Healthcare Connected Devices Market Report - Industry Size and Global Share 2021: Business Expansion Strategies, Growth Dynamics, Opportunities and Challenges Forecast to 2027
A comprehensive overview of the Healthcare Connected Devices Market is recently added by UnivDatos Market Insights to its humongous database. The Healthcare Connected Devices Market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Healthcare Connected Devices Market. The Healthcare Connected Devices Market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Healthcare Connected Devices Market at the global and regional level. Healthcare Connected Devices Market was valued at more than USD 22 Billion in 2020, and it is expected to be almost USD 60 Billion by 2027, growing at a CAGR of 15.4% over the forecast period from 2021-2027.
Market Overview
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Internet of Medical Things allows medical
devices to be connected to the cloud and applications. Connected devices are
used as a portable diagnostic system that is utilized in-home for
self-monitoring of patients. Per a network provider company in Aruba,
nearly 85% of the healthcare industries across the globe will adopt IoMT
services by 2019. Further, it was also observed that approximately 3,000 IT
companies including healthcare and business administrators across 21 countries
have introduced IoMT for enhancing patient monitoring, promoting innovations,
and deducting costs.
Connected devices have many advantages like it decreases medical
errors, modifies safety, permits patient engagement, and helps in patient-based
healthcare delivery. The market is rising with the development in technologies and
growing insight of smartphones, tablets, and other mobile platforms in
healthcare. Furthermore, Philips, in partnership with Open Market,
has discovered a remote sensor technology with mobile messaging, called
e-Alert, that notifies the major issue of the MRI system before its pause. This
technology won the Most Innovative IoT Solution award in 2017.
COVID-19 Impact
COVID-19 pandemic has led to increasing uses of Healthcare
Connected Devices for remote patient monitoring, maintaining a proper distance
so that the people and healthcare workers do not get infected. Healthcare
workers and systems were dependent on technology to give the necessary care to
patients at their homes, through telecommunication and remote patient
monitoring programs. Likewise, government health officials also utilized technology
to slow the spread of the virus, through smartphone-based contact tracking and
proactive wellness monitoring, or tele-consultancies. The COVID-19 outbreak has
moved the center of attention of people to self-care facilities at their homes.
Parks Associates data reveals that 42% of US broadband households used a
telehealth service 10 months earlier to May 2020, whereas only 15% reported
such usage in May 2019.
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Healthcare Connected Devices Market report is studied thoroughly
with several aspects that would help stakeholders in making their decisions
more curated.
By Device, the market is primarily bifurcated into
·
Non-wearable Devices
The non-wearable
device segment dominated the global healthcare connected device market and will
grow remarkably over the forecast period.
By Product, the market is primarily segmented into
·
BP Monitor
·
ECG Monitoring Device
·
Glucose Monitor
·
Heart Rate Monitor
·
Insulin Pump
·
Portable GPS PERS
·
Pulse Oximeter
·
Smart Pill Dispenser
Amongst
products, BP Monitor accounted for the largest share and is expected to grow significantly
during the forecast period 2021-2027.
By Application, the market is primarily segmented into
·
Stationary
Medical Devices
·
Implanted
Medical Devices
·
Wearable
External Medical Devices
Amongst applications,
stationary medical devices accounted for a market valuation of USD X Billion in
2020 and is expected to reach USD X Billion by the year 2027, at a CAGR of X%
over the analyzed period.
By End-user, the market is primarily segmented into
·
Hospitals
·
Ambulatory Surgical centers
·
Specialty Clinics
·
Home care Settings
Amongst
end-users, the homecare setting segment of the healthcare connected device
market was valued at USD X Billion in 2020 and is likely to reach USD X Billion
by 2027 growing at a CAGR of X% from 2021-2027.
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Healthcare Connected Devices Market Geographical Segmentation
Includes:
·
North America (United States, Canada)
·
Europe (Germany, United Kingdom,
Italy, France, Spain, and Rest of Europe)
·
Asia-Pacific (China, Japan, India, and
Rest of Asia-Pacific)
·
Rest of the World
Based on
the estimation, the North American region dominated the healthcare connected
device market and is expected to maintain its dominance during the forecast
period due to advanced healthcare infrastructure in the region. However,
Asia-Pacific is expected to grow at the highest CAGR over the analyzed period.
The
major players targeting the market includes
·
Medtronic PLC
·
Xiaomi Corporation
·
ThermoFisher Scientific
·
Apple Inc.
·
FitBit Inc.
·
GE Healthcare, Inc
·
Philips Healthcare
·
OMRON Corporation
·
Abbott Laboratories
·
McKesson Corporation
Competitive Landscape
The degree of competition among prominent global companies has been
elaborated by analyzing several leading key players operating worldwide. The
specialist team of research analysts sheds light on various traits such as
global market competition, market share, most recent industry advancements,
innovative product launches, partnerships, mergers, or acquisitions by leading
companies in the Healthcare Connected Devices market. The major players have
been analyzed by using research methodologies for getting insight views on
global competition.
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Key questions resolved through this
analytical market research report include:
• What are the latest trends, new patterns,
and technological advancements in the Healthcare Connected Devices Market?
• Which factors are influencing the Healthcare
Connected Devices Market over the forecast period?
• What are the global challenges, threats,
and risks in the Healthcare Connected Devices Market?
• Which factors are propelling and
restraining the Healthcare Connected Devices Market?
• What are the demanding global regions of
the Healthcare Connected Devices Market?
• What will be the global market size in
the upcoming years?
• What are the crucial market acquisition
strategies and policies applied by global companies?
We understand the
requirement of different businesses, regions, and countries, we offer
customized reports as per your requirements of business nature and geography. Please
let us know If you have any custom needs.
About UnivDatos
Market Insights
UnivDatos
Market Insights (UMI) is a passionate market research firm and a subsidiary of
Universal Data Solutions. We believe in delivering insights through Market
Intelligence Reports, Customized Business Research, and Primary Research. Our
research studies are spread across topics across the world, we cover markets in
over 100 countries using smart research techniques and agile methodologies. We
offer in-depth studies, detailed analysis, and customized reports that help
shape winning business strategies for our clients.
Contact
UnivDatos Market Insights
Pawnendra Pawan
Client Development Lead
Ph: +91-7838604911
Email: pawnendra@univdatos.com
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