Connected Medical Devices Market size worth $ 136.76 Billion, Globally, by 2028 at 22.26% CAGR: Verified Market Research®
JERSEY CITY, N.J., Jan. 5, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Connected Medical Devices Market" By Product (Heart Rate Monitor, Insulin Pump, and Portable GPS PERS), By Application (Remote Monitoring, Treatment Services, Fitness), By End-User (Hospitals, Ambulatory Surgical Centers, and Specialty Clinics), and By Geography. According to Verified Market Research, the Global Connected Medical Devices Market size was valued at USD 27.39 Billion in 2020 and is projected to reach USD 136.76 Billion by 2028, growing at a CAGR of 22.26% from 2021 to 2028.
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Browse in-depth TOC on "Connected Medical Devices Market"
202 - Pages
126 – Tables
37 – Figures
Global Connected Medical Devices Market Overview
The demand for connected medical devices around the world is rising because of the rising need for self-assessment, telehealth, teleconsultation, and telemedicine, amongst others. Also, the global digital healthcare market is growing with a CAGR of 16.13% over 2028 aiding the demand for connected medical devices. The availability of web-connected devices and feasible networks are enabling the consumers and the healthcare providers to adopt the connected medical devices for the assessments. Such devices can make the assessments easy and help the healthcare professionals to deliver the right consultation and medication even for the patients in remote areas. Increasing penetration of internet amongst the consumers and healthcare professionals is also aiding the market growth.
According to the Cellular Telecommunications Industry Association, Washington, DC, 99% population of the United States have access to three or more 4G/LTE networks. Smartphone technology is developing in such a way that it is influencing the consumer's daily marketing strategies, business activities as well as lifestyle. The acceptance of smart technology is a key factor in determining success in digital healthcare and the adoption of connected medical devices. Certain factors such as the rising occurrence of chronic diseases and risk factors associated with it, the need for cost-effective and reliable patient monitoring systems, increasing awareness, and increasing adoption of IT in healthcare are expected to foster the growth of the global connected medical devices market.
- In July 2021, Qualcomm has announced the expansion of the Wearables Segment with new platform investments and the Qualcomm Wearables Ecosystem Accelerator Program.
- In July 2021, Abbott introduces Jot DX insertable cardiac monitor in the United States. It is designed to reduce data burden and improve accurate diagnosis of difficult-to-detect abnormal heart rhythms.
- In August 2020, Abbott's freestyle libre 2 IOS app cleared in the U.S., providing a seamless digital experience to simplify diabetes management.
The major players in the market are Honeywell International Inc., Garmin Ltd., Boston Scientific Corporation, Abbott Laboratories, Koninklijke Philips NV, Medtronic PLC, NXP Semiconductors NV, Qualcomm Incorporation, and Stanley Black & Decker, Inc.
Verified Market Research has segmented the Global Connected Medical Devices Market On the basis of Product, Application, End-User, and Geography.
- Connected Medical Devices Market, By Product
- Heart rate monitor
- Insulin pump
- Portable GPS PERS
- Pulse Oximeter
- Smart pill dispenser
- Glucose monitor
- ECG monitoring devices
- BP monitor
- Connected Medical Devices Market, By Application
- Remote Monitoring
- Consultation And Diagnosis Services
- Treatment Services
- Wellness Services
- Connected Medical Devices Market, By End-User
- Ambulatory Surgical Centers
- Specialty Clinics
- Home Care Settings/Monitoring
- Connected Medical Devices Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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