Connected Health Device Market to Reach Valuation of USD 5.24 Billion by 2028 - Demand for Smart Devices in Healthcare Sector as well as Surge in Demand for IoT Devices to Flourish Market

Vantage Market Research

Feb 14, 2022

In terms of revenue, the Global Connected Health Device Market is expected to reach USD 5.24 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 25.6% from 2022 to 2028. The Global Connected Health Device Market growth is attributed to the factors such as, demand for smart devices in healthcare sector as well as surge in demand for IoT devices, and vast range of applications in the healthcare sector.

Key Findings:

  • Under the application segment, wearable device sub-segment is anticipated to dominate the segment for Connected Health Device Market and growing at a substantial Compound Annual Growth Rate (CAGR). The growth is attributed to, increasing adoption of wearable devices and health apps, coupled with improvement in technology.
  • mHealth services sub-segment held a market significant share in 2021 of type segment for Connected Health Device Market. Adoption of smartphones is increasing hastily. Thus, allowing access to population for various healthcare services through wireless technology. Thus, further propelling the market growth.
  • North America is the largest regional segment. The market growth in the region is attributed to, presence of major players as well as rising demand for connected healthcare products, and remote patient monitoring in region.

Some of key players in 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..

Rapid step of increasing population worldwide is resulting to surge in base of population suffering from diseases. Geriatric population is more prone to diseases. Thus, increasing disease prevalence across the globe. Proper diet and nutrition are most vital factor for prevention of diseases. However, changing busy lifestyles is leading to improper routine of diet providing improper nutrition and diet to body. Thus, leading to enlarge the base population of people suffering from diseases. Thus, increasing the demand for patient monitoring, wearable, internally embedded, and stationary devices. In turn, propelling the market growth over the forecast period. Furthermore, outbreak of COVID-19 pandemic has led us to serious implications consequently hampered several sectors across the globe. This pandemic has witnessed steep growth in the demand for connected health devices. Thus, driving the {Keyword} market growth over the forecast period.

North America is expected to emerge as potential market for Connected Health Device Market. The market growth is attributed to rising demand for connected healthcare products, and remote patient monitoring in region. Additionally, rising health-related issues such as obesity, as well as disease prevalence is further propelling the market growth in the region over the forecast period.