Network Connected Medical Devices Market was estimated at US$ 19.5 billion in the year 2018 and is projected to expand by a CAGR of 23.5 % over the forecast timeframe (2019-2024).
Network Connected Medical Devices: Introduction
It is the device that is used for medical purposes. Through the connection, the data is transferred between medical devices and the information system. Due to these network-connected medical devices, the need for manual data entry is removed. Besides, it includes faster and frequent data updates, as well as human error, is removed, and workflow is improved.
The Global Network Connected Medical Devices Market Forecast and Overview:
The market is expanding due to the widespread distribution of medical devices connected to the internet in health care, an increase in instances of chronic illnesses and the widespread use of smartphones for healthcare techniques that are based on technology and the huge expenditures paid by both private and public organizations.
On the basis of the product and type, the medical devices market can be classified into monitoring devices for patients such as sugar monitors, and insulin pumps dialysis devices, continuous positive pressure (CPAP) machines and defibrillators, infusion pumps, ventilators, intelligent beds, oxygen tanks and coagulation testing devices blood processing devices and computed-tomography (CT) scanners and X-Ray imaging systems and ingestion-able sensors. In the group of these, the monitoring devices category is anticipated to see the highest expansion in the coming years, with a growth rate of 25.1% over the forecast time. This is due to the growing use of cloud-based technology in healthcare and the increasing costs associated with monitoring devices.
In the market for patient monitoring devices market that includes cardiac monitoring devices, the are further subdivided as mobile cardiac telemetry monitors electrocardiogram (ECG), pacemakers or loop recorders that can be implanted. Of those categories, monitoring devices for mobile cardiac telemetry account for the highest percentage with 50.8 %, in the year of 2018. This is due to the growing instances of myocardial infarction as well as other heart-related disorders across the globe.
Additionally, depending on the technology of connectivity that connects medical devices to the internet, the devices market can be classified as Bluetooth low energy (BLE), Wi-Fi, Bluetooth, Near Field Communication (NFC), and satellite, cellular and ZigBee. Of these, BLE technology is expected to be the fastest-growing category over the forecast time and growing by a rate of 23.9%, principally because of its lower power consumption as well as its greater adaptability to the needs of healthcare providers and hospitals.
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Market Trend and Dynamics of the Global Network Connected Medical Devices Market:
The prevalence of chronic illnesses like heart disease and cancer, stroke, respiratory illnesses, and diabetes are rising because of changes in the way of life and inaccessibility to preventive healthcare, especially in countries in the developing world. Based on the World Health Organization (WHO), in 2015, 8.8 million deaths around the world were attributed to chronic illnesses. Therefore, the usage of medical devices connected to the internet to constantly monitor and manage the spread of chronic diseases could be eventually selective to a growth in the market all over the world.
In addition, growing collaborations and partnerships are a growing trend in the medical device market. Companies in this market are cooperating and collaborating with other organizations to offer a variety of affordable and time-saving solutions to both individuals and hospitals.
For example, Nonin Medical Inc. signed a collaboration agreement together with Ideal Life Inc. in April 2015, and under this agreement, they combined their device and telehealth platform. The device is called a Smart wireless finger pulse oximeter (Nonin Model 3230) integrated with a telehealth platform.
As a result, as the market expands and companies are implementing more business strategies, businesses are trying to take a large market share, thus, expanding their reach across the globe.
Furthermore, the increasing involvement of government and market players groups, in the form of financing and promoting, play an important part in the development of the medical network-connected devices market. For example, in May 2018, Caretaker Medical LLC announced the conclusion of a $3.4 million investment to speed up the global commercialization of its Food and Drug Administration (FDA) certified Continuous non-invasive, wireless blood pressure (CNIBP) and vital indicators monitor. With increasing funding being offered by both companies as well as governments, it is anticipated that this market to expand in the next few years.
Market Growth Drivers:
Growing demand for medical care in remote areas is the main reason that has driven the growth of the worldwide network-connected medical devices market, as there are many patients in emerging as well as emerging economies that have long journeys to receive diagnostics of illnesses and routine checks at various health centres. Through the use of IoT-enabled healthcare devices and telemedicine, patients can easily communicate through medical facilities at home, thereby reducing the prevalence of a small number of illnesses in these regions.
Increased investments in medical devices that are connected to the internet and the growing number of geriatric patients are the main factors driving the expansion of the worldwide network-connected medical devices market. Additionally, the rapid reduction in the cost of medical care is another reason for the expansion of the worldwide network-connected medical devices market, as the network-connected device can assist hospitals and clinics in cutting operational expenses by removing the necessity of having full-time staff for assistance in different departments.
The Key Market Segmentation of the Global Network Connected Medical Devices Market:
Global Network Connected Medical Devices Market can be divided into Product Types, Packaging Types, End-User / Applications, and Geographical landscapes, etc.
Network Connected Medical Devices Market Segmentation By Product Type:
Cardiac Monitoring Devices
Neuro Monitoring Devices
Respiratory Monitoring Devices
Network Connected Medical Devices Market Segmentation By Application:
Other network Connected Medical Devices
Network Connected Medical Devices Market Segmentation By Geographical Landscape:
The Middle East and Africa
Major Key Players in the Network Connected Medical Devices Market Are:
Fresenius Medical Care
Proteus Digital Health
Aerotel Medical Systems
The Global Network Connected Medical Devices Market Report Highlights:
In recent times prominent players in the connected medical devices market have implemented a number of strategic steps, including the launch of new products and collaborations, acquisitions and product approvals, in order to keep their positions and increase their standing in the market.
For instance, in March 2019, General Electric Company did a collaboration with UltrasoundPodcast.com. It is a weekly podcast and website which is devoted to POCUS education. This partnership will aid the company in improving accessibility, training and development of skills to achieve optimal patient outcomes.
Additionally, in February 2019, OxyGo LLC launched OxyGo FIT Connect, which aims to improve outcomes for patients by with the help of BLE technology. The platform features a dashboard for providers and mobile applications that will offer real-time monitoring that can aid in troubleshooting, health checks for concentrators as well as preventive maintenance location of the patient’s point communication (POC).
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