Connected Medical Device Market Size Grows at a CAGR of 15.07%

Introduction

Straits Research released its highly anticipated report, “Connected Medical Device Market Size & Outlook, 2026-2034.” According to the study, the market size is valued at USD 72.49 billion in 2025 and is projected to expand to USD 255.57 billion by 2034, registering a compound annual growth rate (CAGR) of 15.07%.

Market Dynamics

The global connected medical device market is primarily growing due to rising telehealth adoption, chronic disease prevalence, technological advancements, aging population needs, and demand for real-time remote patient monitoring. In addition, regulatory approvals act as a major catalyst in the connected medical device market, ensuring patient safety, credibility, and faster adoption. The latest update reveals that by May 2025, the FDA had authorized approximately 1,200 AI-enabled medical devices, with about 78% dedicated to radiology innovations. The agency is also planning a novel initiative to tag devices utilizing foundation models, like large language models (LLMs). Such streamlined approval frameworks globally enhance trust, accelerate commercialization, and encourage continuous innovation in connected medical technologies.Moreover, the rise of telemedicine and remote patient monitoring is unlocking major opportunities for connected medical devices, as healthcare shifts toward more accessible and cost-effective models. These technologies enable continuous monitoring, timely interventions, and reduced hospital strain. For instance, in March 2025, Saudi Arabia’s Seha Virtual Hospital was named the world’s largest, linking 224 hospitals to deliver 44 specialized services virtually. This milestone underscores how connected devices can scale innovative care models and strengthen patient-centric healthcare globally.

Market Highlights

• Product type: The wearable devices segment dominated the market growth with a revenue share of 49.15%, driven by consumer health consciousness, continuous monitoring needs, and seamless connectivity with digital healthcare ecosystems.
• Application: The remote patient monitoring and telehealth segment is expected to grow at the fastest rate with a CAGR of 15.66% during the forecast period, fueled by the rising chronic diseases, aging population, and digital healthcare adoption.
• End user: The hospital segment held a market revenue share of 45.08%.
• Regional Insights: North America dominated the market with a 38.22% share, driven by rising chronic disease burden and strong adoption of connected devices in countries across the region.

Competitive Players

1. Medtronic
2. Abbott
3. Koninklijke Philips N.V.,
4. Siemens Healthineers AG
5. Boston Scientific Corporation
6. GE Healthcare
7. Hoffmann-La Roche Ltd
8. Dexcom, Inc.
9. Fitbit
10. Garmin Ltd.
11. Omron Healthcare, Inc.
12. Stryker
13. Honeywell International Inc.
14. BD
15. IMD - International Institute for Management Development
16. iRhythm Inc. 
17. AliveCor, Inc.
18. Masimo
19. BioTelemetry, a Philips Company
20. NIHON KOHDEN CORPORATION
21. Others

Recent Developments

Segmentation

1. Product Type
   1. Wearable Devices
      1. Activity Trackers
      2. Smart Watches
      3. Patches
      4. Others
   2. Implantable Devices
      1. Cardiovascular Implants
      2. Orthopedic Implants
      3. Neurological Implants
      4. Others
   3. Stationary Devices
      1. Infusion Pumps
      2. Ventilators
      3. Dialysis Machines
      4. Others
   4. Patient Monitoring Devices
      1. Vital Signs Monitors
      2. Neurological Monitors
      3. Respiratory Monitors
      4. Others
   5. Others
2. By Application
   1. Diagnostics
   2. Remote Patient Monitoring and Telehealth
   3. Treatment Services
   4. Wellness Services
   5. Fitness
   6. Others
3. By End-user
   1. Hospitals and Clinics
   2. Ambulatory Centers
   3. Nursing Homes
   4. Home Care
   5. Others