Industry Background:
Patient interfaces with the health care system often include interactions with equipment and devices, from syringes and bandages, blood pressure monitors and pregnancy testing kits, to surgical instruments, pacemakers, artificial joints, MRI and CT scanners, and many others. The medical technology industry designs and manufactures a wide range of products to diagnose, monitor, and treat patients and is instrumental in helping health care organizations achieve better patient outcomes, lower health care costs, improved efficiency and new ways of engaging and empowering patients. Major advances in wireless technology, miniaturization, and computing power are driving innovation in medical technology, leading to the development of an increasing number of connected medical devices that are able to generate, collect, analyze and transmit data. The data, along with the devices themselves, are creating the Internet of Medical Things (IoMT) which is a connected infrastructure of medical devices, software applications, and health systems and services.
According to AMA Research, the market for Connected Medical Devices is expected to register a CAGR of 22.1% during the forecast period to 2028. This growth is primarily driven by Rising Focus on Care Quality and Patient Safety
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Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | K Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Medical Devices sector in the Asia Pacific region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Omron Corporation (Japan), Johnson & Johnson (United States), Cisco, Inc. (United States), Smiths Group plc. (United Kingdom), Medtronic PLC (Ireland), Koninklijke Philips NV (Netherlands), Boston Scientific Corporation (United States), Abbott Laboratories (United States), GE Healthcare (United States) and Qualcomm Incorporation (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In 2020, Abbott's free-form libre 2 iOS app is US-approved, providing a seamless digital experience that simplifies diabetes management., On Oct 07, 2019 - Cerner Corporation, a global health platform and innovation company, and ResMed, a world-leading digital health company, today announced a new collaboration agreement to help providers make more informed treatment decisions, control costs and deliver seamless care across health systems to the home. and On Sept 16, 2019 - Abbott and Sanofi are partnering to integrate glucose sensing and insulin delivery technologies that would help to further simplify how people with diabetes manage their condition.
In 2021, Royal Philips announced the Philips HealthSuite solution, the Philips Acute Care Telehealth and the Philips Patient Flow Capacity Suite. These two new solutions are primarily designed as cost-effective and scalable models that reduce barriers across patient care. These solutions are cloud-based, secure, and allow healthcare systems to integrate the necessary information applications, which can be scaled up or down based on your needs. and In 2021, GE Healthcare has announced a new virtual precision healthcare solution called Xeleris V. This processing and review solution provides secure access to medical data from multiple locations, eliminating the need for a standalone nuclear medicine workstation. Powered by AI applications, this solution simplifies and enhances workflows by providing advanced data anytime, anywhere for personalized care and treatment decisions.
Influencing Trend:
Growing Need to Limit Healthcare Costs through a Connected Healthcare Environment and Consistent Advances in Healthcare Artificial Intelligence
Market Growth Drivers:
Rising Focus on Care Quality and Patient Safety and Growing Adoption of Connected Devices in Healthcare Industry
Challenges:
Concerns Regarding Security and Data Breaches
Restraints:
High Price of Deployment for Small Healthcare Organizations and Inefficient Internet Connectivity in Emerging Markets
Opportunities:
Increasing Amalgamation in the Healthcare Industry and Growing Remote Patient Monitoring Market
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Connected Medical Devices Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Connected Medical Devices Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols:
By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Connected Medical Devices players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Connected Medical Devices Study Sheds Light on
The Connected Medical Devices Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Connected Medical Devices industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Connected Medical Devices industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.