Global Connected Medical Devices Market 2017-2021
About Connected Medical Devices
Connected medical devices, as the name suggests, are medical devices that have wired or wireless connectivity through which data is transferred to information systems such as electronic health record (EHR), mobile devices such as smartphones, or to other medical devices. Connected medical devices include wearable medical devices such as activity trackers and sleep apnea monitors; physiological monitors such as weighing scales, pulse oximeters, blood pressure meters, ventilators, heart rate monitors, blood glucose meters, and thermometers; and capital-intensive devices, which include medical implants such as implantable loop recorders (ILRs), pacemakers, neurostimulator implants, and medical imaging devices such as X-ray, magnetic resonance imaging (MRI), and computed tomography (CT) scanners.
Technavio’s analysts forecast the global connected medical devices market to grow at a CAGR of 9.24% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global connected medical devices market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Connected Medical Devices Market 2017-2021
Technavio recognizes the following companies as the key players in the global connected medical devices market: Fitbit, GE Healthcare, Medtronic, OMRON Corporation, and Philips Healthcare.
Other Prominent Vendors in the market are: Abbott, AgaMatrix, Boston Scientific Corporation, Dexcom, F. Hoffmann-La Roche, Garmin, iHealth Labs (subsidiary of Andon Health), Jawbone, Johnson & Johnson, LabStyle Innovations, LifeWatch, McKesson Corporation, Nokia, Polar Electro, True Wearables, and TupeloLife.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing number of regulatory approvals. There is an increasing trend of regulatory approvals for connected medical devices. In July 2016, Medtronic received the CE Marking approval for its Guardian Connect (smartphone-enabled continuous glucose monitoring (CGM) system) for people using insulin injection therapy for diabetes. In June 2016, Withings (acquired by Nokia) received the FDA 510(k) clearance for its Withings Thermo (now known as Thermo), which is a WiFi-enabled thermometer.”
According to the report, one driver in the market is rising prevalence of chronic diseases. The increasing global prevalence of chronic diseases such as hypertension, diabetes, CVDs and their related risk factors such as obesity, sleep apnea, chronic respiratory diseases such as asthma and chronic pain conditions is estimated to increase the demand for connected medical devices for efficient disease management. CVDs are estimated to cause approximately 19 million deaths globally by 2020. According to eurostat, in 2013, there were nearly 1.9 million deaths resulting from CVDs in the EU. According to the CDC, approximately 610,000 people die of heart diseases in the US every year.
Further, the report states that one challenge in the market is high cost of connected medical devices. The cost of medical devices such as imaging equipment including MRI, CT, and X-ray systems equipped with connectivity features is significantly high. For instance, the cost of installing a simple PACS system for a small practice can cost around $4,000-$6,000 while a complex system for a large healthcare facility can cost more than $90,000. Hospitals adopting connected medical imaging equipment also need to bear several other additional costs such as maintenance costs and infrastructural costs.
Fitbit, GE Healthcare, Medtronic, OMRON Corporation, Philips Healthcare, Abbott, AgaMatrix, Boston Scientific Corporation, Dexcom, F. Hoffmann-La Roche, Garmin, iHealth Labs (subsidiary of Andon Health), Jawbone, Johnson & Johnson, LabStyle Innovations, LifeWatch, McKesson Corporation, Nokia, Polar Electro, True Wearables, and TupeloLife.
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