CONNECTED MEDICAL DEVICE MARKET ANALYSIS

Connected Medical Device Market, By Product Type (Wearable Devices (Activity Trackers, Smart Watches, Patches, Others), Implantable Devices (Cardiovascular Implants, Orthopedic Implants, Neurological Implants, Others), Stationary Devices), By Application (Remote Patient Monitoring, Telemedicine, Clinical Decision Support, Chronic Disease Management, Fitness and Wellness, Others), By End User (Hospitals and Clinics, Home Care Settings, Long-Term Care Facilities, Ambulatory Surgical Centers, Others), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Aug 2024
Code : CMI5240
Pages :162
Formats :
Excel and PDF
Industry : Medical Devices

Regional Analysis

Connected Medical Device Market Regional Insights

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North America dominates the global connected medical device market with an estimated market share of 38.2% in 2024, due to strong presence of top medical device companies and supportive healthcare policies for innovative medical technologies. Being the home for leading players such as Medtronic, GE Healthcare and Abbott.The country is at the forefront of digitally enabling medical devices with connectivity features. Large patient pool, high healthcare spending, presence of advanced infrastructure, and physician affinity towards latest technologies drives the market growth. In recent years, U.S. FDA policies have also encouraged regulatory approvals for connected medical devices.

China, on the other hand, is projected to witness the fastest growth due to growing investments by local medical technology firms as well as global MedTech leaders to tap into the burgeoning Chinese market. Rising disposable incomes and improving accessibility to healthcare can boost demand for high-quality medical products. The Chinese government actively supports development of domestic digital health industry and deploys initiatives like Internet Plus action plan to advance connectivity solutions across various sectors including healthcare. With a goal to become major medical equipment supplier globally, Chinese connected device manufacturers are enhancing capabilities through collaborations, acquisitions and indigenous technology development.