Connected Health Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Connected Health Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Report Digest
Connected Health Devices Market Introduction
Today’s medical devices have undergone tremendous transformations with the changing perspectives of consumers triggered by increased consciousness towards health and wellness. Convergence of advanced technologies with the healthcare industry has enabled healthcare professionals, including doctors and diagnostic service providers, to obtain real-time insights into their patients’ health. Thereby, increasing health-consciousness among consumers and needs for improving patient outcomes and quality of healthcare services among healthcare professionals is triggering demand for connected health devices.
Connected Health Devices Market – Notable Developments
- Medtronic Inc. – one of the leading medical device company headquartered in Dublin, Ireland – launched a mobile app, MyCareLink HeartTM that can communicate with its portfolio of connected pacemakers, in January 2019. The company also declared that the new smartphone app is compatible with company’s Medtronic BlueSyncTM technology-enabled pacemakers and it will eliminate the need for any remote monitoring hardware or a dedicated bedside monitor for patients. The app help healthcare professionals as well as patients to access pacemaker data including pacemaker battery information, updates on physical activity transmission success history, while answering common questions about how to live with a pacemaker.
- Garmin International, Inc., a U.S.-based technology company in the connected health devices market, recently announced that it has collaborated with ActiGraph, leading provider of medical-grade wearable activity and sleep monitoring solutions, to introduce innovative connected health devices by combining its wearable devices and ActiGraph’s data analytics platform. The company aims to introduce powerful connected health devices that can be used for various patient monitoring applications, clinical trials, and remote patient monitoring, as well as for academic research.
- Stanley Healthcare – the healthcare business division of the company Stanley Black & Decker, Inc. and a leading stakeholder in the connected device market, launched a new cloud-based solution – the STANLEY Healthcare AeroScout® Links – for real-time monitoring of different conditions and aspects of the environment of care, in February 2018. The new cloud-based IoT platform integrates a cloud-based network with smart sensors to help healthcare service providers to monitor cold storage and various other operations for offering efficient patient care. With the launch of such connected health devices and platforms, the company aims to target small hospitals, pharmacies, and outpatient service providers to gain momentum in the connected health devices market.
Some of the most prominent competitors operating in the competitive landscape of global connected health devices market include –
- Koninklijke Philips NV
- Boston Scientific
- Honeywell International Inc.
- Medtronic Inc.
- GE Healthcare
- Fitbit, Inc.
- NXP Semiconductor NV
- Aerotel Medical System Ltd.
- Abbott Laboratories
- McKesson Corporation Garmin Ltd.
- Qualcomm Inc.
- Stanley Healthcare
- Omron Healthcare, Inc.
- Draeger Medical Systems, Inc.
- Body Media, Inc.
- AgaMatrix, Inc.
- Apple, Inc.
Connected Health Devices Market Dynamics
Increasing Growth of the MedTech Industry is Driving Growth of the Connected Health Devices Market
Rapid advancements and innovations in technologies have been influencing growth prospects of various industrial sectors. The healthcare industry has been welcoming connected health devices with the increasing quest for improving the quality and efficiency of healthcare services and patient outcomes. Leading technology companies are foraying in to the healthcare industry to capitalize on the profitable opportunities and increasing demand for high-tech health devices. Staggering growth prospects of the MedTech industry and a rise in demand for personalized next-generation healthcare devices is expected to boost growth of the connected health devices market in the upcoming years.
Internet Connectivity Challenges in Emerging Economies will Impact Market Penetration of Connected Heath Devices
Even though the healthcare sector in emerging economies, such as India and China, has been witnessing exponential growth, the penetration of internet connectivity is significantly low in developing and underdeveloped countries. Thereby, despite the high sales potential and lucrative opportunities in the healthcare sector in developing countries, issues associated with connectivity are creating major challenges for players in the connected health devices market.
Increasing use of smartphones and emergence of technological advancements is expected to make the Asia-Pacific region more lucrative than ever for connected health devices market players. Leading companies are focusing on investing to resolve connectivity issues to meet the burgeoning demand for connected health devices in emerging economies, and to ultimately gain momentum in the global connected health devices market.
Convergence of Cloud Technology and Healthcare Industry will Augur Well for the Connected Health Devices Market
The healthcare industry is undergoing tremendous transformations with the adoption of technological advancements to improve quality and efficiency of various healthcare services. Growing awareness about the significant value that cloud-connected health devices offer to patients and medical service providers is boosting adoption of connected health devices. Top healthcare industry players, health device manufacturers, and other stakeholders in the connected health devices market are working closely with cloud service providers to sync with and leverage the emergence of the trending cloud technology.
Connected Health Devices Market Segmentation
Based on the product type, the connected health devices market is segmented into
- Connected Health Wellness Devices
- Heart Rate Monitors
- GPS Sports Watches
- Body Analyzers
- Digital Pedometers
- Others
- Connected Health Personal Medical Devices
- BP Monitors
- Glucose Monitors
- Insulin Pumps
- Personal Plus Oximeters
- Portable GPS PERS
- Others
Based on its applications, the connected health devices market is segmented into
- Wearable Device
- Consumer Monitoring
- Stationary Device
- Internally Embedded Device
Based on its end use, the connected health devices market is segmented into
- Home Monitoring
- Hospitals/Clinics
The study presents a granular assessment and quantitative evaluation of:
- Key growth factors and prominent trends
- Size and share of key segments in overall market
- Key challenges and winning imperatives
- Factors shaping competitive landscape
- Insights into how contours of market will change in coming years
- Technological advances
- New avenues and imminent investment pockets
- Regulatory landscape shaping current and future strategies of companies
The region-wise assessment includes market dynamics in:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
- Which key factors will shape the competitive landscape?
- Which trends will stimulate research and development activities in different geographies?
- Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
- Which disruptions in market growth are likely to come with the new business models?
- Which are some of the recent overhauls in policies that may change the course of the market significantly?
- Which are the geographies that will form sizable sources of new streams to new and established players alike?
- How are top players likely to realign their strategy to counter the forces of competition?
- Which key strategies emerging players are likely to focus on to consolidate their position?
- Which changes in end-user preferences might affect the status quo held by the leading players?
- Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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