The report categorizes the global connected medical devices market by product type, which includes connected capital-intensive devices, connected physiological monitors, and connected wearable medical devices. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: rising prevalence of chronic diseases
The increasing global prevalence of chronic diseases such as hypertension, diabetes, CVDs and their related risk factors such as obesity, sleep apnea, chronic respiratory diseases such as asthma and chronic pain conditions is estimated to increase the demand for connected medical devices for efficient disease management.
According to Ramakrishna Edupulapati, a lead analyst at Technavio for patient monitoring devices research, “Patients with chronic diseases such as diabetes and asthma that require continuous monitoring, are increasingly adopting these devices. Patients are increasingly opting for connected medical devices to cut down costs and reduce the burden of hospital visits. This is increasing the demand for connected medical devices and driving the growth of the global wearable medical devices market.”
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Market trend: technological advancements
The global connected medical devices market has been witnessing increasing technological advancements. Technological advancements such as 32-bit ARM architecture and wireless technologies such as ANT+ and BLE are helping manufacturers to design connected medical devices that consume low power and thereby have longer battery lives. Technologies such as SoC and CSP are enabling manufacturers to reduce the size of wearable devices.
Market challenge: high cost of connected medical devices
The cost of medical devices such as imaging equipment including MRI, CT, and X-ray systems equipped with connectivity features is significantly high. Hospitals adopting connected medical imaging equipment also need to bear several other additional costs such as maintenance costs and infrastructural costs. Connected medical devices such as pulse oximeters and activity trackers also require frequent battery changes, recharging, and maintenance, which results in increased cost.
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Key vendors in the market
- GE Healthcare
- OMRON Corporation
- Philips Healthcare
The global connected medical devices market is fragmented with the presence of several regional and national vendors. The leading players have a broad range of product portfolios. They make high R&D investments and develop innovative and technologically advanced products, thereby restricting the small and medium-sized vendors from capturing greater market shares. The market players majorly compete on price, quality, reliability, R&D, range of product offerings, technology, mobile application experience, the strength of sales and marketing, and distribution strategy.
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