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.