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 was valued at more than USD 22 billion in 2020, and it is expected to almost 60 billion by 2027, growing at a CAGR of 15.4% over the forecast period from 2021-2027. A shortage of critical patient-related diagnostic records is the source of many errors in healthcare. Experts believe that the use of new media has the potential to increase the accessibility of medical records and is crucial for patient safety. Technology advancements would also lead to major changes in the healthcare sector. There is evolving a vast and multi-layered infrastructure of ubiquitous computer technology and applications. Wearables have been used in a number of fields, but healthcare holds the most promise in terms of tackling rising healthcare expenses, ageing communities, and the burden of chronic disease. Wearable technology has almost entirely been used for exercise purposes to date, owing to customers' need to keep track of their health.
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The Internet of Things (IoT) environment is producing quicker and more cost-effective applications thanks to the integration of wearable technologies with augmented reality (AR), Big Data, artificial intelligence (AI), and cloud computing solutions, as well as dropping costs of sensors, open-source application programming interfaces (APIs), platforms, and libraries. By focusing on rehabilitation, treatment, monitoring, and avoidance, recent advances in healthcare have added benefit. Personalization, early diagnosis, remote patient management (RPM), prescription adherence, information databases, and better decision-making are just a few of the healthcare value chain's gains, all while lowering healthcare costs. For example, health spending in the United States has risen over 31-fold over the past four decades, from US$ 353 per citizen in 1970 to US$ 11,582 in 2019. The rise was around 6-fold in constant 2019 dollars, from US$ 1,848 in 1970 to US$ 11,582 in 2019.
Insights Presented in the Report
“Amongst devices, Non-Wearable Devices segment holds the major share”
The market is divided between Wearable and Non-wearable devices based on the devices. The non-wearable devices segment led the industry in 2017 and is expected to continue to do so in the coming years. Non-wearable gadgets accounted for almost 70% of the market share in 2019.
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“Amongst products, BP Monitoring dominated the market in 2020”
The market is divided into BP monitors, ECG tracking devices, glucose monitors, heart rate monitors, insulin pumps, portable GPS PERS, pulse oximeters, and smart pill dispensers, based on the brands. The BP Monitoring segment led the industry in 2017 and is expected to continue to do so in the coming years. It enables blood pressure to be monitored and registered during the day in the patient's natural surroundings, rather than having to return to hospitals or clinics.
“Amongst application, Wearable External Medical Devices is anticipated to grow at the highest CAGR during the analyzed period”
The market is segmented into stationary medical devices, embedded medical devices, and portable external medical devices based on use. Combined, stationary medical devices and embedded medical devices accounted for about 70% of the market. Wearable external medical devices, on the other hand, are predicted to grow at the fastest rate over the projected era. In 2018, 38.8 million people bought wearable medical devices, up 1.1 percent from the previous year.
Amongst end-user, the Hospital segment holds the major share”
The market is divided into hospitals, ambulatory surgical centres, specialist clinics, and home care monitoring, depending on the end-user. Hospitals led the industry and are expected to continue to do so during the study period. Furthermore, during the forecast era, the segment is projected to rise at the fastest CAGR.
“North America signifies one of the largest markets of Healthcare Connected Devices Market”
A systematic research was performed for various regions around 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 the Rest of APAC), and the Rest of the World, to get a greater understanding of the business dynamics of the Healthcare Connected Devices Market. Because of the higher penetration rate of healthcare IoT solutions across hospitals, clinics, and other facilities, North America led the industry and earned the most revenue. In addition, the involvement of key businesses, regulatory reforms such as the HITECH Act of 2009, and the provision of appropriate healthcare IT facilities in the area are all driving the industry forward.
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