Worldwide Connected Medical Devices Market Size Projected to Reach USD 190.63 Billion By 2032, at 14.4% CAGR: Polaris Market Research

NEW YORK, Dec. 13, 2023 /PRNewswire/ -- A latest research report [110+] pages with 360-Degree visibility, titled "Connected Medical Devices Market Share, Size, Trends, Industry Analysis Report, By Device (Respiratory Devices, Vital Signs Monitoring System, Patient Monitors, Others); By Application; By End User; By Region; Segment Forecast, 2023- 2032" published by Polaris Market Research in its research repository.

The global connected medical devices market size and share is predicted to grow from USD 49.57 billion in 2022 to USD 190.63 billion in 2032. It is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 14.4% from 2023 to 2032, according to the latest report by Polaris Market Research.

What are the Connected Medical Devices? How Big is Connected Medical Devices Market Size?

• A Quick Review

Connected medical devices, also known as Internet of medical things devices or smart medical devices, offer real-time monitoring of a patient's interactions, vitals, and medical conditions. It authorizes people by giving them access to their health details. Actively participating in their own well-being encourages better adherence to treatment plans and the development of healthier lifestyles, both of which improve health outcomes.

Implantable gadgets, medical wearables, diagnostic monitors, health applications, and therapeutic devices are some examples of these gadgets. These networked gadgets make early interventions easier, which lowers hospital readmission rates and lessens the need for in-person doctor visits. Patients and healthcare systems also benefit greatly from these significant cost savings, which boosts the connected medical devices market growth.

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Who is the Largest Medical Device Company?

• 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

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Important Highlights from the Report

• The primary drivers of the market growth are the consolidation of healthcare providers, the increase of telehealth and remote patient monitoring, and the growing popularity of home healthcare.
• The connected medical devices market segmentation is mainly based on application, device, region, and end user.
• Asia Pacific is anticipated to undergo significant growth during the projection period.

Market's Prime Determinants of Growth, Trends, and Opportunities

Growth Drivers

• Growing Aging Population: The rapidly aging global population is driving up the demand for healthcare services. IoT-enabled medical devices play a critical role in chronic condition monitoring and management, hence contributing to the well-being of the elderly.
• Prevalence of Chronic Diseases: Chronic illnesses like heart problems, diabetes, and respiratory ailments are becoming more common. This constructs a significant connected medical devices market share that allows constant monitoring and managing, lowering hospitalizations and healthcare expenses.

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Trends and Opportunities

• Technological Advancements: Continuous technological developments have expanded the use of connected devices in healthcare by making them more capable and inexpensive. Also, applying artificial intelligence and data analytics to linked device data provides insights into patient health, disease prognosis, and customized treatment regimens. This data-driven strategy is essential for enhancing medical treatment.
• Increased Telehealth: The need for linked devices has increased because of the expansion of telehealth, particularly during the COVID-19 epidemic. These gadgets are essential for exchanging real-time health data with healthcare providers, conducting virtual consultations, and monitoring patients remotely. As a result, the connected medical devices market size has expanded.

Segmental Analysis

• Remote Patient Monitoring and Telehealth Experiences Significant Growth

With real-time connectivity, connected medical devices offer a range of advanced tools that empower both patients and healthcare professionals. These gadgets include a broad range of technical solutions, such as digital stethoscopes and wearable health trackers. Crucial signs like blood pressure and glucose levels can be easily tracked by patients, who can then provide this crucial information to medical specialists. For the continued management of chronic illnesses, this constant supply of data is important.

Moreover, modern instruments such as digital stethoscopes make telehealth consultations possible through video conferencing, improving the quality of distant medical examinations. Implanted devices enable continuous cardiac monitoring, while smart drug dispensers improve treatment compliance. These developments simplify patient care by greatly lowering the need for in-person doctor appointments while simultaneously providing accessibility and convenience.

• Hospitals and Clinics Hold Significant Revenue Share

Modern hospitals cannot function without connected medical equipment, which is transforming patient care and healthcare administration. By enabling remote patient monitoring, these gadgets lessen the requirement for round-the-clock bedside surveillance. They are essential to telehealth because they enable remote access to healthcare and virtual consultations. Medical teams in critical care settings can get real-time data from devices such as heart monitors and ventilators.

Furthermore, surgical robotics enables accurate and minimally invasive treatments, while digital imaging technologies provide fast access to diagnostic images. Wearable technology engages patients, while data analytics and AI applications offer insights. These gadgets improve and streamline hospital operations and patient care, guarantee compliance and data security, and boost the connected medical devices market demand.

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Connected Medical Devices Market: Report Scope

Regional Insights

Asia Pacific: Due to the rising healthcare costs, growing middle class, and rapid expansion of healthcare infrastructure, Asia's healthcare industry is expanding significantly. The need for linked medical devices is increasing due to the growth of the healthcare industry, especially in nations like India and China. The adoption of connected medical devices is being driven by the increased prevalence of chronic ailments, including cardiovascular problems, diabetes, and respiratory illnesses, in the Asia-Pacific region.

North America: The connected medical devices market in North America is expanding quickly and is innovative. Rapid telehealth integration, particularly in light of the COVID-19 pandemic, and the usage of linked devices for the management of chronic illnesses are two important themes. Wearable health technology and diagnostic imaging have become more popular, and advances in remote patient monitoring are helping to provide more patient engagement and cost-effective care.

Browse the Detail Report "Connected Medical Devices Market Share, Size, Trends, Industry Analysis Report, By Device (Respiratory Devices, Vital Signs Monitoring System, Patient Monitors, Others); By Application; By End User; By Region; Segment Forecast, 2023- 2032" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/connected-medical-devices-market             

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Key Questions Answered in the Report

• What is the current and expected market size of connected medical devices?

Ans: The current market value in 2022 was USD 49.57 billion, and the expected value by 2032 will be USD 190.63 billion.

• What is the largest market for medical devices?

Ans: The Asia Pacific leads the market with significant growth, followed by North America as the largest region, with both continuing with high growth rates.

• How much is the annual growth rate of the connected medical devices market?

Ans: The market is expected to grow at a 14.4% CAGR during the forecast period.

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research