analysis
      1. Pricing Analysis, By Products
      2. Average Pricing Benchmark Analysis
  4. Connected Medical Device Market, By Offering
    1. Product
    2. Service
  5. Connected Medical Device Market, By Product Type
    1. Monitoring Devices
    2. Diagnostic Imaging Devices
    3. Therapeutic Devices
    4. Wearable Devices
  6. Connected Medical Device Market, By Connectivity Technology
    1. Bluetooth
    2. Wi-Fi
    3. Cellular Networks
    4. Zigbee
    5. NFC (Near Field Communication)
    6. Others
  7. Connected Medical Device Market, By Component
    1. Hardware
    2. Software
    3. Services
  8. Connected Medical Device Market, By Application
    1. Chronic Disease Management
    2. Remote Patient Monitoring
    3. Telemedicine
    4. Fitness and Wellness Monitoring
    5. Others
  9. Connected Medical Device Market, By End User
    1. Hospitals
    2. Clinics
    3. Home Healthcare Settings
    4. Ambulatory Surgical Centers
    5. Diagnostic Centers
  10. Connected Medical Device Market, By Geography
    1. Connected Medical Device Market, North America
      1. U.S.
      2. Canada
    2. Connected Medical Device Market, Latin America
      1. Brazil
      2. Mexico
      3. Argentina
      4. Rest of Latin America
    3. Connected Medical Device Market, Europe
      1. UK
      2. Germany
      3. France
      4. Italy
      5. Spain
      6. Russia
      7. Rest of Europe
    4. Connected Medical Device Market, Asia Pacific
      1. China
      2. Japan
      3. India
      4. South Korea
      5. Rest of Asia Pacific
    5. Connected Medical Device Market, Rest of the world
      1. Middle East
        1. UAE
        2. Saudi Arabia
        3. Israel
      2. Africa
        1. South Africa
        2. Rest of Africa
  11. Competitive Analysis
    1. Introduction
    2. Top Companies Ranking
    3. Competitive Landscape
      1. Competition Dashboard
      2. Market Share Analysis (2022)
      3. Emerging company case studies
    4. Company Profiles
      1. Medtronic
        1. Business Overview
        2. Product Portfolio
        3. Market Segments (Business Segment/Region)
        4. Sales Footprint
        5. Recent Developments
          1. New Product Launch
          2. Mergers & Acquisitions
          3. Collaborations, Partnerships & Agreements
          4. Rewards & Recognition
      2. Philips
        1. Business Overview
        2. Product Portfolio
        3. Market Segments (Business Segment/Region)
        4. Sales Footprint
        5. Recent Developments
          1. New Product Launch
          2. Mergers & Acquisitions
          3. Collaborations, Partnerships & Agreements
          4. Rewards & Recognition
      3. GE Healthcare
        1. Business Overview
        2. Product Portfolio
        3. Market Segments (Business Segment/Region)
        4. Sales Footprint
        5. Recent Developments
          1. New Product Launch
          2. Mergers & Acquisitions
          3. Collaborations, Partnerships & Agreements
          4. Rewards & Recognition
      4. Abbott Laboratories
        1. Business Overview
        2. Product Portfolio
        3. Market Segments (Business Segment/Region)
        4. Sales Footprint
        5. Recent Developments
          1. New Product Launch
          2. Mergers & Acquisitions
          3. Collaborations, Partnerships & Agreements
          4. Rewards & Recognition
      5. Siemens Healthineers
        1. Business Overview
        2. Product Portfolio
        3. Market Segments (Business Segment/Region)
        4. Sales Footprint
        5. Recent Developments
          1. New Product Launch
          2. Mergers & Acquisitions
          3. Collaborations, Partnerships & Agreements
          4. Rewards & Recognition
      6. Johnson & Johnson
        1. Business Overview
        2. Product Portfolio
        3. Market Segments (Business Segment/Region)
        4. Sales Footprint
        5. Recent Developments
          1. New Product Launch
          2. Mergers & Acquisitions
          3. Collaborations, Partnerships & Agreements
          4. Rewards & Recognition
      7. Boston Scientific Corporation
        1. Business Overview
        2. Product Portfolio
        3. Market Segments (Business Segment/Region)
        4. Sales Footprint
        5. Recent Developments
          1. New Product Launch
          2. Mergers & Acquisitions
          3. Collaborations, Partnerships & Agreements
          4. Rewards & Recognition
      8. Dexcom
        1. Business Overview
        2. Product Portfolio
        3. Market Segments (Business Segment/Region)
        4. Sales Footprint
        5. Recent Developments
          1. New Product Launch
          2. Mergers & Acquisitions
          3. Collaborations, Partnerships & Agreements
          4. Rewards & Recognition
      9. Stryker Corporation
        1. Business Overview
        2. Product Portfolio
        3. Market Segments (Business Segment/Region)
        4. Sales Footprint
        5. Recent Developments
          1. New Product Launch
          2. Mergers & Acquisitions
          3. Collaborations, Partnerships & Agreements
          4. Rewards & Recognition
      10. Roche Diagnostics
        1. Business Overview
        2. Product Portfolio
        3. Market Segments (Business Segment/Region)
        4. Sales Footprint
        5. Recent Developments
          1. New Product Launch
          2. Mergers & Acquisitions
          3. Collaborations, Partnerships & Agreements
          4. Rewards & Recognition
      11. Becton, Dickinson and Company (BD)
        1. Business Overview
        2. Product Portfolio
        3. Market Segments (Business Segment/Region)
        4. Sales Footprint
        5. Recent Developments
          1. New Product Launch
          2. Mergers & Acquisitions
          3. Collaborations, Partnerships & Agreements
          4. Rewards & Recognition
      12. Omron Corporation
        1. Business Overview
        2. Product Portfolio
        3. Market Segments (Business Segment/Region)
        4. Sales Footprint
        5. Recent Developments
          1. New Product Launch
          2. Mergers & Acquisitions
          3. Collaborations, Partnerships & Agreements
          4. Rewards & Recognition
      13. Smith & Nephew
        1. Business Overview
        2. Product Portfolio
        3. Market Segments (Business Segment/Region)
        4. Sales Footprint
        5. Recent Developments
          1. New Product Launch
          2. Mergers & Acquisitions
          3. Collaborations, Partnerships & Agreements
          4. Rewards & Recognition
      14. ResMed
        1. Business Overview
        2. Product Portfolio
        3. Market Segments (Business Segment/Region)
        4. Sales Footprint
        5. Recent Developments
          1. New Product Launch
          2. Mergers & Acquisitions
          3. Collaborations, Partnerships & Agreements
          4. Rewards & Recognition
      15. Zimmer Biomet
        1. Business Overview
        2. Product Portfolio
        3. Market Segments (Business Segment/Region)
        4. Sales Footprint
        5. Recent Developments
          1. New Product Launch
          2. Mergers & Acquisitions
          3. Collaborations, Partnerships & Agreements
          4. Rewards & Recognition

Table and Figures

Methodology:

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This methodology is built upon the integration of all seven research methodologies developed by MarketDigits, a renowned global research and consulting firm. By leveraging the collective strength of these methodologies, we are able to deliver a 360° view of the challenges, trends, and issues impacting your industry.

The first step of our 360° Research Methodology™ involves conducting extensive primary research, which involves gathering first-hand information through interviews, surveys, and interactions with industry experts, key stakeholders, and market participants. This approach enables us to gather valuable insights and perspectives directly from the source.

Secondary research is another crucial component of our methodology. It involves a deep dive into various data sources, including industry reports, market databases, scholarly articles, and regulatory documents. This helps us gather a wide range of information, validate findings, and provide a comprehensive understanding of the industry landscape.

Furthermore, our methodology incorporates technology-based research techniques, such as data mining, text analytics, and predictive modelling, to uncover hidden patterns, correlations, and trends within the data. This data-driven approach enhances the accuracy and reliability of our analysis, enabling us to make informed and actionable recommendations.

In addition, our analysts bring their industry expertise and domain knowledge to bear on the research process. Their deep understanding of market dynamics, emerging trends, and future prospects allows for insightful interpretation of the data and identification of strategic opportunities.

To ensure the highest level of quality and reliability, our research process undergoes rigorous validation and verification. This includes cross-referencing and triangulation of data from multiple sources, as well as peer reviews and expert consultations.

The result of our 360° Research Methodology is a comprehensive and robust research report that empowers you to make well-informed business decisions. It provides a panoramic view of the industry landscape, helping you navigate challenges, seize opportunities, and stay ahead of the competition.

In summary, our 360° Research Methodology is designed to provide you with a deep understanding of your industry by integrating various research techniques, industry expertise, and data-driven analysis. It ensures that every business decision you make is based on a well-triangulated and comprehensive research experience.

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Covered Key Topics

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Leading Market Players

Company Market Share

Market Size and Growth Rate

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