Network Connected Medical Devices Market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Network Connected Medical Devices Market by region.
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The global network connected medical devices market size was US$ 21.9 billion in 2021. The global network connected medical devices market is forecast to grow to US$ 32.4 billion by 2030, registering a compound annual growth rate (CAGR) of ~6.5% during the forecast period from 2022-2030.
Factors Influencing
- The global network connected medical devices market is growing due to extensive demand for automation and growing cases of chronic conditions. Moreover, the trending use of smartphones is forecast to benefit the market players during the study period.
- The availability of efficient health techniques and increasing healthcare expenditure due to investments by private and government organizations are forecast to accelerate the market growth during the study period.
- The global network connected medical devices market is forecast to gain traction due to the growing trend of home healthcare.
- IoT devices help obtain data related to blood pressure, oxygen, blood sugar, weight, and ECGs. Through smartphone applications, medical data can be saved for future references and treatment. Thus, such advantages are forecast to accelerate the market growth.
- The evolution of cloud technology and its growing adoption worldwide is forecast to benefit the market players.
- The demand for remote healthcare and the limited reach of healthcare bodies are forecast to fuel the market growth. Emerging economies witness a pool of patients mainly in rural areas who travel long distances for regular check-ups and treatments. Thus, the demand for network-connected medical devices is forecast to grow rapidly.
- Security issues and data privacy issues may hamper the growth of the global network connected medical devices market.
Regional Analysis
The global Network-connected medical devices market would grow significantly in North America, mainly due to the extensive adoption of IT solutions and technological advancements in the healthcare domain. In addition, favorable government laws and initiatives, such as HITECH law, are forecast to benefit the market players.
The boosting trend of eHealth, mainly in the United States, would contribute to the growth of the region.
Network connected medical devices market is forecast to grow rapidly in the Asia-Pacific region. It is due to the growing demand for remote healthcare and efficient devices and techniques, such as smartwatches, smartphone apps, etc.
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COVID-19 Impact Analysis
The demand for network-connected medical devices surged during the pandemic. Due to the COVID-19 infection, it was mandatory to perform regular health check-ups, such as blood pressure, blood sugar, weight, temperature, etc. As a result of this, the demand for network-connected medical devices grew suddenly.
Competitors in the Market
- Nonin Medical Inc.
- NuvoAir AB
- Koninklijke Philips N.V.
- Hoffmann-La Roche Ltd.
- PhysIQ Inc.
- General Electric Company
- Drgerwerk AG & Co. KGaA
- Fresenius Medical Care AG & Co. KGaA
- Medtronic plc
- Myontec Ltd.
- OxyGo LLC
- Proteus Digital Health Inc.
- Aerotel Medical Systems Ltd.
- Aero Healthcare AU Pty Ltd.
- OMRON Corporation
- Hill-Rom Holdings Inc.
- Other prominent players
Market Segmentation
Insight by Product
- Insulin Pumps
- Patient Monitoring Devices
- Defibrillators
- Glucose Monitors
- Infusion Pumps
- Smart Hospital Beds
- Ct Scanners
- Cpap Machines
- Ingestible Sensors
- Dialysis Machines
- Coagulation Testing
- X-Ray Imaging Systems
- Ventilators
- Oxygen Tanks
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Insight by Connectivity Technology
- Satellite
- Bluetooth-Low Energy (Ble)
- Near Field Communication (Nfc)
- Zigbee
- Cellular and Wi-Fi
Insight by Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
- The market report presents the estimated size of the Network Connected Medical Devices market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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