Healthcare Connected Devices Market: Research Report Overview by Industry Size, Share, Trends, Growth & Leading Players (2021-2027)
As per the research report, Healthcare Connected Devices Market is expected to reach the market valuation of US$ 60 Billion by 2027 expanding at a reasonable CAGR of 15.4% during the forecast period (2021-2027) from US$ 22.1 Billion in 2019. Many errors in healthcare are caused by a lack of important patient-related medical data. According to experts, the use of digital technology has the potential to improve medical information usability and is critical for patient safety. Advancement in technology will also result in significant improvements in the healthcare system. A large and multilayered infrastructure of ubiquitous computing technologies and applications is emerging. Wearables have been implemented in a variety of areas, but healthcare holds the most promise in terms of addressing spiraling healthcare costs, aging populations, and the burden of chronic disease. To date, wearable technology has been almost exclusively used for fitness purposes, driven by the desire of consumers to track their wellbeing.
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The convergence of wearable technology with augmented reality (AR), Big Data, artificial intelligence (AI), and cloud computing solutions, as well as falling prices of sensors, open-source application programming interfaces (APIs), frameworks, and libraries, is allowing the Internet of Things (IoT) ecosystem to produce faster and more cost-effective solutions. Recent advancements in healthcare are adding value by focusing on diagnosis, recovery, tracking, and prevention. Personalization, early detection, remote patient management (RPM), adherence to medication, information databases, and improved decision making are only a few of the benefits felt in the healthcare value chain, all while lowering healthcare costs. For instance: In United States, on a per capita basis, health spending has increased over 31-fold in the last four decades, from US$ 353 per person in 1970 to US$ 11,582 in 2019. In constant 2019 dollars, the increase was about 6-fold, from US$ 1,848 in 1970 to US$ 11,582 in 2019.
Medtronic PLC, Xiaomi Corporation, ThermoFisher Scientific, Apple Inc., FitBit Inc., GE Healthcare Inc., Philips Healthcare, OMRON Corporation, Abbott Laboratories, and McKesson Corporation are some of the prominent players operating in the global Healthcare Connected Devices market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
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Insights Presented in the Report
“Amongst devices, Non-Wearable Devices segment holds the major share”
Based on the devices, the market is fragmented into Wearable and Non-wearable devices. The non-wearable devices segment dominated the market and is expected to maintain its dominance during the forecast period. In 2019, non-wearable devices accounted for almost 70% of the market share.
“Amongst products, BP Monitoring dominated the market in 2020”
Based on the products, the market is fragmented into BP monitor, ECG monitoring device, glucose monitor, heart rate monitor, insulin pump, portable GPS PERS, pulse oximeter, and smart pill dispenser. The BP Monitoring segment dominated the market and is expected to maintain its dominance during the forecast period. It allows blood pressure to be measured and recorded throughout the day in the patient’s natural environment without going to the hospitals or clinics again and again.
“Amongst application, Wearable External Medical Devices is anticipated to grow at the highest CAGR during the analyzed period”
Based on application, the market is fragmented into stationary medical devices, implanted medical devices, and wearable external medical devices. Stationary medical devices and mplanted medical devices together accounted for nearly 70% of the market share. However, wearable external medical devices is expected to witness the highest CAGR over the forecast period. In 2018, in total, 38.8 million consumers have purchased wearable medical devices which is higher than 1.1% from the previous year.
Amongst end-user, the Hospital segment holds the major share”
Based on the end-user, the market is fragmented into hospitals, ambulatory surgical centers, specialty clinics, and home care monitoring. The hospitals dominated the market and are anticipated to maintain their dominance during the analyzed period. Furthermore, the segment is also expected to grow at the highest CAGR during the period.
“North America signifies one of the largest markets of Healthcare Connected Devices Market”
For a better understanding of the market dynamics of the Healthcare Connected devices market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America dominated the market and generated maximum revenue, owing to the higher adoption rate of healthcare IoT solutions across hospitals, clinics, etc., Furthermore, the presence of key companies, legislative initiatives, such as HITECH Law, 2009, and availability of proper healthcare IT infrastructure in the region is also acting as a growth catalyst to the market.
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