Rapid Expansion Predicted in North American Network Connected Medical Devices Market in Near Future
The global network connected medical devices market attained a revenue of $19.5 billion in 2018, and it is predicted to progress at a CAGR of 23.5% between 2019 and 2024. The market will also reach a value of $66.6 billion by 2024.The factors driving the advancement of the market are the growing usage of network connected medical devices in the healthcare sector, incorporation of advanced smart phone-based mHealth technologies, and the increasing incidence of chronic diseases.
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This is because these devices are required for continuously monitoring and managing the occurrence of these ailments. Besides this, the surging investments made by several private and government organizations and the surging population of geriatric people around the world are also fueling the expansion of the network connected medical devices market. The players operating in the market are increasingly focusing on getting into partnerships and collaborations with each other for providing less time-consuming and cost-effective services to individuals and hospitals.
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Out of these, the patient monitoring devices category led the market in 2018. Moreover, this category is also predicted to dominate the market in the forthcoming years, mainly due to the growing adoption of the cloud technology in the healthcare sector and the high costs of these devices. Geographically, the network connected medical devices market is predicted to demonstrate the highest growth rate in North America in the upcoming years.
- P&S Intelligence
- Pramod Kumar