Connected Medical Devices Market

As per Market Research Future Analysis, the connected medical devices market is projected to reach USD 5.72 Billion by 2032, growing at a CAGR of 5.8% from 2023 to 2032. The market is driven by the increasing prevalence of chronic diseases, the need for robust patient monitoring systems, and advancements in technology. Key developments include partnerships and acquisitions among major players, such as Align Technology with 3M and Smith & Nephew's acquisition of Osiris Therapeutics. However, challenges such as high costs, security concerns, and low adoption rates in developing countries may hinder growth.

Key players include Capsule Technologies, Inc., Cerner Corporation, Infosys Limited, Medtronic plc, GE Healthcare, Koninklijke Philips N.V., and Cisco Systems, Inc.

• Q2 2024: Philips launches next-generation wearable biosensor for hospital and home monitoring Philips announced the commercial launch of its new wearable biosensor, designed to continuously monitor patients' vital signs both in hospitals and at home, expanding its connected care portfolio.
• Q2 2024: Medtronic acquires digital health startup Digital Diagnostics for $300 million Medtronic completed the acquisition of Digital Diagnostics, a company specializing in AI-powered connected diagnostic devices, to strengthen its remote patient monitoring and connected care offerings.
• Q3 2024: Dexcom receives FDA clearance for G8 continuous glucose monitoring system Dexcom announced it has received FDA clearance for its G8 CGM system, which features enhanced connectivity and integration with digital health platforms for diabetes management.
• Q3 2024: Apple partners with Mayo Clinic to pilot advanced health monitoring features in Apple Watch Apple and Mayo Clinic announced a partnership to pilot new connected health features in the Apple Watch, focusing on arrhythmia detection and remote patient engagement.
• Q4 2024: Abbott opens new manufacturing facility for connected cardiac devices in Ireland Abbott inaugurated a new state-of-the-art facility in Ireland dedicated to the production of its latest generation of connected cardiac rhythm management devices.
• Q4 2024: Siemens Healthineers wins $150 million contract to supply connected imaging systems to NHS Siemens Healthineers secured a major contract with the UK National Health Service to provide connected MRI and CT imaging systems, supporting remote diagnostics and data integration.
• Q1 2025: BioIntelliSense raises $75 million Series C to expand wearable medical device platform BioIntelliSense, a developer of continuous health monitoring wearables, closed a $75 million Series C funding round to accelerate product development and global expansion.
• Q1 2025: GE HealthCare acquires CardioLink to boost connected cardiac care solutions GE HealthCare announced the acquisition of CardioLink, a provider of cloud-connected cardiac monitoring devices, to enhance its digital health and remote monitoring capabilities.
• Q2 2025: Masimo receives CE Mark for Radius VSM, a wearable vital signs monitor Masimo announced it has received CE Mark approval for its Radius VSM, a wearable device that continuously monitors multiple vital signs and integrates with hospital information systems.
• Q2 2025: ResMed launches AirSense 12, a connected CPAP device for sleep apnea management ResMed introduced the AirSense 12, its latest connected CPAP device, featuring enhanced wireless connectivity and integration with patient management platforms.
• Q3 2025: Boston Scientific announces partnership with Teladoc Health for remote cardiac monitoring Boston Scientific and Teladoc Health entered a strategic partnership to integrate Boston Scientific’s implantable cardiac devices with Teladoc’s virtual care platform for remote patient monitoring.
• Q3 2025: AliveCor receives FDA clearance for KardiaMobile 4L, a four-lead personal ECG device AliveCor announced FDA clearance for its KardiaMobile 4L, the first four-lead personal ECG device with smartphone connectivity, enabling more comprehensive at-home cardiac monitoring.

Medical Devices Market Trends

Drivers

With the developing pervasiveness of constant infections like a malignant growth, diabetes, hypertension, and others alongside the danger factors related to asthma, rest apnea, stoutness, and others, the Connected Medical Devices Industry is assessed to drive the worldwide market of connected medical devices. Furthermore, the expanding patient checking frameworks across the globe, developing selection of IT in the medical care area, and rising mindfulness for associated clinical gadgets are probably going to individuals the market development during the estimated time frame.

Additionally, mechanical headways, fast endorsement from administrative experts for associated clinical gadgets, and innovative work exercises are expected to encourage the market. Moreover, key sellers in the purchaser medical devices connected to smartphones like Fitbit are zeroing in on keeping an online presence as it lessens the dissemination, arrangement, and operational expenses. Attributable to such benefits, sellers are quickly infiltrating the online stage, further cultivating market development.

Challenges

The nation segment of the associated well-being individual connected medical devices market report additionally gives singular market affecting components and changes in the guideline in the market locally that impact the market's current and future patterns. The information focuses on a list of connected medical devices like utilization volumes, creation destinations, and volumes, import send out an investigation, value pattern examination, cost of crude materials, down-stream and upstream worth chain examination are a portion of the significant pointers used to figure the market situation for only nations.

Additionally, the presence and accessibility of worldwide brands and their difficulties looked because of huge or scant rivalry from the neighborhood and local brands, the effect of local levies and shipping lanes are thought of while giving conjecture investigation of the nation information.

Opportunities

The expanding improvement of medical care bio-detecting wearables, for example, computerized circulatory strain screens, glucose sensors, and others alongside rising uses of connected medical devices technology upheld by cell phones and tablets which will additionally set out many open doors that will prompt the development of the associated wellbeing individual clinical gadgets market in the previously mentioned estimate time frame.

Restraints

The expanding issues in the market of connected medical devices are related to security, protection, information over-burden, and dependability, alongside an absence of mindfulness in creating economies in regards to the accessibility of trendsetting innovation, which will be liable to go about as market restrictions factors for the development of the associated wellbeing individual Connected Medical Devices Industry in the mentioned estimated time frame.

Cumulative growth Analysis

The developing mindfulness among the patients regarding the advantages of individual clinical gadgets will help improve the market for connected medical device manufacturer’s.

Connected Medical Devices Market Segment Insights

Connected Medical Devices Item Insights

Based on the method of an item, the Global market for connected medical devices has been portioned into brilliant pill allocator, pulse screen, compact GPS pers, beat oximeter, BP screen, insulin siphon, ECG checking gadgets, glucose screen, and others. Among these, the gadget fragment is further sub-sectioned into wearables and non-wearables. 

Connected Medical Devices Use Insights

Based on the utilization method, the global market for connected medical devices has been divided into meeting and determination administrations, remote observing, wellness, treatment administrations, and wellbeing administrations. 

Connected Medical Devices End-user Insights

Based on the end-user method, the global market for connected medical devices has been divided into wandering careful focuses, claim to fame facilities, emergency clinics, home consideration settings/observing, and others.

March 2023: With this new partnership, announced in March of 2023, Cynerio, the industry's premier provider of healthcare IoT cybersecurity, will be able to offer hospitals and healthcare systems unparalleled visibility into their IoMT footprint, enabling the prompt remediation of identified threats through the provision of detailed mitigation recommendations for each attack and risk. Cynerio and Sodexo HTM have partnered to deliver threat intelligence to healthcare businesses, allowing them to create an accurate inventory of all enterprise and medical IoT devices linked to the network.

March 2023: The FDA implemented a new cybersecurity policy for medical devices. As of today, medical devices classified as "cyber devices" are subject to stricter cybersecurity regulations, such as post-market monitoring, vulnerability remediation, and patch distribution. The FDA has the authority to reject submissions that do not fulfill these conditions under the "Refuse to Accept" policy. The policy was enacted in response to an increase in cyberattacks on connected medical devices, with the goal of guaranteeing patient safety, device performance, and cybersecurity right from the start. Current unsecure gadgets and older technologies are exempt from this need.

Regional Analysis of Connected Medical Devices Market

The Americas are probably going to overwhelm the Connected Medical devices market because of the rising commonness of persistent infections, expanding mindfulness about the associated clinical gadgets, good arrangements from government and administrative specialists, and appropriation of exceptionally trend-setting innovation forceful systems received by significant parts on the lookout. For example, in Jan 2017, Abbott research centers gained medical devices monster St. Jude Medical, Inc. for 25 billion. This will assist Abbott with covering the whole cardiovascular market, which is assessed to develop around USD 30 billion. The European market is required to be the second-biggest associated clinical gadgets market.

The market development in this locale can be ascribed to government financing, and backing of the medical services is combined with expanding innovative work. Additionally, the expansion in mindfulness about the associated clinical gadgets adds to the development of the global market for connected medical devices all over. 

Major Market Players of Connected Medical Devices Market 

The key players of the Connected Medical devices market:

• Capsule Technologies, Inc. (US)
• Cerner Corporation (US)
• Infosys Limited (India)
• iHealth Labs (US)
• Medtronic plc (Ireland)
• Lantronix Inc. (US).
• GE Healthcare (US)
• Koninklijke Philips N.V. (Netherlands)
• Digi International Inc. (US)
• Masimo Corporation (US)
• Hill-Rom Technologies Inc. (US)
• True Process (US)
• Cisco Systems, Inc. (US)

Recent Developments

• In March 2020, Masimo Corporation (US) banded together with Imprivata (US) to coordinate Imprivata's clinical gadget access innovation into Masimo's root patient checking and availability stage and Iris Gateway. 
• In January 2020, Masimo Corporation (US) went into consent to obtain NantHealth's associated care business.

Covid-19 Analysis of Connected Medical Devices Market 

Coronavirus has decidedly affected the market of connected medical devices. This is because of the exceptional expansion in the number of patients, the tension on specialists to give progressed medical care administrations, and governments creating applications dependent on availability innovations. The pandemic has brought out new manners by which patients can cooperate with specialists. There is a rising pattern of telemedicine administrations as governments worldwide have encouraged residents to keep away from any development outside their homes.

As the complete centralization of medical clinics is on treating COVID-19 patients, individuals are finding better approaches to screen their wellbeing themselves and just methodology specialists if there should arise crises. In this way, the deals of smart wearables, particularly smart watches, have expanded over the most recent couple of months.