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Connected Medical Devices Market (Device Type - Consumer Monitoring, Wearable Devices, Internally Embedded Devices, Stationary Devices, and Other Devices; End-user - Hospitals, Ambulatory Surgical Centers, Specialty Clinics, Home Care Settings/monitoring, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025

  • Published : March, 2020

  • Rep Id : HC0829

  • Category : Healthcare & Medical Devices

  • Status : Published

This report provides exclusive insights into the COVID-19 impact on the Connected Medical Devices Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Connected Medical Devices Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Connected Medical Devices Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.

A recent report published by Infinium Global Research on connected medical devices market provides an in-depth analysis of segments and sub-segments in the global as well as regional connected medical devices market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional connected medical devices market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global connected medical devices market. According to the report, the global connected medical devices market is projected to grow at a CAGR of 20.2% over the forecast period of 2019-2025.

 

Market Insight

The IT sector has evolved a lot from the time of its conception. Numerous applications of IT is been developed by market players. One such application is in the healthcare sector. Various solutions are developed to facilitate healthcare organizations and professionals. The connected medical devices are an example of such solutions developed to assist healthcare organizations and professionals to carry out several functions effectively.  By using the connected medical devices, healthcare professionals can carry out clinical operations more easily. Moreover, the connected medical devices can help in collecting and monitoring patient data. It can also reduce human error and help in providing uninterrupted and accurate data.

 

The rise in the prevalence of chronic disorders among the population is one of the major driving factors for the growth of the global connected medical devices market. It was estimated that chronic diseases attributed to approximately 60% of the total 56.5 million reported deaths across the world, as of 2001. The growing number of chronic cases exerts a burden on the healthcare industry. To cope up with this pressure, the industry is developing new technologies including connected medical devices. These devices reduce human efforts and increase patient care efficiency. Moreover, the growing demand for cost effective and reliable patient monitoring solutions is providing a boost to the global connected medical devices market. The connected devices help healthcare professionals to effectively and efficiently track the health of patients. Healthcare professionals can check the condition of their patients by a single touch on their computer or smartphone. However, the risks associated with data breach and hacking of the devices are expected to be the major restraining factor for the growth of the connected medical devices market. On the other hand, the adoption of IoT in healthcare is observed to grow at a rapid pace. This growing demand for IoT is anticipated to offer lucrative business opportunities to the vendors supplying connected medical devices.

 

In terms of geography, the North American region generated the highest revenue in the global connected medical devices market. The largest market share of the North American attributed to the strong presence of the medical device manufacturers in the region. North America has an advanced communication infrastructure along with a higher adoption of developed technologies and higher expenditure on healthcare. This, in turn, augments the demand for connected medical devices s in North America. Europe is the second-largest market for the connected medical devices following North America. While the Asia Pacific is anticipated to grow with the fastest rate over the forecast period. The presence of a large patient pool, growing demand for better healthcare infrastructure and growing investment in the healthcare IT sector are some of the factors contributing to the growth of the connected medical devices in the Asia Pacific.

 

Segment Covered

The report on global connected medical devices market covers segments such as device type, and end-user. On the basis of device type, the sub-markets include consumer monitoring, wearable devices, internally embedded devices, stationary devices, and other devices. On the basis of end-user, the sub-markets include hospitals, ambulatory surgical centers, specialty clinics, home care settings/monitoring, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as General Electric Company, Medtronic Plc, Koninklijke Philips N.V., McKesson Corporation, Honeywell International Inc, Fitbit, Inc, Abbott Laboratories, Omron Corporation, Boston Scientific Corporation, and Other Companies.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of connected medical devices market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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