NOIDA, India, May 7, 2021 /PRNewswire/ -- A comprehensive overview of the Healthcare Connected Devices Market is recently added by UnivDatos Market Insights to its humongous database. The Healthcare Connected Devices Market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Healthcare Connected Devices Market. The Healthcare Connected Devices Market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Healthcare Connected Devices Market at the global and regional level. Healthcare Connected Devices Market was valued at more than USD 22 Billion in 2020, and it is expected to be almost USD 60 Billion by 2027, growing at a CAGR of 15.4% over the forecast period from 2021-2027.
Market Overview
Healthcare Connected Devices are applicable by the utilization of IoT, mHealth, and Artificial Intelligence in the healthcare sector. These devices are mostly used for remote patient monitoring, taking readings, observing patterns, and giving information to patients in case of deformity in patterns. Connected medical devices use wired or wireless connectivity to grab and monitor consumer data. This will decrease human error and give continuous and accurate data precisely. For this, 42 new Healthcare connected devices were approved by US FDA in the year 2019. Also, from July 2020, more than 22 healthcare connected devices have been authorized by FDA. Around three-in-ten Americans (31%) who live in households earning USD 75,000 or more a year claim, they wear a smartwatch or fitness tracker daily, compared to just 12% of those whose annual household income is less than USD 30,000.
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Internet of Medical Things allows medical devices to be connected to the cloud and applications. Connected devices are used as a portable diagnostic system that is utilized in-home for self-monitoring of patients. Per a network provider company in Aruba, nearly 85% of the healthcare industries across the globe will adopt IoMT services by 2019. Further, it was also observed that approximately 3,000 IT companies including healthcare and business administrators across 21 countries have introduced IoMT for enhancing patient monitoring, promoting innovations, and deducting costs.
Connected devices have many advantages like it decreases medical errors, modifies safety, permits patient engagement, and helps in patient-based healthcare delivery. The market is rising with the development in technologies and growing insight of smartphones, tablets, and other mobile platforms in healthcare. Furthermore, Philips, in partnership with Open Market, has discovered a remote sensor technology with mobile messaging, called e-Alert, that notifies the major issue of the MRI system before its pause. This technology won the Most Innovative IoT Solution award in 2017.
COVID-19 Impact
COVID-19 pandemic has led to increasing uses of Healthcare Connected Devices for remote patient monitoring, maintaining a proper distance so that the people and healthcare workers do not get infected. Healthcare workers and systems were dependent on technology to give the necessary care to patients at their homes, through telecommunication and remote patient monitoring programs. Likewise, government health officials also utilized technology to slow the spread of the virus, through smartphone-based contact tracking and proactive wellness monitoring, or tele-consultancies. The COVID-19 outbreak has moved the center of attention of people to self-care facilities at their homes. Parks Associates data reveals that 42% of US broadband households used a telehealth service 10 months earlier to May 2020, whereas only 15% reported such usage in May 2019.
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Healthcare Connected Devices Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Device, the market is primarily bifurcated into
- Wearable Devices
- Non-wearable Devices
The non-wearable device segment dominated the global healthcare connected device market and will grow remarkably over the forecast period.
By Product, the market is primarily segmented into
- BP Monitor
- ECG Monitoring Device
- Glucose Monitor
- Heart Rate Monitor
- Insulin Pump
- Portable GPS PERS
- Pulse Oximeter
- Smart Pill Dispenser
Amongst products, BP Monitor accounted for the largest share and is expected to grow significantly during the forecast period 2021-2027.
By Application, the market is primarily segmented into
- Stationary Medical Devices
- Implanted Medical Devices
- Wearable External Medical Devices
Amongst applications, stationary medical devices accounted for a market valuation of USD XX Billion in 2020 and is expected to reach USD XX Billion by the year 2027, at a CAGR of XX% over the analyzed period.
By End-user, the market is primarily segmented into
- Hospitals
- Ambulatory Surgical centers
- Specialty Clinics
- Home care Settings
Amongst end-users, the homecare setting segment of the healthcare connected device market was valued at USD XX Billion in 2020 and is likely to reach USD XX Billion by 2027 growing at a CAGR of XX% from 2021-2027.
Healthcare Connected Devices Market Geographical Segmentation Includes:
- North America (United States, Canada)
- Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
- Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
- Rest of the World
Based on the estimation, the North American region dominated the healthcare connected device market and is expected to maintain its dominance during the forecast period due to advanced healthcare infrastructure in the region. However, Asia-Pacific is expected to grow at the highest CAGR over the analyzed period.
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The major players targeting the market includes
- Medtronic PLC
- Xiaomi Corporation
- ThermoFisher Scientific
- Apple Inc.
- FitBit Inc.
- GE Healthcare, Inc
- Philips Healthcare
- OMRON Corporation
- Abbott Laboratories
- McKesson Corporation
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Healthcare Connected Devices market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Healthcare Connected Devices Market?
- Which factors are influencing the Healthcare Connected Devices Market over the forecast period?
- What are the global challenges, threats, and risks in the Healthcare Connected Devices Market?
- Which factors are propelling and restraining the Healthcare Connected Devices Market?
- What are the demanding global regions of the Healthcare Connected Devices Market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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