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Overview

Connected Medical Devices Market Overview:

According to FutureWise analysis the market for connected medical devices in 2023 is US$ 41.5 billion, and is expected to reach US$ 384.83 billion by 2031 at a CAGR of 32.30%.

Medical devices that are connected to platforms for data collecting and monitoring, such as computers, cell phones, and the rest, are referred to as connected medical devices. These medical devices assist carers and healthcare professionals in documenting patient data for follow-up and consultation. For better patient outcomes, the data can be utilized to guide healthcare decisions. Both wired and wireless communication resources can be used to monitor the patient data that has been collected.

Medical devices that are connected not only reduce human mistakes but also frequently provide accurate and uninterrupted data. In addition to reducing human error, connected medical devices frequently provide accurate and uninterrupted data. Portable electronics like smartphones, tablets, laptops, and even other wireless devices can connect to one another through handheld devices. A common software interface is necessary for seamless data upload, download, and data aggregation. These assist patients with medication refills and contain digestible sensors that alert the user if the medication hasn't been taken on time. The increased need for telehealth, telemedicine, teleconsultation, and other forms of telemedicine is driving the demand for connected medical equipment globally.

FutureWise Market Research has published a report that provides an insightful analysis of connected medical devices market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry.

According to the analysis conducted by FutureWise research analysts, the connected medical devices market is estimated to register a considerable growth rate over the forecast period. This report lists the market segments and potential prospects available across this industry, in addition providing crucial information on the total valuation currently held by the industry. Moreover, this report will assist key management individuals in an organisation to enhance their decisions pertaining to business expansion as well as strategic changes for increasing customer base.

Major players included in the Connected Medical Devices Market:

GE Healthcare, Inc.
Medtronic Plc
OMRON Corporation
Philips Healthcare
McKesson Corporation
Fitbit, Inc.
Johnson & Johnson
Boston Scientific Corporation
St. Jude Medical, Inc. (Abbott)
AgaMatrix, Inc.
Dexcom
F. Hoffmann-La Roche
Polar Electro
IHealth Labs
Aerotel Medical Systems Ltd

(Note: The list of the major players will be updated with the latest market scenario and trends)

Recent developments by key players in Connected Medical Devices Market:

August 2022- Medtronic plc announced a strategic partnership with BioIntelliSense, a company that provides continuous health monitoring and clinical intelligence for US hospitals only, as well as 30-day post-acute hospital-to-home distribution rights for the BioButton multi-parameter wearable for straight, connected monitoring. The collaboration provided Medtronic Patient Monitoring with access to a medical-grade device that primarily provided continuous vital sign measurements of general care patients in-hospital and after discharge.

As the geriatric population rises, there is a high need for in-home medical care to reduce unnecessary hospital trips and satisfy consumer preferences for healthy living at home. Additionally, the prevalence of chronic diseases like cardiovascular disease, heart failure, diabetes, and hypertension, as well as an increase in the number of obese individuals, are raising the demand for technologically advanced solutions for remote patient monitoring. By capturing early warning signs of any medical issue, documenting patient participation, and gathering health-related data, connected medical devices enhance patient self-care and significantly reduce patient and physician costs. The need for connected medical devices is projected to increase as more organizations use technology to promote efficiency in various ways. Moreover, New cloud-connected systems being developed quickly have several advantages for patients and healthcare providers. Medical equipment can wirelessly collect data using the cloud for storing, processing, accessibility, and sharing. Frequent alarms can be sent during a data breach, enabling backup and recovery. Device makers can offer clients big data services even if they lack computational hardware. The introduction of wearable technology also enables patients to use devices at their convenience and upload information to the cloud so that doctors can analyze the data. Leading medical device makers are working with cloud service providers to get relevant insights from enormous databases. All of these variables are expected to present market expansion opportunities. However, the overall price of connectivity and interoperability solutions for different medical equipment is very high. Due to the difficulty of setting up various networks with safe setups, internet connection to medical equipment is challenging to implement in smaller healthcare organizations. In order to prevent data breaches, there aren't many wireless communication options, and those that do exist must incorporate several security layers. Because of this issue, healthcare providers must bear a higher total cost of ownership which is expected to hinder market growth.

Connected Medical Devices Market Segmentation:

By Device Type

Stationary Medical Device
Implantable Medical Device
Wearable Medical Device
Non-wearable Medical Device

By Product

BP Monitor
Pulse Oximeter
Heart Rate Monitor
ECG Monitoring Device
Glucose Monitor
Insulin Pump
Portable GPS PERS
Smart Pill Dispenser
Others

By End-User

Hospital
Ambulatory Surgical Centre
Specialty Clinic
Home Care Settings

By Application

Remote Monitoring
Diagnostics Services
Treatment Services
Fitness Device

By Region

North America
Europe
Asia-Pacific
Latin America
Middle East and Africa

This market research report also emphasis on factors affecting the growth rate in various regions listed above. A deep-down analysis of region will also be provided in the final version of this market which is based on conclusion of primary interviews and secondary data point gathered during the process.

By region, the market is segmented into North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. North America registered the highest share in the market in 2022. The existence of reputable medical device manufacturers, a sophisticated healthcare infrastructure, expansions, and significant healthcare spending characterizes the US-connected medical device business. For instance, the FDA also permitted a wireless and wearable EEG (brain wave monitor) sensor developed by Epitel to be used in hospital emergency rooms and critical care units. Wearable, wireless sensors that a nurse or hospital technician could swiftly and easily apply were part of Epitel's first FDA-approved product. Neurologists could also assess the patient and keep a lookout for seizures by connecting the EEG data to a cloud-based software platform. The development of connected medical devices in the region is boosting market expansion.

Connected Medical Devices Market Video Sample:

Competitive Landscape:

Tier 1 players- established companies in the market with a major market share
Tier 2 players
Emerging players which are growing rapidly
New Entrants

FutureWise Key Takeaways:

Growth prospects
SWOT analysis
Key trends
Key data-points affecting market growth

Objectives of the Study:

To provide with an exhaustive analysis on the Connected Medical Devices Market By Device Type, By Product, By End-User, By Application and By Region.
To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
To evaluate and forecast micro-markets and the overall market
To predict the market size, in key regions— North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
To record and evaluate competitive landscape mapping- product launches, technological advancements, mergers and expansions

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1. Market Introduction
- 1. Objectives of the Study
  2. Market Definition
  3. Market Scope
  3.1. Years Considered for the Study
  3.2. Market Covered
  4. Currency
  5. Limitations
  6. Stakeholders
2. Research Methodology
- 1. Research Data
  1.1. Secondary Data
  1.1.1. Key Data from Secondary Sources
  1.2. Primary Data
  1.2.1. Key Data from Primary Sources
  2. Market Size Estimation
  3. Market Breakdown and Data Triangulation
  4. Assumptions for the Study
3. Executive Summary
- 1. Market Outlook
  2. Segment Outlook
  3. Competitive Insights
4. Connected Medical Devices Market Variables, Trends and Scope
- 1. Market Lineage Outlook
  2. Penetration and Growth Prospect Mapping
  3. Industry Value Chain Analysis
  4. Cost Analysis Breakdown
  5. Technology Overview
  6. Regulatory Framework
  6.1. Reimbursement Framework
  6.2. Standards and Compliances
5. Market Overview
- 1. Market Dynamics
  1.1. Market Driver Analysis
  1.1.1. Increasing focus of Connected Medical Devices Market Companies on Brand Protection
  1.1.2. Untapped Opportunities in Emerging Regions
  1.2. Market Restraint Analysis
  1.2.1. High Cost Associated with Implementation of Predictive Analysis
  1.3. Industry Challenges
  1.3.1. Presence of Ambiguous Regulatory Framework
6. Connected Medical Devices Market Analysis Tools
- 1. Industry Analysis - Porter’s
  1.1. Supplier Power
  1.2. Buyer Power
  1.3. Substitution Threat
  1.4. Threat from New Entrants
  1.5. Competitive Rivalry
  2. Pestel Analysis
  2.1. Political Landscape
  2.2. Environmental Landscape
  2.3. Social Landscape
  2.4. Technology Landscape
  2.5. Legal Landscape
  3. Major Deals And Strategic Alliances Analysis
  3.1. Joint Ventures
  3.2. Mergers and Acquisitions
  3.3. Licensing and Partnership
  3.4. Technology Collaborations
  3.5. Strategic Divestments
  4. Market Entry Strategies
  5. Case Studies
7. Connected Medical Devices Market, By Device Type Historical Analysis and Forecast 2023-2031 (USD Million)
- 1. Stationary Medical Device
  2. Implantable Medical Device
  3. Wearable Medical Device
  4. Non-wearable Medical Device
8. Connected Medical Devices Market, By Product Historical Analysis and Forecast 2023-2031 (USD Million)
- 1. BP Monitor
  2. Pulse Oximeter
  3. Heart Rate Monitor
  4. ECG Monitoring Device
  5. Glucose Monitor
  6. Insulin Pump
  7. Portable GPS PERS
  8. Smart Pill Dispenser
  9. Others
9. Connected Medical Devices Market, By End User Historical Analysis and Forecast 2023-2031 (USD Million)
- 1. Hospital
  2. Ambulatory Surgical Centre
  3. Specialty Clinic
  4. Home Care Settings
10. Connected Medical Devices Market, By Application Historical Analysis and Forecast 2023-2031(USD Million)
- 1. Remote Monitoring
  2. Diagnostics Services
  3. Treatment Services
  4. Fitness Device
11. North America Connected Medical Devices Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
- 1. Introduction
  2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
  2.1. U.S.A
  2.2. Canada
  2.3. Mexico
  3. Market Size (USD Million) Forecast for North America 2023-2031
12. Latin America Connected Medical Devices Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
- 1. Introduction
  2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
  2.1. Brazil
  2.2. Venezuela
  2.3. Argentina
  2.4. Rest of Latin America
  3. Market Size (USD Million) Forecast for Latin America 2023-2031
13. Europe Connected Medical Devices Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
- 1. Introduction
  2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
  2.1. Germany
  2.2. U.K
  2.3. France
  2.4. Italy
  2.5. Spain
  2.6. Russia
  2.7. Poland
  2.8. Rest of Europe
  3. Market Size (USD Million) Forecast for Europe 2023-2031
14. Asia Pacific Connected Medical Devices Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
- 1. Introduction
  2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
  2.1. Japan
  2.2. China
  2.3. India
  2.4. Australia and New Zealand
  2.5. ASEAN
  2.6. Rest of Asia Pacific
  3. Market Size (USD Million) Forecast for Asia Pacific 2023-2031
15. Middle East and Africa Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
- 1. Introduction
  2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
  2.1. GCC
  2.2. Israel
  2.3. South Africa
  2.4. Rest of MEA
  3. Market Size (USD Million) Forecast for MEA 2023-2031
16. Market Share Analysis and Competitive Landscape
- 1. Global Landscape - Key Players, Revenue and Presence
  2. Global Share Analysis - Key Players (Tier 1, Tier 2, Tier 3)
  3. Global Emerging Companies
  4. North America - Market Share Analysis and Key Regional Players
  5. Europe - Market Share Analysis and Key Regional Players
  6. Asia Pacific - Market Share Analysis and Key Regional Players
  7. Global Key Player - Growth Matrix
17. Company Profiles (Competition Dashboard, Competitors Deep Dive, Products Offered and Financial Layouts)
- 1. GE Healthcare, Inc.
  1.1. Company Overview
  1.2. Product Portfolio
  1.3. SWOT Analysis
  1.4. Financial Overview
  1.5. Strategic Overview
  2. Medtronic Plc
  2.1. Company Overview
  2.2. Product Portfolio
  2.3. SWOT Analysis
  2.4. Financial Overview
  2.5. Strategic Overview
  3. OMRON Corporation
  3.1. Company Overview
  3.2. Product Portfolio
  3.3. SWOT Analysis
  3.4. Financial Overview
  3.5. Strategic Overview
  4. Philips Healthcare
  4.1. Company Overview
  4.2. Product Portfolio
  4.3. SWOT Analysis
  4.4. Financial Overview
  4.5. Strategic Overview
  5. McKesson Corporation
  5.1. Company Overview
  5.2. Product Portfolio
  5.3. SWOT Analysis
  5.4. Financial Overview
  5.5. Strategic Overview
  6. Fitbit, Inc.
  6.1. Company Overview
  6.2. Product Portfolio
  6.3. SWOT Analysis
  6.4. Financial Overview
  6.5. Strategic Overview
  7. Johnson and Johnson
  7.1. Company Overview
  7.2. Product Portfolio
  7.3. SWOT Analysis
  7.4. Financial Overview
  7.5. Strategic Overview
  8. Boston Scientific Corporation
  8.1. Company Overview
  8.2. Product Portfolio
  8.3. SWOT Analysis
  8.4. Financial Overview
  8.5. Strategic Overview
  9. St. Jude Medical, Inc. (Abbott)
  9.1. Company Overview
  9.2. Product Portfolio
  9.3. SWOT Analysis
  9.4. Financial Overview
  9.5. Strategic Overview
  10. AgaMatrix, Inc.
  10.1. Company Overview
  10.2. Product Portfolio
  10.3. SWOT Analysis
  10.4. Financial Overview
  10.5. Strategic Overview
  11. Dexcom
  11.1. Company Overview
  11.2. Product Portfolio
  11.3. SWOT Analysis
  11.4. Financial Overview
  11.5. Strategic Overview
  12. F. Hoffmann-La Roche
  12.1. Company Overview
  12.2. Product Portfolio
  12.3. SWOT Analysis
  12.4. Financial Overview
  12.5. Strategic Overview
  13. Polar Electro
  13.1. Company Overview
  13.2. Product Portfolio
  13.3. SWOT Analysis
  13.4. Financial Overview
  13.5. Strategic Overview
  14. IHealth Labs
  14.1. Company Overview
  14.2. Product Portfolio
  14.3. SWOT Analysis
  14.4. Financial Overview
  14.5. Strategic Overview
  15. Aerotel Medical Systems Ltd
  15.1. Company Overview
  15.2. Product Portfolio
  15.3. SWOT Analysis
  15.4. Financial Overview
  15.5. Strategic Overview
18. Pre and Post COVID-19 Impact
- 1. Positive influence on the healthcare industry
  2. The financial disruption of the manufacturing sector
  3. Impact of COVID-19 on emerging companies
  4. Significant mandates in the healthcare regulations initiated by administrations
  5. The overall economic slowdown of the developing and developed nations
19. FutureWise SME Key Takeaway Points for Client

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