Healthcare Connected Devices Market Report, Size, Development, Key Opportunity, Application and Forecast to 2027

 

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. The healthcare industry has undergone dramatic changes in recent years, aided by the disruptive nature of IoT technology and developments in computing resources, wireless technologies, and data processing techniques, such as Big Data, which is increasingly being used in medical facilities and the medical research field for the analysis of vast amounts of complex heterogeneous data, involving proteomics, genomics, and pharma cogenomics, worldwide.

IoT systems open up a slew of new possibilities for healthcare providers to keep track of their patients, as well as for patients to keep track of themselves. As a result, the various wearable IoT systems provide a range of advantages and challenges for both healthcare providers and patients. As per UnivDatos Market Insights, report on ‘Internet of Medical Things Market’. The IoMT is expected to cross the market valuation of US$ 280 billion by 2027 at a CAGR of 18.49% during the forecast period (2021-2027) from US$ 51 billion in 2019.

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Further, with remote patient monitoring (RPM), healthcare connected devices/technologies can significantly improve patient outcomes and save millions of lives, all while addressing the challenges of increasing healthcare costs and an aging population. As per WHO findings, the world's population of people aged 60 and up is projected to reach 2 billion by 2050, up from 900 million in 2015. 125 million people are over the age of 80 today. By 2050, China will have nearly as many inhabitants (120 million) and the world will have 434 million people in this age group. By 2050, 80% of the world's elderly will be living in low- and middle-income countries.

Over the last few years, the use of smart technology in healthcare has increasingly advanced, placing powerful devices like smart insulin pens, connected inhalers, pulse oximeters, heart rate monitors, asthma monitors, and more in the hands of ordinary people, helping them to better track and treat their own health needs - as well as rapid access support if anything goes wrong. And with the ongoing Covid-19 pandemic placing new demands on healthcare and creating the need for solutions that can aid in providing care remotely, away from a healthcare institution, this couldn’t have come at a better time. For instance: in June 2020; Innovate UK awarded nearly £50,000 to QIoT, a connected medical device company, to finance the creation of a smart connected inhaler that will provide health professionals with early warning of erratic or unpredictable usage and alert patients remotely if they are receiving enough medication. This is especially important in the case of a pandemic like Covid-19, which not only threatens the lives of people suffering from respiratory disorders but also makes it impossible for them to see a doctor regularly.

Based on device type, the market is fragmented into wearable and non-wearable healthcare connected devices. The non-wearable healthcare connected devices segment dominated the market in 2020 and is anticipated to maintain its dominance during the forecast period. The growing adoption of mobile platforms, increasing adoption of AI and 5G and growing recognition and preference for home healthcare, expected to contribute to the market's growth.

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Based on product type, the healthcare connected devices market is segmented into BP monitor, ECG monitoring device, glucose monitor, heart rate monitor, insulin pumps, portable GPS PERS, pulse oximeters, and smart pill dispensers. While based on application, the market is studied as stationary devices, implanted devices, wearable external devices. Besides, based on end-user, the market is bifurcated into hospitals, ambulatory surgical centers, specialty clinics, and home care settings monitoring.

Additionally, for better investigation and adoption of the healthcare connected devices market, the report provides an in-detailed analysis of the different regions. The market is classified into distinct regions that are 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 Rest of APAC), Rest of World has been conducted. North America dominated the market and generated the highest revenue in 2020. However, in the coming years, Asia Pacific is expected to expand rapidly. The presence of a large patient population, rising smartphone penetration, increasing disposable income, improving the standard of living and economic conditions, and the presence of many low-cost mobile manufacturers in the Asia Pacific region are all factors contributing to the region's rapid growth.

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Medtronic PLC, Xiaomi Corporation, ThermoFisher Scientific, Apple Inc., FitBit Inc., GE Healthcare, Inc., Philips Healthcare, OMRON Corporation, Abbott Laboratories, and McKesson Corporation are some of the key players working in the development of Healthcare connected devices market. Several Collaborations and partnerships have been undertaken by these players to develop Healthcare Connected Devices.

Global Healthcare Connected Devices Market Segmentation

Market Insight, by Device

·       Wearable

·       Non-Wearable

Market Insight, by Product

·       BP Monitor

·       ECG Monitoring Device

·       Glucose Monitor

·       Heart Rate Monitor

·       Insulin Pump

·       Portable GPS PERS

·       Pulse Oximeter

·       Smart Pill Dispenser

Market Insight, by Application

·       Stationary Devices

·       Implanted Devices

·       Wearable External Devices

Market Insight, by End-User

·       Hospitals

·       Ambulatory Surgical Centers

·       Specialty Clinics

·       Home Care Settings Monitoring

Market Insight, by Region

·       North America

o   United States

o   Canada

o   Rest of North America

·       Europe

o   France

o   Germany

o   Italy

o   Spain

o   United Kingdom

o   Rest of Europe

·       Asia-Pacific

o   China

o   Japan

o   India

o   Australia

o   Rest of Asia-Pacific

·       Rest of World

Top Company Profiles

·       Medtronic PLC

·       Xiaomi Corporation

·       ThermoFisher Scientific

·       Apple Inc.

·       FitBit Inc.

·       GE Healthcare, Inc

·       Philips Healthcare

·       OMRON Corporation

·       Abbott Laboratories

·       McKesson Corporation