Connected Medical Devices Market Overview
The amplified need to achieve communication with patients to monitor their health on a regular basis is driving the need for connected devices as well. Reports that examines the medical device industry has been offered by Market Research Future, which produces reports on industry verticals that evaluate the market development and opportunities. The market is projected to increase its market share with a positive CAGR in the coming years.
The need to achieve worthwhile and dependable patient monitoring systems is a major factor guiding the development of the market presently. Moreover, the escalated level of detection of chronic diseases and risk factors is expected to further urge market development to a greater degree in the forecast period. The expedited approval rate of the connected device market is estimated to benefit the expansion of the connected medical devices market in the forthcoming period.
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Connected Medical Devices Market Segmental Analysis
The examination of the segments in the connected medical devices market has been conducted on the basis of device, product, application, region, and end-user. Based on the product, the connected medical devices market has been segmented into insulin pump, ECG monitoring devices, BP monitor, glucose monitor, portable GPS pers, pulse oximeter, heart rate monitor, smart pill dispenser, and others. The device segment has been further divided into wearables and non-wearables. The application-based segmentation of the market comprises of consultation and diagnosis services, remote monitoring, treatment services, fitness, and wellness services. Based on end-user, the connected medical devices market has been segmented into hospitals, specialty clinics, ambulatory surgical centers, home care settings/monitoring, and others. Based on the region, the connected medical devices market is segmented into the Asia Pacific, the Americas, Europe, and the Middle East & Africa.
Connected Medical Devices Market Detailed Regional Analysis
The regional review of the connected medical device market observes that the Americas region is likely to govern the global associated medical devices market. The mounting prevalence of recurring diseases, mounting cognizance about the connected medical devices, promising policies from regulatory and government authorities, implementation of increasingly advanced technology and determined strategies implemented by major players in the market are encouraging the market growth. The European region market is projected to be the next chief connected medical devices market. The market development in this region can be accredited to government backing and backing of the healthcare sector connected with growing research and development. Furthermore, the upsurge in awareness about the connected medical devices is adding to the development of the market in this region. The Asia Pacific region is expected to display reasonable growth for connected medical devices market throughout the upcoming period owing to the growing occurrence of chronic diseases, mounting investments in healthcare and upsurge in implementation of new medical technologies in the region. The market in the Middle East & African region is anticipated to be responsible for the minimum share of the connected medical devices market owing to a weak healthcare sector, lack of technical expertise, and deprived medical facilities.
Connected Medical Devices Market Competitive Analysis
The state of the assets is also thoroughly examined to determine whether an investment is required to maintain the marketing system in its existing, unimproved state. The need to establish cost-benefit analysis is leading to enhanced product development in the market. The market players are concentrating on strategies that lead to the highest degree of development in the market. The market competitors are also carefully scrutinizing whether intervention is required to ensure efficient use of society’s resources. The development of the alternative courses of action in terms of both their expenses and consequences are steering the growth of the market. The trade-offs between the resources needed to manage the challenges in the market are being carried out increasingly to improve the market’s scope for development. They are also making the most effective use of resources which is dependent on an effective appraisal and planning process.
The distinguished contenders in the connected medical devices market are Medtronic Plc, OMRON Corporation, Philips Healthcare, GE Healthcare, Inc., iHealth Labs (subsidiary of Andon Health), Fitbit, Inc., Johnson & Johnson, Boston Scientific Corporation, F. Hoffmann-La Roche, St. Jude Medical, Inc. (Abbott), McKesson Corporation, AgaMatrix, Inc., Dexcom, Polar Electro, and Aerotel Medical Systems Ltd.
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