Connected Medical Devices Market 2022 Industrial Chain, Regional Scope, Key Players Profiles and Sales Data to 2028

In the past, medical devices and software were typically used in order to manage medical equipment as well as display information. However, the increasing potential of the current software and its options outweighs the need for sophisticated sensors and medical hardware. Thus, there’s an increase in the use of connected medical devices as well as advances in software that are capable of recording and transmitting medical records as well as for analytics tools that aid medical professionals to gain insights into and encourage the provision of preventive, predictive, customized, and participative medicines.

According to a report released by the Telegraph, Apple Watch, featuring an electronic heart rate sensor, which is synchronized by medical history information, was able to save the life of a man by alerting him whenever the heart rate was below 40 beats per minute and then recommending to go to the closest ER hospital. In addition, the Philips IntelliVue Guardian wearable patch was launched by Philips, which can be used at homes and in the hospital to monitor patients. In addition, the use of the devices helped Mt. Sinai Medical Center, a hospital located in New York, to cut down on time spent waiting for patients waiting in the emergency ward by 50 percent.

This further expands the possibilities of remote monitoring devices that are available within the connected medical devices market. It is believed that remote monitoring for healthcare will be worth around USD 1.1 trillion in 2025. In their efforts focused on customer engagement, attempts to implement these devices by health companies have been gaining momentum. It was found that pharmacy and medical technology firms typically invest approximately 5-12% of their earnings for R&D (including studies in a clinical trial) in developing high-quality and safe products for the market. It is well-known that the use of the connected device in clinical environments can cut down the overall cost of tests, thus reducing the overall cost of the product.

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By Company:

Medtronic

GE Healthcare

Johnson & Johnson

Omron Corporation

Philips Healthcare

Fitbit

Abbott

Boston Scientific Corporation

Hoffmann-La Roche

Drager Medical GmbH

Dexcom

iHealth Labs (Subsidiary of Andon Health)

Market Trend and Dynamics of the Global Connected Medical Devices Market:

Wearable Devices Are Predicted to Dominate the Major Share.

Wearable technology in the medical industry provides the convenience of monitoring physiological functions. Many medical devices do not only cater to patients but offer current information to medical professionals to evaluate patients in remote places. Wearable medical technology has many applications for healthcare, including the glucose monitoring system of the Apple Watch as well as the EKG capabilities.

Wearables for healthcare are much more than simply fitness watches. Smartwatches, smart glasses, intelligent footwear, clothes and posture monitors, motion sensors, heart straps, wrist devices and bands for headbands, wearable patches, pain management devices, as well as medicines delivery pods are just a few of the gadgets that comprise the huge and expanding market for healthcare wearables.

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Segment by Type

Connected Diagnostic Devices

Connected Treatment Devices

Connected Monitoring Devices

Segment by Application

Hospitals

Clinics

Ambulatory Surgical Centers

Other

COVID-19 has positively impacted the growth of the market. The reason for this is the massive rise in the number of patients, the pressure on doctors to provide the latest healthcare services, and the fact that governments are creating apps that are based on connectivity technology. The pandemic has revealed new ways that patients can connect with doctors.

There is a growing trend of telemedicine since governments around the globe have instructed people to stay away from any activity away from their homes. Because the main focus of hospitals are devoted to treating COVID-19 patients, patients are finding new ways to track their health for themselves and only seek medical attention when they are in a crisis. Therefore, the market for smart wearables, particularly smart watches, have risen over the past few months.

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