Connected Medical Devices Market Share, Size, Trends, Industry Analysis Report, By Device (Respiratory Devices, Vital Signs Monitoring System, Patient Monitors, Others); By Application; By End User; By Region; Segment Forecast, 2023- 2032

Connected Medical Devices Market Share, Size, Trends, Industry Analysis Report, By Device (Respiratory Devices, Vital Signs Monitoring System, Patient Monitors, Others); By Application; By End User; By Region; Segment Forecast, 2023- 2032

The global connected medical devices market size is expected to reach USD 190.63 billion by 2032, according to a new study by Polaris Market Research. The report “Connected Medical Devices Market Share, Size, Trends, Industry Analysis Report, By Device (Respiratory Devices, Vital Signs Monitoring System, Patient Monitors, Others); By Application; By End User; By Region; Segment Forecast, 2023- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The market for connected diagnostic imaging equipment is in a phase of notable expansion, fueled by the increasing demand for advanced and remote diagnostic capabilities. Leading this growth are digital radiography and remote radiology services, which play a pivotal role in enhancing patient care and disease diagnosis. Concurrently, the adoption of wearable connected health devices, including smartwatches, fitness trackers, and remote patient monitoring wearables, is steadily increasing. These devices empower users to monitor their health and fitness, with some seamlessly integrated into healthcare services for real-time monitoring, offering a comprehensive approach to healthcare management.

Connected devices are instrumental in enabling remote patient monitoring. This technology addresses geographic barriers and improves access to healthcare services in both urban and rural areas. It is particularly valuable in regions with limited healthcare infrastructure. Several countries are developing comprehensive digital health ecosystems, comprising electronic health records (EHR), telemedicine platforms, and connected devices. These ecosystems are designed to streamline data collection, analysis, and integration, facilitating more efficient healthcare delivery.

The market for home healthcare devices, encompassing connected infusion pumps, portable oxygen concentrators, and smart pill dispensers, is on the rise. These innovative devices present patients with convenient and cost-effective healthcare options, enabling them to undergo treatment from the comfort of their residences. Many governments are introducing initiatives and policies to encourage the adoption of connected medical devices as a component of their broader healthcare modernization strategies. These endeavors are directed toward enhancing both healthcare accessibility and quality.

The collaborative efforts of technology firms, healthcare providers, and research institutions are fueling innovation within the connected medical devices industry. This partnership has yielded cutting-edge devices, software solutions, and novel healthcare delivery approaches. Concerns surrounding data privacy and security are paramount in the acceptance of connected medical devices. In response, governments and regulatory bodies are proactively establishing data protection and security standards to safeguard patient information, thereby cultivating trust in these technological advancements.

Connected Medical Devices, Market Report Highlights

Vital signs monitoring system segment to experience significant growth during the forecast period, which is mainly driven by increase in demand for blood pressure monitors, pulse oximeters, cardiac monitors, and wearable fitness trackers

Remote patient monitoring and telehealth is expected to grow significantly during the forecast period, which is mainly driven by telehealth consultations, remote cardiac monitoring, and digital mental health

Hospitals and clinics segment held the maximum market revenue share in 2022, mainly due to increase in use of connected medical devices for applications such as medication management, remote patient monitoring, electronic health records (EHR) integration

North America region dominated the market with majority share in 2022, owing to growth in wearable health tech, regulatory environment, and adoption of telehealth solutions

The global key market players include General Electric (GE) Healthcare, Siemens Healthineers, Medtronic, Philips Healthcare, Honeywell Life Care Solutions, and Johnson & Johnson among others

Polaris Market Research has segmented the Connected Medical Devices market report based on device, application, end user, and region:

Connected Medical Devices, Device Outlook (Revenue - USD Billion, 2019 - 2032)

Respiratory Devices

Vital Signs Monitoring System

Patient Monitors

Others

Connected Medical Devices, Application Outlook (Revenue - USD Billion, 2019 - 2032)

Diagnostics

Remote Patient Monitoring and Telehealth

Treatment Services

Wellness Services

Fitness

Others

Connected Medical Devices, End User Outlook (Revenue - USD Billion, 2019 - 2032)

Hospitals and Clinics

Ambulatory Centers

Nursing Homes and Home Care

Others

Connected Medical Devices, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa