Advanced mobile technology has the major contribution in improving medical conditions of patients mainly in Africa and Latin America region. Nearly 70% of worlds population is adopting health applications due to its accuracy and trustworthy health information. Rising demand of health applications and advance medical treatments is fostering the digital health and connected medical device market across the globe. More than 60% of health apps were introduced by major pharmaceutical companies in 2014. Digitalization and inclination of patients towards healthier lifestyle is increasing the adoption of smart medical devices which can perform remote monitoring is bolstering the demand of connected medical devices. The collaboration of major verticals such as pharmaceuticals, data analytics, cloud technology and Internet of Things (IoT) is also transforming the healthcare industry.
Growing awareness and importance of development in advanced healthcare solutions is expected to boost the R&D investments in the connected medical devices market. For instance, in 2017 Healthcare Research and Quality (AHRQ), offers funds to stimulate the health information technology systems and improve primary care in the U.S., which is likely to fuel the growth of connected medical device market in this region. In 2015, USD 35 million was invested by the government of Scotland to improve remote monitoring facilities and home health diagnosis & treatment. Countries such as Chile and Argentina are also increasing their health expenditure to offer better healthcare facilities in the region.
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Global Connected Medical Device Market key Players are Johnson & Johnson, Synopsis, Business Strategy, Product Portfolio, SWOT Analysis, Cisco, Inc., iHealth Lab, Smiths Group plc., Omron Corporation, Aerotel Medical Systems Ltd, Medtronic Inc., Philips HealthCare
Rise in ageing population with increasing number of multiple chronic health issues is raising the need for extensive care and monitoring across the globe. Thus, elderly population is mainly inclining towards the adoption of connected medical devices for effective care and treatment through remote monitoring. Rising consumer awareness is the main factor which is impelling the global market for connected medical devices. Furthermore, growing popularity of wearable medical devices among consumers which are capable of detecting diabetes at an early stage is up surging the connected medical device market across the globe. High adoption of smart phones, mobile platforms and applications which helps in monitoring health issues reduces the patient admission rate in hospitals. Connected medical devices offers improvement in quality of patient care and cost reduction of health treatments. Moreover, increasing demand of point of care testing devices and connected health solutions is likely to boost global market of connected medical devices.
High cost of connected medical devices and lack of trained medical personnel are major barriers for the penetration of connected medical devices. Security concerns and privacy of patients data is also prohibiting the adoption of connected health solutions. Lack of tools which can monitor and secure patients data is affecting the operation of connected medical devices. Furthermore, unwillingness of consumers towards the acceptance of connected medical devices is obstructing the growth of connected medical devices market across the globe.
Market Size and Forecast
In January 2017, the FDA issued specific safety communication guidelines for web connected medical devices to reduce the risk for unauthorized access of patients data. Favorable government reimbursement policies associated with healthcare sector is likely to fuel the growth of connected medical device market in North America region. North America connected medical device market is the dominating region and acquired approximately 55% of the global connected medical devices market in 2015. North America connected medical device market is expected to reach USD 29.2 billion by 2024 from USD 11.2 billion in 2016, by registering a CAGR of 12.7% over the forecast period. Global connected medical devices market is in its embryonic stage and occupied 6% share of total medical device market in 2016 and is expected to witness a healthy growth in near future. Moreover, the global connected medical device market is anticipated to reach USD 73.1 billion by 2024 from USD 17.0 billion in 2016 and predicted to grow at an exponential CAGR of 20.0% during the forecast period, 2016-2024.
On the other hand, Europe spends nearly 10% of its GDP on healthcare industry and is one of the most diverse regions which primarily focus on innovative medical technology, products and services. Countries such as Germany, France, the United Kingdom, and Sweden are increasing strategic investment in research and development sector for the advancement of medicine and bioscience technology. Europe medical technology market was valued over USD 120 billion with 500,000 registered medical technologies in 2016. Europe connected medical device market is projected to occupy 25% of the global connected medical devices market during the forecast period of 2016-2024.
Asia-Pacific is the dominating region in the manufacturing of wearable devices. Asia-Pacific wearable medical devices market is anticipated to reach over USD 4.0 billion, growing at a CAGR of 22.3% during the forecast period. Japan and China together accounted for over 15% share in acceptance of advance medical technology. The rising healthcare expenditure and inclination towards advanced medical devices are the two major factors which are propelling the growth of Asia-Pacific connected medical device market.
Latin America and Middle East and Africa regions are experiencing limited growth in connected medical device market. Major part of African countries and Latin America are affected due to poor medical facilities. In 2015, Brazil and Mexico invested over 6% of their GDP in healthcare industry. However, lack of awareness, dearth of healthcare facilities and poor quality of health services in low income countries is one of the major obstacles which is hindering the growth of Latin America connected medical devices market. Although, government is investing to improve healthcare facilities and adopting advance medical technologies which is expected to create business opportunities for connected medical device manufacturers.
Connected Medical Device Market Segmentation by Geography
o North America (U.S., Canada)
o Asia-Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and ROAP)
o Europe (The UK, Germany, France, Italy, Spain, , Russia, Poland, Sweden, and ROE)
o Latin America (Brazil, Mexico and ROLA)
o Middle East and Africa (GCC, North-Africa, South Africa and ROMEA)
o Rest of the World
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