Growing awareness and importance of development in advanced healthcare solutions is expected to boost the R&D investments in the connected medical devices market.
Global connected medical devices market is in its embryonic stage and occupied 6% share of total medical device market in 2016 and is expected to witness a healthy growth in near future. This market is expected to grow at a CAGR of 20.0% over the forecast period on the back of rising beverage demand, and reach a market size of USD 73.1 billion by 2024.
Digitalization and inclination of patients towards the healthier lifestyle is increasing the adoption of smart medical devices which can perform remote monitoring is bolstering the demand of connected medical devices. Growing awareness and importance of development in advanced healthcare solutions is expected to boost the R&D investments in this market.
For instance, in 2017 Healthcare Research and Quality (AHRQ), offers funds to stimulate the health information technology systems and improve primary care in the U.S., which is likely to fuel the growth of the market in this region.
High adoption of smart phones, mobile platforms, and applications which helps in monitoring health issues reduces the patient admission rate in hospitals. Connected medical devices offer improvement in the quality of patient care and cost reduction of health treatments.
Moreover, increasing demand of the point of care testing devices and connected health solutions is likely to boost global market of connected medical devices. Lack of tools which can monitor and secure patients data is affecting the operation of connected medical devices.
Furthermore, the unwillingness of consumers towards the acceptance of connected medical devices is obstructing the growth of this market across the globe.
The global connected medical device industry segments categorized into product type, devices, application and end user. Applications are further categorized into, remote monitoring, consultation and diagnosis services, treatment services, fitness and wellness services.
Remote monitoring is the fastest growing application of connected medical devices and tends to dominate the market in the future.
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Geographically, Europe spends nearly 10% of its GDP on the healthcare industry and is one of the most diverse regions which primarily focus on innovative medical technology, products, and services. While, North America connected medical device market is expected to reach USD 29.2 billion by 2024 from USD 11.2 billion in 2016, by registering a CAGR of 12.7% over the forecast period.Asia-Pacific wearable medical devices market is anticipated to reach over USD 4.0 billion, growing at a CAGR of 22.3% during the forecast period.
Japan and China together accounted for over 15% share in acceptance of the advance medical technology. The major part of African countries and Latin America are affected due to poor medical facilities.
In 2015, Brazil and Mexico invested over 6% of their GDP in the healthcare industry.Countries such as Chile and Argentina are also increasing their health expenditure to offer better healthcare facilities in the region.
This market report also includes provides a competitive outlook of some of the major players of the global connected medical device market which includes profiling of companies Johnson & Johnson, Cisco, Inc., iHealth Lab, Smiths Group plc., Omron Corporation, Aerotel Medical Systems Ltd, Medtronic Inc., Philips HealthCare.
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