Global Connected Medical Devices Market – Technological Advancements to Boost Growth | Technavio

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LONDON–()–The global connected medical devices market is expected to grow at a CAGR of more than 9% during the period 2017-2021, according to a new market research study by Technavio.

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

  • Fitbit
  • GE Healthcare
  • Medtronic
  • 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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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Maria Burns

Maria Burns

Maria is a Viral News Editor who graduated from the University Of California. She likes social media trends, being semi-healthy, Buffalo Wild Wings and vodka with lime. When she isn’t writing, Maria loves to travel. She last went to Thailand to play with elephants and is planning a trip to Bali.
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