Connected Health Device Market

Market Synopsis:

Global Connected Health Device market is valued at USD 1.25 Billion in 2022 and is projected to attain a value of USD 7.62 Billion by 2030 at a CAGR of 25.30% during the forecast period, 2022–2028. Growth in this market is majorly due to growth in the telehealth and remote patient monitoring markets, and the growing inclination towards home healthcare is expected to provide significant growth opportunities for players operating in the Connected Health Device market.

Factors such as the growing population, the need to expand healthcare access, the rising prevalence of chronic diseases and conditions, a physician shortage, advancements in telecommunications, government support, increasing awareness, and increasing technology adoption are all driving growth in the Connected Health Device market. In the aftermath of COVID-19 regional variances in regulations, fraud, and the use of social media for care provision, on the other hand, will have a negative impact on market growth during the projection period.

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The COVID-19 pandemic has wreaked havoc on the world's population's health and wreaked havoc on most countries' economies. Due to the fact that social separation is the only available method capable of limiting exposure, the COVID-19 pandemic presents enormous prospects for Connected Health Device solutions. Connected Health Device, in accordance with this, is an appealing, effective, and cost-efficient solution. Furthermore, this technology is crucial in ensuring the safety of healthcare providers.

Technology Adoption in the Wake Of COVID-19

In the aftermath of the pandemic, demand for healthcare services and technologies reached an all-time high. Telemedicine, chatbots, and robots are all being used to assist gather information, reassure the public, treat patients, make diagnosis, and even prepare future vaccinations. Given the global lack of hospital beds and healthcare staff, the potential of telemedicine has been underlined. Players in the telehealth industry are working on developing COVID-19-based solutions to help hospitals and healthcare providers.

High Cost of Deployment for Small Healthcare Organizations

Interoperability and connectivity solutions for many medical devices are extremely expensive. Smaller healthcare companies have a hard time connecting medical devices to the internet. This is owing to the challenges of integrating different networks with health configurations, a lack of wireless connectivity alternatives, and the requirement to build a slew of security layers to prevent data breaches. Furthermore, support and maintenance services, which include software modification and upgrades in response to changing user needs, are an ongoing expense that accounts for a significant portion of the total cost of ownership. Additionally, to ensure solution integrity and completeness, post-sales custom interface creation for device integration necessitates additional testing and validation.

Market Segmentation:

The Global Connected Health Device Market can be segmented by Application, into Consumer Patient Monitoring, Wearable Device, Internally Embedded Device and Stationery Device. Based on Region, the Connected Health Device Market is segmented into North America, Europe, Asia Pacific, Latin America And Middle East & Africa.

North America to Continue Dominating the Connected Health Device Market

In 2020, North America held the greatest proportion of the Connected Health Device market. Factors such as the increased prevalence of chronic illnesses, the need to cut healthcare spending, and the growing general and senior population can all be related to this region's considerable proportion of the worldwide Connected Health Device industry. Due to the prevalence of chronic diseases and hospital overcrowding, the Asia Pacific market is predicted to develop at the fastest rate over the forecast period. In addition, the growing need to reduce COVID-19 cases, federal mandates to expand healthcare facilities, and a growing focus on improving the quality of care delivered to COVID-19 patients are some of the key factors driving the telehealth market's growth in the United States in the aftermath of COVID-19.

Key Players:

Some of the players are GE Healthcare, Honeywell International Inc., Medtronic Inc., Abbott Laboratories, Koninklijke Philips NV are the major companies operating in Connected Medical Device Market.

Connected Health Device market is segmented as follows:

Connected Health Device market is tabulated as follows: