Global Connected Health Device Market to be Worth USD 5.24 Billion by 2028
The Global Connected Health Device Market is projected to grow from USD 1.92 Billion to USD 5.24 Billion, rising at the Compound Annual Growth Rate (CAGR) of 25.6%. Connected Health Device are also known as technology-enabled solutions that integrate digital media integration, health technology and mHealth. They are also defined as electronic communication in real time between physicians and patients. These devices offer benefits such as continuous health monitoring, tracking health records, improved health care outcomes and improving patient knowledge and patient engagement solutions.
The heavy burden of COVID-19, rising healthcare costs, strong government support and programs with a growing focus on quality patient care and safety are driving the market for Connected Health Device solutions worldwide. The growing strain of chronic diseases is expected to increase the need for regular healthcare and thus increase market growth during forecasting. However, increased awareness of the need for control as well as the quality of devices has become an important part of the connected healthcare industry. Government regulatory bodies are now more focused on regulatory testing to reduce product memory while meeting patient health goals. This feature as it stands will hamper the market growth to some extent. Concerns related to the integration between the various hospital information systems and medical equipment and the skepticism of healthcare professionals to find IT solutions for advanced healthcare are expected to limit the growth of this market to some extent.
Based on the product and services, the Connected Health Device Market is divided into medical device connectivity solutions and medical device connectivity services. Medical device connectivity solutions calculate the maximum share of the market. A large part of this phase may be due to increased EHR adoption and other collaborative solutions in health care organizations, growing regulatory and health care transformation needs, shifting diagnostic care facilities from hospitals to home care facilities, and the growing need. of integrated health care systems to improve the quality and effect of health care.
Based on technology, the Connected Health Device Market is segmented into wireless technology, wireless technology, and hybrid technology. By 2021, the wireless technology segment had the largest share in the market for Connected Health Device. Based on the applications, the market for Connected Health Device is divided into critical brands and patient monitors, anesthetics and ventilators, input pumps, and other applications. The other part of the applications includes imaging systems, implanted cardiac devices, breathing apparatus, sensory devices, and baby monitoring devices. Based on end-users, the market is divided into hospitals, home health centers, diagnostic and psychiatric centers, and patient care centers. By 2021, half of the hospitals had the largest share in the market for Connected Health Device. A large part of this phase can be attributed to the large volume of the patient, the high purchasing power of hospitals to purchase solutions for the connection of advanced medical equipment.
The Connected Health Device Market has been studied in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America leads the Connected Health Device Market for medical purposes. A large part of this region can be attributed to factors such as increased resilience among healthcare providers, widespread acceptance of clinical device connectivity. The presence of a large number of players in the region is also an important factor in influencing North America's largest share of the medical equipment network.
Some of the leading players in the Global Connected Health Device Market include GE Healthcare, Honeywell International Inc., Medtronic Inc., Abbott Laboratories, Koninklijke Philips NV are the major companies operating in the Connected Medical Device Market..