-- The Connected Medical Device market is expected to register a CAGR of over 9.32%, during the forecast period of 2018-2023. The report profiles the various deployment components of connected medical devices, for various end users.
The connected medical devices market is one of the most lucrative markets, as it is expected to generate considerable revenue, in the near future. The mobile platform can play a vital role in the increasing proliferation of connected devices in the connected healthcare segment, as about 52% of the smartphone users gather health-related information on their phones. The increasing penetration of the connected devices and consistent technological advancements (such as artificial intelligence, machine learning, and blockchain) are expected to bolster growth of the market studied. The deployment of IoT (Internet of Things) solutions is estimated to save up to 50% of operational costs. This factor is the major driver of the robust adoption of medical devices, in the healthcare segment. In addition to technological advancements, the high relevance to the sector has been a major contributor to the increasing adoption of connected devices, in the healthcare segment.
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Connected Devices to Witness Robust Adoption in the Healthcare Industry
North America has been one of the significant contributors to the connected medical device market. The sale of blood pressure monitoring equipment, glucometer, and insulin pumps, among others, have been the major contributors to the market. The chronic disease management in the region also provides a wide scope for the market, as the number of people availing those services is estimated to increase considerably. Moreover, the United States is home to several major connected device vendors, such as Cisco Systems Inc., GE Healthcare, Medtronic Inc., Microsoft Corporation, etc. Therefore, there exists a high degree of competitive rivalry, among the players. Research conducted by renowned universities and companies (like Dell Healthcare) are vital, for the market. With such an increasing adoption of technologies pertaining to connected medical healthcare devices, the market studied is expected to witness healthy growth, over the forecast period.
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North America Expected to Account for the Largest Connected Medical Device Market Share
The adoption of connected devices in the healthcare industry has been fueled by their technological relevance to the sector. The recent trends in various technologies have played major roles as well. Chronic disease management is one of the key segments, where the market could generate considerable revenue. It is estimated that more than 65% of the healthcare costs are incurred by the chronic disease management segment. The latest applications enable users to monitor and track the key parameters. Some of the applications are even capable of catering to patients, in case of an emergency. The increasing enrollment for chronic disease management is estimated to surge considerably. Therefore, healthcare vendors are preparing strategies to capture the majority of the market share. This penetration is further fueled by the increased adoption of connected devices, which reduces the number of sick days by more than 40%.
Key Developments in the Market
July 2018: The company announced its partnership with University College London, to open an artificial intelligence research center, in which, the comWWpany would be investing GBP 77 million. The facility is expected to commence operations by 2019, and would house 200 technicians and train next-generation AI technicians, in addition to conducting front-end research
July 2018: IBM Corporation partnered with Aramark, to identify when an MRI or X-ray machine needs assistance, by using analytics and informing the technician, when the device needs to be repaired or replaced.
Major Players: MEDTRONIC INC., KONINKLIJKE PHILIPS NV, CISCO SYSTEMS INC., IBM CORPORATION, GE HEALTHCARE, MICROSOFT CORPORATION, SAP SE, QUALCOMM LIFE INC., HONEYWELL INTERNATIONAL INC., STANLEY HEALTHCARE, and DIABETIZER GMBH & CO. KG, among others
Reasons to Purchase The Report
Understand the impact of relevant technological innovations on connected medical devices
Analyze various perspectives of the market, with the help of Porter’s five forces analysis
The segments that are expected to dominate the market
Regional analysis of the market during the forecast period
Latest developments, market shares, and strategies employed by the major market players and key innovators
3 months analyst support along with the Market Estimate sheet (in Excel)
Customization of The Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Companies Mentioned:
Medtronic Inc., Koninklijke Philips NV, Cisco Systems Inc., IBM Corporation, GE Healthcare, Microsoft Corporation, SAP SE, Qualcomm Life Inc., Honeywell International Inc., Stanley Healthcare, Diabetizer GmbH & Co. KG
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