Network Connected Medical Devices Market Scope
Connected medical devices are known as the internet of medical things, those are increasingly becoming prevalent. According to the study, around 48% of medical devices were connected in the year 2017, and this ratio is expected to grow 68% in the coming five years. Internet-enabled devices are devices that interconnected to the internet in every step. This enhances the customers’ experiences. According to the study the global connected healthcare will reach by USD 138.8 billion by the financial year 2021. In the United States hospitals around 10-15 connected medical devices on each bed.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | PhysIQ (United States), Philips (Netherlands), NuvoAir AB (Sweden), General Electric (United States), Myontec Ltd. (Finland), Nonin Medical (United States), Drager (United States), AliveCor, Inc. (United States), iHealth Lab, Inc. (United States) and AgaMatrix (United States) |
CAGR | 13.3% |
There are various companies are operating in this industry, they are exploring in the new geographical regions by adopting various market growth strategies such as mergers & acquisitions, expansions, investments, and others. This is an emerging market that attracting numerous market investors and market players. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Network Connected Medical Devices market throughout the predicted period.
PhysIQ (United States), Philips (Netherlands), NuvoAir AB (Sweden), General Electric (United States), Myontec Ltd. (Finland), Nonin Medical (United States), Drager (United States), AliveCor, Inc. (United States), iHealth Lab, Inc. (United States) and AgaMatrix (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Abbott Laboratories (United States), STANLEY Healthcare (United States) and Welch Allyn (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Network Connected Medical Devices market by Type , by Application (Hospital, Clinic and Other) and Region with country level break-up.
On the basis of geography, the market of Network Connected Medical Devices has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
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In Mar 2020, Imprivata revealed new and established digital identity solutions at the HIMSS20 Annual Conference & Exhibition. This helps their customers to secure and simplify interactions between trusted digital identities across various locations.
Influencing Trend:
High Investment in Research and Development and Increase in Market Competency
Market Growth Drivers:
Rising Government Investment towards Promoting Digital Health, Growing Requirement for Cost-Containment in Healthcare Delivery and Growing Focus towards Active Patient Engagement and Patient-Centric Care Delivery
Challenges:
Rising Concern Related to Data Security and Lack of Data Management and Interoperability
Restraints:
High Deployment Cost Associated with Connected Medical Devices and other Solutions and Lack of Awareness among End Customers
Opportunities:
Continuous Investment in Technology Development Such as Development in IoT Technology, and Others
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Network Connected Medical Devices Providers, Government Regulatory and Research Organizations and End-Use Industries