Network Connected Medical Devices Market Size, Share, Growth, and Industry Analysis By Type (Cardiac Monitoring Devices, Neuro Monitoring Devices, and Respiratory Monitoring Devices) By Application (Hospital, clinic, and others), Regional Forecast To 2031

Updated On: 08 April 2024

Network Connected Medical Devices Market REPORT OVERVIEW

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The global network connected medical devices market size was USD 24380 million in 2022 and is projected to touch USD 75004.42 million by 2031, CAGR of 13.3% during the forecast period.

 Networked medical devices are interconnected with networking systems to gather patients' conditions and aid in the diagnostics of health issues. Medical providers can use network connected medical devices to provide patients with point-of-care testing. Networked medical devices allow for better tracking and measuring of patient monitoring as they are less susceptible to error. Such gadgets facilitate data handling and save large amounts of health data in a secured database for future reference, thereby enhancing data protection.

The latest research and technology breakthroughs in network connected medical devices solutions have made it possible for physicians and patients to quickly access their health status via the internet without fear of data theft. Network connected medical devices with wireless connectivity are designed to work in various contexts, including homecare settings, and network-connected hospitals. Further, the devices are embedded in a patient's body to monitor health and boost healing. These factors are likely to boost the network connected medical devices market development. 

COVID-19 Impact: Usage of Healthcare Connected Devices for Remote Patient Monitoring to Bolster Market Progress

The COVID-19 had a favorable effect on the market growth. The market is expected to grow positively due to significant growth in the number of patients, pressure on doctors to provide sophisticated healthcare, and the production of apps based on connection technology by governments. The pandemic has opened up new avenues for patients to communicate with doctors by adopting these medical devices. Telemedicine services are becoming more popular as governments around the globe advise individuals to stay at home and opt for online consultation. Due to the rising number of covid-19 patients, people adopt innovative technologies to monitor their health and only seek medical help in an emergency. Therefore, smart wearables are becoming increasingly popular. COVID-19 has been recorded in about 186 million people across Africa, Asia Pacific, the Americas, Europe, and Oceania as of July 2021.

LATEST TRENDS

"IoT in Healthcare to Facilitate Industry Growth"

Health data such as oxygen, blood pressure, weight, blood sugar, and ECGs can be transferred and collected via IoT devices. Network connected medical devices provide real-time monitoring when used in conjunction with a smartphone application. Connected devices capture medical and other health-related data and then communicate it to a physician, allowing for more flexible and efficient medical operations. Furthermore, the data acquired with the help of linked devices is kept in the cloud, allowing physicians simple access to data. The improved usage of network-connected devices contributes to the increase of global network connectivity.

The Internet of Medical Things (IoMT) connects medical devices to the cloud and apps. Connected devices are employed as a portable diagnostic system in the home for patient self-monitoring. According to a network provider based in Aruba, over 85% of the healthcare industries worldwide will be using IoMT services by 2019. Furthermore, nearly 3,000 IT businesses, including healthcare and business administrators, in 21 countries have implemented IoMT to improve patient monitoring, promote innovation, and save expenses. Therefore, these factors are likely to foster the network connected medical devices market progress. 

Network Connected Medical Devices Market Segmentation

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• By Type Analysis

As per type, the market is classified into cardiac monitoring devices, neuro monitoring devices, and respiratory monitoring devices.

The cardiac monitoring device segment is expected to lead the market due to the increasing adoption of various digital monitoring equipment and IoT-based devices to improve patient health outcomes. This factor is likely to facilitate industry growth. 

• By Application Analysis

The market is categorized into hospitals, clinics, and others based on application.

The hospital segment is expected to lead due to an increase in the frequency of cardiac disorders and many applications in hospital-care facilities, followed by homecare settings. Because of its intuitive features, such as ease of use, high accuracy, and portability, both end-use categories occupy a considerable revenue share in the global networked medical devices market.

DRIVING FACTORS

"Rising Need for Cost Containment in Healthcare to Facilitate Market Development"

The overall expense of healthcare has climbed by double digits in the last few decades. The key factors responsible for the upsurge in healthcare expenses are rising health insurance premiums, expanding demand for excellent healthcare services, the growing geriatric population, and the incidence of chronic conditions globally. The significant reliance on traditional and technologically outdated clinical technologies, increasing patient readmission, medical errors, and administration expenses, is also a major contributor. These factors may propel the network connected medical devices market development. 

"Rising Data Security Measurements to Foster Industry Progress"

The key reasons driving the networked medical devices market include increased cyber security for networked medical devices, which reduces the risk of data leaks. Some of the factors driving the market's growth include the ease of sophisticated networking of various classes and configurations devices.

Additionally, the introduction of networked medical devices compels investment for involved medical facilities, increase in government and private funding to develop upgraded networking solutions, and market players' expanding footprint in untapped regions may drive the network connected medical devices market growth. 

RESTRAINING FACTORS

"High Deployment Cost to Hinder Market Progress "

Standardization and connectivity solutions for several network connected medical devices are extremely expensive. IT support and maintenance services, which include adapting and upgrading software to meet changing user needs and maintaining a functioning IT infrastructure, are recurring expenses. It makes up a significant portion of the total ownership cost. Additionally, after the sale, building a unique interface for device integration necessitates additional testing and validation to assure the solution's integrity and functioning for healthcare providers, raising the total cost of ownership. Small healthcare facilities, particularly in rural areas, are hampered due to high costs.

Network Connected Medical Devices Market REGIONAL INSIGHTS

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"Increasing Home Appliances Sales to Foster Market Growth in Asia-Pacific"

Regionally, the market is clubbed into Europe, North America, Asia-Pacific, South America, and the Middle East & Africa.

North America is projected to dominate the network connected medical devices market share because of the increasing adoption of networked medical devices such as portable insulin pumps, embedded pacemakers, and integrated stationary devices with an interconnected user interface in the region. Established medical device manufacturers in the U.S. define the medical device market, and the advanced healthcare ecosystem and major healthcare spending are major contributing factors. This trend is expected to continue during the forecast period.

The Asia Pacific is the second-largest market shareholder because of the emergence of several local manufacturers, government investment, and healthcare expenditure to develop technologically upgraded networked medical devices and network systems that are not vulnerable to security breaches. This factor is expected to propel market growth. 

KEY INDUSTRY PLAYERS

"Companies Invest Heavily in Research and Development Activities to Improve Market Position"

Multiple domestic and international businesses compete in the connected medical devices industry, which is fragmented and highly competitive. Technological improvements in the industry also provide organizations with a long-term competitive advantage, and the market is seeing several collaborations and mergers. In addition, the market for network connected medical devices is seeing an increase in collaborations and partnerships. Players actively work and partner with other organizations to provide hospitals and individuals with various cost-effective and time-saving services.

List of Market Players Profiled

• PhysIQ
• Philips
• NuvoAir AB
• GE
• Myontech Ltd
• Nonin Medical
• Drgerwerk
• OMRON
• Medtronic
• Proteus Digital Health
• Roche
• Aerotel Medical Systems
• Fresenius Medical Care
• OxyGo LLC
• Aero Healthcare
• Hill-Rom

INDUSTRY DEVELOPMENT

• February 2019: OxyGo LLC introduced OxyGo FIT Connect to employ BLE technology to improve patient outcomes. A provider dashboard and mobile application are included in the platform, which will allow real-time monitoring to facilitate troubleshooting, concentrator health checks, preventive maintenance, and geo-locating of the patient's point of contact (POC).

REPORT COVERAGE

The report examines end-user applications in various product areas and the global market for network connected medical devices. The report observes the growth of various market segments by gathering significant data from relevant sources. In addition, the study explains the market size and growth rate of each sector. The study examines important geographic divisions and details all of the beneficial factors that are propelling market expansion. The research report inspects the key variables that are driving the market's growth. It generates trends, limitations, and impulses that influence the market favorably or badly. The numerous segments and applications are also discussed in this section.