The Connected Medical Device Market is expected to grow at a CAGR of 18. 92% over the forecast period from 2022 to 2027. The healthcare industry has witnessed a significant transformation throughout the last few years, aided by the transformative nature of IoT technologies and advances in computer power, wireless technologies, and data analytics techniques, such as Big Data, which currently is deployed in medical facilities and the medical research sector for the analysis of a large amount of complex heterogeneous medical data involving genomics, proteomics, and pharmacogenomics, worldwide.
New York, June 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Connected Medical Device Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06241296/?utm_source=GNW
In the past, medical devices and software were generally deployed to control medical equipment and display reading. However, the growing potential of current software and its offerings dominates the need for the advanced sensory and connected medical hardware equipment. Hence, there is a rise in the number of connected medical devices and advancements in software that are capable of capturing and transmitting medical data, along with data analytics services that help medical practitioners drive insights into and promote the delivery of predictive, preventive, personalized, and participatory medicines.
According to a report published by Telegraph, Apple Watch, equipped with a heart rate sensor fed with a history of medical data, was able to save a man’s life by always alerting when the heart rate dropped below 40 bpm and recommending to visit the nearest ER hospital. Additionally, Phillips introduced the Philips IntelliVue Guardian wearable patch, which can be used to monitor patients at homes and in hospitals. Similarly, the deployment of these devices has enabled Mt. Sinai Medical Center, a hospital in New York, to cut down the waiting time of patients in the emergency ward by up to 50%
This factor further broadens the scope for remote monitoring devices offered in the connected medical devices market. It is estimated that remote monitoring for healthcare could be worth USD 1.1 trillion by 2025. As part of their strategies related to customer engagement, the attempts to deploy these devices by healthcare vendors have gained traction. It was estimated that pharmacy and medical technology companies, on average, spend around 5-12% of their revenues on R&D (including clinical trials) to bring efficient and safe products to the market. It is known that using connected devices in clinical settings can reduce the total cost of the trials, thereby reducing the overall product cost.
However, COVID-19 has positively impacted the market growth. This is due to the drastic increase in the number of patients, pressure on doctors to provide advanced healthcare services, and governments developing apps based on connectivity technologies. The pandemic has brought out new ways in which patients can interact with doctors. There is a rising trend of telemedicine services as governments across the world have advised citizens to avoid any movement outside their homes. As the entire concentration of hospitals is on treating COVID-19 patients, people are discovering new ways to monitor their health themselves and only approach doctors in case of emergencies. Thus, the sales of smart wearables, especially smartwatches, have increased in the last few months.
Key Market Trends
Wearable Device is Expected to Hold Major Share
Wearable technologies in the healthcare industry offer convenient means to monitor physiological features. A multitude of medical solutions are not restricted to consumers but provide current data for doctors to analyze patients at remote locations. Wearable medical technologies have a vast range of applications in the healthcare segment, from Apple Watch’s glucose monitoring systems to its EKG capabilities.
Apart from being convenient, wearable devices were proven to be cost-effective, as the data generated by these devices may help doctors make decisions remotely, thus reducing the patients’ repeated visits to hospitals for regular checkups.
Healthcare wearable devices comprise more than fitness bands. Smartwatches, smart glasses, smart footwear, smart apparel, posture monitors, movement sensors, wrist devices, heart straps, headbands, wearable patches, pain management devices, and medicine delivery pods are some of the devices that make up the vast and growing healthcare wearables market.
The adoption of wearable devices in the healthcare segment has been gaining traction over recent years. This, in turn, is one of the significant factors influencing the connected medical devices market.
The number of shipments from the modular segment was slightly more than 2.5 million, which was almost sixteen times the number of shipments from the wrist wearable segment, thus indicating the immense opportunities that the sector offers. Moreover, the devices related to cardiac-related diseases are expected to be worth USD 800 billion by 2030, which shows a significant opportunity in the cardiac segment for various healthcare wearables.
Mobile technologies are paving the way to revolutionize the diagnosis of diseases and monitoring patient treatment. As wearables are personal devices that provide continuous monitoring of vital parameters, they can be used as a clinical tool for determining the patterns of a particular disease, providing a better understanding of the disease, and continuously monitoring users’ health. Wearable fitness technology has weaved itself into people so that FitBits and smartwatches are seen as mainstream. The future of wearable devices is estimated to witness continuous growth over the coming years.
North America Holds Highest Market Share
Monitoring has been a key focus in the US connected medical device market, witnessing an increasing integration of intelligence into medical devices, offering real-time insights based on patient data. For instance, AliveCor developed a medical-grade electrocardiogram (ECG/EKG) band, which can be used by the smartwatch wearers to detect cardiac arrhythmia conditions causing stroke and to measure the heart rate and rhythm.
Further, in 2021 Epitel’s first product, a wireless and wearable EEG (brain wave monitor) sensor, was approved by the FDA for use in hospital emergency rooms and critical care units. Epitel’s first FDA-approved product contains wearable, wireless sensors that a nurse or hospital technician may apply quickly and easily. The EEG data is then immediately connected to a cloud-based software platform that neurologists may access at any time and from any location to review and monitor for seizures. Because the Epitel System is wearable and wireless, it can keep track of the patient for up to 48 hours while they are in the hospital.
According to Synopsys, a computer integrated systems design company, US hospitals have an average of 10-15 connected medical devices per bed. A critical factor for companies looking to bring connected devices to the market is the wireless device certification process. In North America, this is separate from the FDA testing and is required for all wireless devices.
Like other computer systems, medical devices can be vulnerable to security breaches, potentially impacting the safety and effectiveness of the device. The FDA allows devices to be marketed when there is a reasonable assurance that the benefits to patients outweigh the risks.
The Connected Medical Device Market primarily comprises multiple domestic and international players in quite a fragmented and highly competitive environment. Technological advancements in the market are also bringing sustainable competitive advantage to the companies, and the market is also witnessing multiple partnerships and mergers.
April 2021 – Medtronic announced the launch of its research and development center in India, which is going to be the largest R&D center outside the United States. Due to faster-changing healthcare in India company decided to build this massive facility, which will serve as a key hub for engineering and innovation across the company’s global R&D effort.
January 2022 - The company announced it was developing a new category of consumer bio wearables called Lingo, which was designed to detect key signals in the body such as glucose, ketones, and lactate - to help people better understand their general health and take action.
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