Global connected medical device market estimated to witness robust growth, owing to rising adoption of IoT in healthcare and growing need for patient monitoring
Global Connected Medical Device Market is estimated to be valued at USD 65.10 Bn in 2024, exhibiting a CAGR of 14.8% over the forecast period (2024-2031). The market growth is driven by rising adoption of internet of things in the healthcare sector and increasing need for remote patient monitoring. Furthermore, technological advancements in medical devices along with growing investments by industry players can also drive the market growth during the forecast period.
Market Dynamics:
Global connected medical device market growth is driven by growing adoption of IoT in healthcare and rising need for patient monitoring. IoT is increasingly being utilized in medical devices to enable remote monitoring of patients outside of traditional clinical settings. This helps improve patient care and reduces healthcare costs. Due to growing geriatric population and prevalence of chronic diseases, there has been huge need for continuous remote monitoring of patients that boosts demand for connected medical devices.
Growing availability of technologically advanced connected medical devices integrated with cellular and wireless technologies can also drive the market growth. Major industry players are focusing on investments and innovations to develop advanced connected devices with improved features. For instance, devices capable of monitoring multiple health parameters and sending alerts in emergency situations.
Advancements in technology boosts adoption of connected medical devices
Technological advancements in fields like wireless connectivity, sensors, and mobile platforms enable the development of innovative connected medical devices. Devices like smartwatches, fitness trackers, and patches can now accurately track vital health metrics like heart rate, blood pressure, blood oxygen levels, and others, and transmit the data to physicians or caregivers in real-time. This allows for remote patient monitoring and early detection of health issues. Growing affordability and availability of technologies like Bluetooth, WiFi, and cloud computing have made connectivity a standard feature in many medical devices. Continuous monitoring solutions are gaining popularity for managing chronic conditions more effectively.
Growing focus on preventive healthcare With rising healthcare costs and growing prevalence of lifestyle diseases, there has been increasing focus on preventive care models. Connected devices play a vital role in preventive healthcare by facilitating early detection, timely intervention, and better management of health conditions. These empower patients to proactively monitor their health and make lifestyle changes. This helps avoid costly treatments and hospitalizations related to uncontrolled medical issues. Payers and providers also see value in remote patient monitoring as it can reduce costs. Connected devices that seamlessly integrate into daily living are becoming popular for addressing public health issues like obesity. Governments and insurance firms are promoting their uptake to build preventive healthcare systems.
Lack of data privacy and security concerns limit devices adoption
While connectivity enables real-time health monitoring and management, it also introduces security and privacy concerns around sensitive patient data. Many connected devices have vulnerabilities and lack robust security features. Digital health records transmitted over networks are susceptible to cyber threats. Hackers can potentially access personal identification details, medical histories, treatment plans, and others. Cases of unsecured devices and data breaches erode consumer trust. Strict regulations around data protection and privacy are still evolving. High costs associated with securing connected devices against sophisticated threats pose technical and commercial challenges. Lack of clarity on liability in cases of breaches is also hindering large-scale deployments.
Interoperability issues challenging seamless connectivity
Connected devices need to seamlessly communicate and exchange data with various healthcare IT systems for effective remote patient monitoring and management. However, achieving seamless interoperability across different vendor platforms is challenging. Majority of devices lack standardized protocols for collecting, transferring and analyzing clinical information. Proprietary technologies and data formats followed by device manufacturers restrict integration with other systems. This fragmentation complicates digital workflows and limits the utility of connected solutions. Significant investments are required to build platforms and infrastructure supporting multi-vendor device connectivity. Absence of universal standards compliant to regulatory guidelines can limit the scale and scope of connected healthcare programs.
Emergence of sensor miniaturization opening new frontiers
Advancements in miniaturization of electronic components and sensors have enabled the development of smaller, smarter medical devices. Miniaturized implantable sensors and monitors are rapidly expanding the scope of connected care to new therapeutic areas. Platforms like ingestible sensors and genetic testing devices are transforming disease management. Implantables that can continuously monitor vital functions for extended periods without disrupting daily life are gaining popularity. Body-worn temporary tattoo sensors for continuous drug delivery are pushing the boundaries of digital therapeutics. Such innovations are poised to expand the connected medical devices market into new frontiers beyond traditional settings like hospitals and clinics.
mHealth and remote patient monitoring present massive opportunities
The convergence of connected devices with mobile technologies can lead to rise of digital healthcare delivery models like mHealth and remote patient monitoring. Growing penetration of smartphones, low-cost wireless data, and cloud computing empower patients to seamlessly access care virtually anytime, anywhere via their mobile devices. This presents a massive market potential for connected medical devices that integrate with popular mobile platforms. The shift to value-based care reimbursement also incentivizes the deployment of remote monitoring programs for better health outcomes and cost savings. Connected solutions enabling decentralized care delivery within homes and communities can witness growth.
Link - https://www.coherentmarketinsights.com/market-insight/connected-medical-device-market-5240
Key Developments:
- In October 2023, ZS launched ZAIDYN Connected Health, an AI-driven solution within the ZAIDYN by ZS platform. This tool assists pharmaceutical companies, healthcare providers, and payers in addressing unmet needs, enhancing patient engagement, and improving health outcomes by providing reliable intelligence in a dynamic healthcare environment.
- In August 2022, Medtronic plc announced a strategic partnership with BioIntelliSense, focusing on the exclusive rights for the BioButton multi-parameter wearable device for usage in U.S. hospitals and for 30-day post-acute hospital-to-home distribution. This partnership enables Medtronic's Patient Monitoring business to utilize a medical-grade device that provides continuous vital sign measurements for general care patients both in-hospital and after discharge.
- In March 2022, Microsoft Corp. introduced updates to Microsoft Cloud for Healthcare and advancements in cloud technologies for life sciences and healthcare, including the general availability of Azure Health Data Services. Following its acquisition of Nuance Communications, Microsoft aims to enhance organizations' abilities to leverage trusted AI in addressing major healthcare challenges and shaping the future of the industry.
- In January 2022, Abbott launched Lingo, a new consumer bio wearable designed to monitor critical body signals such as ketones, glucose, and lactate. This device aims to help individuals better understand their overall health and take appropriate actions based on the data.
Key Players:
Abbott Laboratories, AliveCor, Becton, Dickinson and Company (BD), Boston Scientific, Cerner Corporation, General Electric (GE) Healthcare, Honeywell Life Care Solutions, Johnson & Johnson, Masimo, Medtronic, Philips Healthcare, ResMed, Roche Diagnostics, Siemens Healthineers, Stryker Corporation, Epitel, Inc., Garmin Ltd., Fitbit, Inc. (now part of Google), Omron Healthcare, Inc., ZOLL Medical Corporation
