The connected medical device market is experiencing dynamic growth driven by several factors. The increasing adoption of IoT technology in healthcare, advancements in wireless communication, and the growing demand for remote patient monitoring are key drivers. Connected medical devices offer real-time data monitoring, improved patient outcomes, and enhanced efficiency in healthcare delivery. The market is witnessing a surge in wearable devices, telehealth solutions, and remote monitoring systems, enabling healthcare professionals to remotely track and manage patients' health conditions. Additionally, the integration of artificial intelligence and machine learning algorithms into connected devices further enhances their capabilities. However, challenges such as data security and privacy concerns, interoperability issues, and regulatory compliance remain important considerations for market growth. Overall, the connected medical device market is poised for significant expansion, revolutionizing healthcare delivery and patient care.
The global Connected Medical Device Market was valued at US$ 35.3 Mn in 2021 and is forecast to reach a value of US$ 132.7 Mn by 2028 at a CAGR of 20.9% between 2022 and 2028.
Major Players in the Connected Medical Device Industry:
1. GE Healthcare
GE Healthcare, a subsidiary of General Electric, was founded in 1994 and is headquartered in Chicago, Illinois, USA. It is a leading global provider of medical imaging, monitoring, and diagnostics solutions. GE Healthcare operates in more than 160 countries worldwide, offering a wide range of connected medical devices and digital health solutions. In October 2022, GE Healthcare announced the launch of a new remote patient monitoring system, leveraging IoT technology and cloud-based platforms to enable real-time monitoring and data analytics, empowering healthcare providers to deliver personalized and proactive care to patients.
2. Biotronik SE & Co. KG
Biotronik, founded in 1963, is headquartered in Berlin, Germany. The company specializes in the development and manufacturing of cardiovascular medical devices, including implantable cardiac devices, remote monitoring systems, and digital health solutions. Biotronik operates in over 100 countries worldwide, providing innovative connected medical devices. In February 2023, Biotronik announced the introduction of a new remote monitoring platform for cardiac implantable devices, enabling healthcare professionals to remotely monitor patients' cardiac health and optimize device performance, leading to improved patient outcomes and reduced hospital visits.
3. Garmin Ltd.
Garmin Ltd., established in 1989, is based in Schaffhausen, Switzerland. The company is a global leader in GPS navigation and wearable technology. Garmin operates in numerous countries worldwide, offering a range of connected devices for various applications, including healthcare and fitness. In June 2022, Garmin announced the launch of a new smartwatch with advanced health monitoring features, including continuous heart rate monitoring, sleep tracking, and activity tracking. The device enables users to seamlessly monitor their health and well-being, providing valuable insights and promoting an active lifestyle.
4. Abbott Laboratories
Abbott Laboratories, founded in 1888, is headquartered in Abbott Park, Illinois, USA. It is a diversified global healthcare company that develops and manufactures a wide range of medical devices, diagnostics, and nutritional products. Abbott operates in over 160 countries worldwide, serving healthcare professionals and patients with connected medical devices and digital health solutions. In March 2023, Abbott Laboratories introduced a new connected glucose monitoring system that integrates glucose sensing technology with a smartphone app, allowing individuals with diabetes to monitor their blood sugar levels conveniently and share data with healthcare providers for better management of their condition.
5. Koninklijke Philips NV
Koninklijke Philips NV, commonly known as Philips, was founded in 1891 and is headquartered in Amsterdam, Netherlands. It is a global leader in health technology, offering a comprehensive portfolio of connected medical devices, imaging systems, and healthcare informatics solutions. Philips operates in over 100 countries worldwide, providing innovative healthcare solutions. In November 2022, Philips announced the development of a new wearable biosensor for remote patient monitoring, enabling continuous monitoring of vital signs and early detection of health deterioration. The biosensor integrates with Philips' digital health platform, enabling seamless data transmission and analysis for proactive healthcare management.
6. Medtronic
Medtronic, founded in 1949, is based in Dublin, Ireland. It is one of the largest medical device companies globally, specializing in the development and manufacturing of a wide range of connected medical devices and therapies. Medtronic operates in more than 150 countries worldwide, serving patients and healthcare professionals. In September 2022, Medtronic announced the launch of a new remote patient management system for individuals with chronic conditions, leveraging connected devices and telehealth capabilities to enable remote monitoring, medication adherence, and virtual consultations, promoting patient engagement and improving clinical outcomes.
7. Honeywell International Inc.
Honeywell International Inc., founded in 1906, is headquartered in Charlotte, North Carolina, USA. It is a multinational conglomerate that operates in various industries, including aerospace, building technologies, and healthcare. Honeywell offers a range of connected medical devices and solutions to improve patient safety and care. The company operates in numerous countries worldwide. Recent developments in the field of connected medical devices by Honeywell include the introduction of wearable devices equipped with advanced sensors and connectivity features, enabling remote patient monitoring and timely intervention, enhancing patient outcomes and reducing healthcare costs.
8. Boston Scientific Corp.
Boston Scientific Corp., established in 1979, is based in Marlborough, Massachusetts, USA. The company is a global medical device manufacturer that specializes in the development and commercialization of innovative technologies for various medical specialties, including cardiology, urology, and endoscopy. Boston Scientific operates in more than 100 countries worldwide, offering a range of connected medical devices and digital health solutions. In July 2022, Boston Scientific Corp. announced the launch of a new connected pacemaker system that incorporates remote monitoring capabilities, allowing healthcare providers to monitor patients' cardiac health and optimize device settings remotely for personalized patient care.
9. NXP Semiconductors NV
NXP Semiconductors NV, founded in 1953, is headquartered in Eindhoven, Netherlands. It is a global semiconductor manufacturer that provides advanced solutions for various industries, including automotive, industrial, and healthcare. NXP Semiconductors operates in multiple countries worldwide, offering a range of connected semiconductor solutions for medical devices and healthcare applications. In April 2023, NXP Semiconductors announced the development of a new low-power, high-performance microcontroller for connected medical devices, enabling improved data processing, security, and connectivity features, enhancing the capabilities of connected medical devices in terms of efficiency, reliability, and user experience.
10. Stanley Black & Decker Inc. (Stanley Healthcare)
Stanley Black & Decker Inc., founded in 1843, is based in New Britain, Connecticut, USA. It is a diversified global provider of tools, equipment, and healthcare solutions. Stanley Healthcare, a division of Stanley Black & Decker, focuses on providing connected healthcare solutions and operates in numerous countries worldwide. In January 2023, Stanley Healthcare announced the launch of a new connected medication management system, incorporating smart medication dispensers and digital platforms to enhance medication adherence and monitoring. The system enables healthcare providers to remotely track medication usage, provide medication reminders, and improve patient safety and medication management.
Definition- Connected medical devices refer to medical devices that are equipped with connectivity features, such as wireless or internet connectivity, enabling data transfer and communication for remote monitoring, diagnostics, and healthcare management purposes.
