The global connected medical devices technology is presumed to expand at a significant CAGR during the forecast period (2020-2027) owing to the adoption of IT in the healthcare sector, asserts Market Research Future (MRFR). Connected medical devices use wireless or wired connectivity resources in order to collect and monitor patient data. Connected medical devices reduce human error by accurate and uninterrupted data. The market is considered as one of the most lucrative markets and is estimated to generate considerable revenue in the coming years.
Drivers and Constraints Impacting the Market
With the developing predominance of persistent sicknesses like malignant growth, diabetes, hypertension, and others alongside the gamble factors related with it, for example, asthma, rest apnea, corpulence and others, the worldwide market for connected medical devices is assessed to drive the worldwide market. The rising patient checking frameworks across the globe, developing reception of IT in the medical services area, and rising mindfulness in regards to connected medical devices are probably going to individuals the market development during the conjecture time frame. Additionally, mechanical headways, fast endorsement from administrative experts for connected medical devices, and innovative work exercises are expected to cultivate the market. Also, key sellers in the shopper wearables market like Fitbit are zeroing in on keeping an internet based presence as it lessens the conveyance, arrangement, and the functional expenses. Inferable from such benefits, merchants are quickly infiltrating the web-based stage which is further cultivating the market development.
On the flip side, security concerns, high price of such medical devices, low possibility of adoption in underdeveloped countries, and risk factors associated with data piracy are likely to inhibit the market growth in the coming years. For instance, the US FDA has identified around 300 IoT medical devices that are prone to cyber attack.
Global connected medical devices technology: Segmental Analysis
The global connected medical devices technology has been segmented on the basis of device, product, application, end-user, and region.
By method of item, the worldwide connected medical devices market has been fragmented into shrewd pill distributor, pulse screen, convenient GPS pers, beat oximeter, BP screen, insulin siphon, ECG checking devices, glucose screen, and others. Among these, the gadget fragment is further sub-portioned into wearables and non-wearables.
By method of utilization, the worldwide connected medical devices technology has been fragmented into conference and determination administrations, remote checking, wellness, therapy administrations, and health administrations.
By method of end-clients, the worldwide connected medical devices technology has been fragmented into walking careful focuses, specialty facilities, emergency clinics, home consideration settings/checking, and others.
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Regional Insights
Geographically, the connected medical devices market span across regions namely, Europe, America, Asia Pacific, the Middle East and Africa.
Among every one of the locales, the American district is expected to overwhelm the worldwide market because of the rising pervasiveness of ongoing infections, for example, diabetes and hypertension, good arrangements from the administrative specialists and the public authority, developing mindfulness with respect to connected medical devices, and reception of trend setting innovations by key market players.
Europe is assessed to be the second-biggest locale because of government subsidizing and support from the medical care area. Additionally, broad innovative work exercises and expanding mindfulness with respect to connected medical devices have moved the market development around here.
Asia Pacific is considered to enroll a moderate development rate during the appraisal time frame because of expanding predominance of ongoing sicknesses, reception of creative medical advances, and expanding interest in the medical care area around here.
On the other hand, the Middle East and Africa are presumed to account for the least market share due to underdeveloped healthcare sector, poor medical facilities, and lack of technical knowledge.
Industry News
Sep 26, 2018: Zingbox, the provider of the most widely deployed healthcare Internet of Things analytics platform has recently announced new research demonstrating that hackers are leveraging error messages from connected medical devices. This incorporates X-ray, radiology, and other imaging systems in order to gain valuable insights. These insights are later used to refine the attacks, thus increasing the chance of successful hack.
Competitive Analysis
The major players operating the global market are Philips Healthcare, Johnson & Johnson, Aerotel Medical Systems Ltd., F. Hoffmann-La Roche, Boston Scientific Corporation, iHealth Labs (subsidiary of Andon Health), Medtronic Plc, AgaMatrix Inc., St. Jude Medical Inc. (Abbott), GE Healthcare Inc., Fitbit Inc., McKesson Corporation, Dexcom, OMRON Corporation, and Polar Electro.
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