What is Connected Medical Technology - Market?
Connected medical Technology use their built-in sensors to gather data from the device itself and can transfer that data over the internet and to other devices that can receive it. Smart devices can only transfer data through the internet, which makes them different from connected medical equipment because they can become the former. However, they can send and receive data from/over the internet and other devices. A person's health and wellbeing can be improved through the use of medical technology, which includes both low-risk and high-risk medical devices. These products can range from tongue depressors, surgical gloves, and medical thermometers to insulin pumps, pacemakers, and in-vitro diagnostics, and they are used to save the lives of patients.
Highlights from Connected Medical Technology - Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | GE Healthcare (United States), Honeywell International Inc. (United States), Medtronic Inc. (Ireland), Abbott Laboratories (United States), Koninklijke Philips NV (Netherlands), Smart Medical Devices Inc. (United States), ViVO Smart Medical Devices Ltd (United Kingdom), Dexcom Inc (United States), NeuroMetrix Inc. (United States) and Omron Healthcare Inc. (Japan) |
In a fragmented and highly competitive environment, the connected medical device market primarily consists of multiple domestic and international players. Technological advancements in the market are also providing companies with a sustainable competitive advantage, and the market is seeing a number of partnerships and mergers. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Connected Medical Technology - market throughout the forecasted period.
GE Healthcare (United States), Honeywell International Inc. (United States), Medtronic Inc. (Ireland), Abbott Laboratories (United States), Koninklijke Philips NV (Netherlands), Smart Medical Devices Inc. (United States), ViVO Smart Medical Devices Ltd (United Kingdom), Dexcom Inc (United States), NeuroMetrix Inc. (United States) and Omron Healthcare Inc. (Japan) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Siemens Healthcare (Germany), Philips Healthcare (Netherlands), Roche Diagnostics (Switzerland) and Others. Connected Medical Technology - Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Consumer (Patient) Monitoring, Wearable Device, Internally Embedded Device and Stationary Device |
Type | In Vitro Diagnostic (IVD) Devices, Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmology Devices and Others |
On the basis of geography, the market of Connected Medical Technology - has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increased Demand for Medical Technology
- Improved Data Security
Market Trend
- Increasing Rates of Chronic Conditions like Diabetes, Asthma, and Hypertension
Restraints
- High Cost For Connect Medical Technology
- Lack of Workforce Productivity
Opportunities
- Introduction of Artificial Intelligence in the Procure To Medical Technology Connectivity
- Growing Demand from the Developing Countries
Challenges
- Data Breaches Are Becoming More Common As These Smart Medical Devices Connect To the Internet
Market Leaders & Development Strategies
On 21st December 2021, GE Healthcare announced the completion of its previously announced acquisition of BK Medical. GE Healthcare, based in Boston, confirmed that the companies had reached a binding agreement for GE to acquire BK Medical, a developer of surgical visualization technologies.
On 28th April 2022, Wipro GE Healthcare, a global leader in medical technology and digital solutions, has launched its next-generation Revolution Aspire CT (Computer Tomography) scanner. Revolution Aspire is an advanced imaging solution that is designed and manufactured entirely in India, at the recently opened Wipro GE Medical Devices Manufacturing plant, in accordance with the Atmanirbhar Bharat initiative. The CT system has enhanced imaging intelligence to boost clinical confidence in diagnosing diseases and anomalies.
The International Organization for Standardization (ISO), the European Union, and a group of nations that have adopted the Medical Device Single Audit Program (MDSAP) are refocusing compliance requirements for the medical technology industry with new or updated medical device regulations. With new deadlines approaching, businesses must plan ahead of time to avoid risks and capitalize on opportunities.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Connected Medical Technology Manufacturer, Customizability Technology, Connected Medical Technology Supplier & Distributors, Government Bodies, End-Users and Others