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Connected Medical Device Market

Connected Medical Device Market: Information by Application (Consumer Monitoring, Wearable Device), and Region — Forecast till 2030

Published At : 08 Sep, 2022
Updated At : 12 Sep, 2022
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Market Snapshot
Base Year:
2021
Study Period:
2020-2030
CAGR:
19.3 %
Fastest Growing Market:
Asia-Pacific
Largest Market:
North America

The global connected medical device market size was valued at USD 35.32 billion in 2021. It is expected to reach USD 172.90 billion by 2030, growing at a CAGR of 19.3% during the forecast period (2022–2030). Virtual home systems can use tools, networks, and services known as connected medical devices to deliver remote diagnostic services by connecting to or integrating with other systems, such as clouds. Due to their ability to work independently or in tandem with already-existing equipment, these gadgets are advantageous to patients and healthcare service providers. Medical equipment can link to the cloud and apps due to the Internet of Medical Things. Additionally, portable diagnostic tools from connected medical equipment may be available for in-home data collection and diagnosis. Both patients and healthcare service providers may directly benefit from connectivity.

Medical software and gadgets were often used to display readings and operate medical equipment. On the other hand, the need for sophisticated sensory and linked medical gear is outweighed mainly by the expanding potential of current software and its offers. As a result, there has been an increase in the number of connected medical devices and software developments that can collect and transmit medical data, as well as data analytics services that assist medical professionals in gaining insights into and promoting the delivery of predictive, preventive, personalized, and participatory medicines. According to a Telegraph report, a man's life was saved by an Apple Watch because it constantly alerted him when his heart rate dropped below 40 beats per minute and suggested he go to the closest ER hospital. The Apple Watch is equipped with a heart rate sensor that is fed with a history of medical data. Phillips further unveiled the wearable Philips IntelliVue Guardian patch, which can be used to monitor patients both at home and in medical facilities. These tools have also allowed Mt. Sinai Medical Center, a hospital in New York, to reduce patient wait times in the emergency room by up to 50%.

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Market Dynamics

Global Connected Medical Device Market Driver

Relief from the Cost of Sensing Devices

Market vendors successfully introduce innovative products at a lower cost. A researcher from IIT Bombay in India created wearable, soft sensors that are inexpensive and flexible in August 2021. These sensors may detect changes in a person's heart rate. With applications in robotics, prosthetics, minimally invasive surgery, and the detection of tumor/cancerous cells, it is a flexible pressure/strain sensor with excellent sensitivity that may be used for small- and large-scale motion monitoring. This hydrophilic rGO ink, in combination with multi-walled carbon nanotubes, led to the discovery of a relatively straightforward and inexpensive method for the fabrication of a pressure sensor based on polyurethane (PU) foam coated with the MWNTrGO ink.

Global Connected Medical Device Market Restraint

Financial Constraints and Threat to Security

Budget constraints frequently affect healthcare companies, making implementing new technologies challenging. Many cutting-edge health IT infrastructure solutions can provide enterprises with a more significant ROI over time, but it might be challenging to front the implementation costs. The certification procedure for wireless devices is crucial for businesses wishing to sell linked gadgets.

Businesses may encounter security issues as they move toward digital transformation due to the proliferation of endpoints, dispersed networks, and a rise in data and traffic. Key stakeholders are more concerned that the skills gap may slow the implementation of IoMT solutions and restrain market expansion. The acting head of medical device security for the FDA issued a warning in 2021 about the complexity of cyber threats to the medical device sector.

Segmental Analysis of the Global Connected Medical Device Market

The global connected medical device market is segmented by application and region.

On the Basis of Application

Based on application, the global connected medical device market is classified into Consumer Monitoring, Wearable Devices, Internally Embedded Devices, and Stationary Devices.

The Stationary Devices segment holds the largest market share and is expected to grow at a CAGR of 18.23% during the forecast period. X-ray, mammography, CT and MRI scanners, ultrasound machines, and nuclear imaging devices are stationary medical devices. Hospitals, clinics, and diagnostic facilities often wirelessly use this costly high-tech equipment to transmit images to physicians. The market is sighting several acquisitions that are concentrating on imaging devices. As an illustration, in February 2022, scientists at the Technical University of Munich (TUM) incorporated the dark-field X-ray strategy into a CT scanner suitable for clinical use. The information offered by dark-field imaging complements conventional X-ray imaging, and the new prototype makes it feasible to produce three-dimensional dark-field X-ray pictures.

IoT-enabled Internally Embedded Devices allow healthcare professionals quickly diagnose issues and administer remedies. Embedded medical devices reduce the time it takes to diagnose and treat patients since these systems operate on high-speed processors with thorough operating system interfaces. The total time it takes to complete therapy is decreased by these devices, which frequently use each patient's data for various types of analysis and diagnosis. To match the user's inputs with the proper condition, the medical device's internal chip compares the user's inputs to a pre-loaded symptom file. If the disease cannot be identified by analyzing the symptoms, it performs the tests advised by the pre-loaded symptom file to identify the ailment accurately.

The development of Wearable Devices like Fitbits, smartwatches, and wearable monitors has been influenced by the advancement of wearable technology and the growing demand from consumers to take control of their health. This influence extends to insurers, providers, and technology companies in the medical sector. By extending wearables and other remote monitoring equipment coverage, the federal government and health insurance providers like UnitedHealth Group Inc. and Humana Inc. have promoted acceptance. Businesses are adding cutting-edge technology to their products to give customers various functions in a single item. Abbott debuted the Lingo family of sports biosensors in January 2022.

Optimum patient care and workload management depend on ongoing patient monitoring, which also offers doctors and caregivers a comprehensive understanding of the patient population. Consumer Monitoring Devices are being sold in the market due to the need for remote patient monitoring (RPM), which major, well-funded healthcare institutions are not just meeting. In September 2021, Statis Health, a branch of Stasis Labs, and Medtronic India, an Irish medical technology behemoth Medtronic division, partnered strategically to market Statis Health's bedside patient monitoring system in India.

Regional Analysis of the Global Connected Medical Device Market

Prevalence of North America in the Global Market

Region-wise, the global connected medical device market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Connected Medical Device Market Regional Analysis

Regional Growth Insights Request Sample Pages

North America holds the largest market share and is estimated to grow at a CAGR of 18.21% during the forecast period. The existence of well-known medical device manufacturers, a sophisticated healthcare environment, expansions, and significant healthcare spending characterize the North American connected medical device market. For instance, RAYUS Radiology opened a new outpatient-based advanced diagnostic imaging facility in the US in December 2021, expanding its operations of imaging clinics around Maine.

Various improvements for stationary equipment with high-speed scanning capabilities are being seen around the US, the primary country of this region. For instance, Lee Health's Gulf Coast Medical Center in Fort Myers, Florida, became the first healthcare institution in the United States when The Somatom X.ceed, a premium single-source computed tomography scanner from Siemens Healthineers, was installed there in January 2022. It combines technology and software to simplify CT-guided treatments and high-speed scanning capabilities with a degree of resolution hitherto unparalleled in single-source CT systems. It emphasizes cardiac and trauma imaging and is made for all diagnostic procedures.

Simultaneously, a sizable demand for high-quality medical technology is driving the development of the Canadian connected medical device market, which is sophisticated and mature. Additionally, the country's remote patient monitoring landscape uses a variety of strategies, and several market vendors have launched programs meant to include as many patients as possible. For instance, Island Health launched a patient-focused RPM initiative in October 2021. The federal government-funded USD 42 million initiative screens patients for exclusion rather than inclusion and allocates mHealth devices and care team coverage based on the patient's needs for care management.

Asia-Pacific holds the second-largest market share. It has the potential to surpass the North American market in terms of revenue as it is estimated to reach a market value of USD 45 million by 2030, growing at a CAGR of 22.12%. The Chinese connected medical device market is developing due to the rising demand for high-tech medical equipment imports to treat chronic and age-related disorders. Chinese manufacturers of connected medical devices dominate the domestic market. However, most of their products are mid-range and low-tech.

Chinese hospitals and healthcare experts prefer foreign gadgets when buying cutting-edge high-tech items. The sizeable aging population in China is driving up demand for expensive, foreign-made technologies, and the Chinese government is working to raise the standard of care. Japan's domestic industrial market is anticipated to increase in the upcoming years. Despite this, most medical equipment used in Japan's healthcare system is imported. Even though Japan is a hub for technological innovation, there is still an opportunity for foreign producers of medical devices.

As many companies in the European region begin the commercialization of their products in Germany, including Siemens, Carl Zeiss, and Drägerwerk, which have a long history of producing medical equipment with an emphasis on diagnostic imaging, precision medical and dental instruments, and optical technologies, Germany is one of the leading markets for medical devices. Owing to several medical technology advances, Germany is becoming one of Europe's top markets for linked medical devices. Government rules across the nation have maintained this.

In the UK, the medical technology industry has a vibrant ecosystem of researchers, scientists, engineers, designers, and physicians from the NHS who operate on a solid commercial foundation. With significant expenditures on data interoperability standards and healthcare IT infrastructure, the nation is also one of the most developed markets for healthcare systems.

Players of the Market

  • Medtronic PLC
  • Koninklijke Philips NV
  • Boston Scientific Corporation
  • Abbott Laboratories
  • Garmin Ltd
  • Biotronik Se & Co. Kg
  • Honeywell International Inc.
  • Stanley Black & Decker Inc. (Stanley Healthcare)
  • NXP Semiconductors NV
  • GE Healthcare

Recent Developments

  • August 2022 - Abbott and Weight Watchers formed a strategic alliance to assist persons with diabetes in better understanding and controlling their diabetes and weight. The companies are collaborating to create a seamless mobile experience that will provide people with diabetes with the knowledge and insights necessary to make healthy dietary adjustments, improve their glucose levels, and, ultimately, gain more control over their health. The program from WeightWatchers is tailored for people with diabetes, and Abbott's portfolio of FreeStyle Libre® products will be seamlessly integrated with WeightWatchers' diabetes-tailored weight management program.
  • May 2022- To improve the treatment process for patients and boost final results, Medtronic and DaVita declared their intention to create a brand-new, independent medical device firm ("NewCo" or "the Company") with a focus on kidney care.
  • April 2022- New Sonicare electric toothbrushes from Philips were introduced, with improved Sonic Technology.
  • April 2022- The EMBOLDTM Fibered Detachable Coil from Boston Scientific Corporation (NYSE: BSX), intended to impede or slow blood flow in the peripheral vasculature, has been given FDA 510(k) approval.

Global Connected Medical Device Market: Segmentation

By Application

  • Consumer Monitoring
  • Wearable Device
  • Internally Embedded Device
  • Stationary Device

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa
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