Connected Healthcare Devices Market - By Technology (Wi-Fi, Bluetooth Low Energy, Near-field Communication, Zigbee, Cellular), By Application (Consumer Monitoring, Wearable Device, Internally Embedded Device, Stationary Device) & Forecast, 2024 – 2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationConnected Healthcare Devices Market Size
Connected Healthcare Devices Market was valued at over USD 55 billion in 2023 and is estimated to register a CAGR of over 17.5% between 2024 & 2032. Connected healthcare devices are medical tools integrated with digital technology to gather, transmit, and receive health data. They enable remote monitoring, diagnosis, and management of patients' conditions, enhancing healthcare accessibility and efficiency. Examples include wearable fitness trackers, remote patient monitoring systems, and smart insulin pumps.
The surge in wearable tech usage is like a rocket launch for the market! From tracking our health and fitness to making us look stylish, wearables are everywhere. And as tech gets better – think better sensors, longer battery life, and smarter data analysis – wearables are getting even cooler. People are becoming more interested in their health and want to know more about their bodies. This is a huge reason why wearables are taking off. People want personalized data that can help them make better decisions about their health. Companies are taking notice too. For example, Abbott launched a new wearable called Lingo in January 2022. Lingo is designed to detect important health markers like ketones, glucose, and lactate, so people can stay on top of their overall health and take action when needed.
The need for convenient healthcare services, rising smartphone penetration, and better internet connectivity are propelling the growth of mobile health (mHealth) apps. These apps improve accessibility and patient engagement with features including medication reminders, fitness tracking, remote consultations, and chronic disease management. The integration of mHealth apps with wearable technology and electronic health records is supporting their adoption, spurring market expansion and innovation in digital healthcare solutions.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Connected Healthcare Devices Market Size in 2023 | USD 55 Billion |
| Forecast Period | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR | 17.5% |
| 2024 – 2032 Value Projection | USD 240 Billion |
| Historical Data for | 2018 – 2023 |
| No. of Pages | 200 |
| Tables, Charts & Figures | 229 |
| Segments covered | Technology, application, and region |
| Growth Drivers |
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| Pitfalls & Challenges |
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The market for connected healthcare devices is hindered by concerns about accuracy and reliability. Inaccurate readings or malfunctioning sensors that result in incorrect diagnoses or treatment decisions can damage consumer trust in these devices. Furthermore, shaky data might force medical professionals to use outdated techniques, restricting the use of connected devices. Thorough testing, calibration procedures, and quality control methods must be used to address these problems to remove obstacles to broad adoption.
Connected Healthcare Devices Market Trends
Technology is rapidly changing the way we monitor patients' health outside of traditional healthcare settings. This is especially important as more and more people are living with chronic conditions. To make remote patient monitoring more effective, devices and systems need to be able to talk to each other. This is called interoperability. It allows healthcare providers to see all of a patient's information in one place, which can lead to better diagnosis and treatment. Artificial intelligence (AI) and sensors are also making remote patient monitoring more sophisticated. AI can help analyze data from sensors and other sources to identify patterns that might indicate a health problem. This can help doctors catch problems early and prevent them from becoming serious. For example, a recent partnership between Zephyr AI and KangarooHealth combined Zephyr AI's machine learning technology with KangarooHealth's remote monitoring platform. This combination allows clinicians to use AI to predict and prevent health problems.
The market is witnessing a consumerization trend where people use smartphone health apps and wearable fitness trackers to actively manage their health. The COVID-19 pandemic has accelerated the integration of telehealth services with connected devices, which is revolutionizing the delivery of healthcare by enabling virtual care experiences and remote consultations. These patterns highlight the growing significance and uptake of connected medical devices.
Connected Healthcare Devices Market Analysis
Based on technology, the market is segmented into Wi-Fi, Bluetooth low energy (BLE), near-field Communication (NFC), Zigbee, and cellular. The Wi-Fi segment accounted for a market share of over 29% in 2023.
- The market for connected healthcare devices is significantly expanding owing to Wi-Fi technology's adaptability, dependability, and wide uses. Wi-Fi's seamless connectivity and data transmission between wearables, backend systems, and healthcare devices enables real-time monitoring, remote consultations, and data analytics. The use of Wi-Fi-enabled devices for virtual care experiences and remote patient monitoring by healthcare professionals has increased due to the growing demand for telehealth services and solutions, particularly considering the COVID-19 pandemic.
- By combining cutting-edge security protocols with Wi-Fi technology, patient data privacy and confidentiality are guaranteed, allaying worries about data security and compliance. Overall, Wi-Fi technology accelerates the growth of the market by enabling efficient communication and data exchange across healthcare ecosystems.
Based on application, the market is segmented into consumer (patient) monitoring, wearable device, internally embedded device, and stationary device. The wearable device segment is estimated to register over 18% CAGR from 2024 to 2032.
- The wearable device application segment is expanding significantly as a result of various factors. Improvements in wearable sensor technology have enabled the creation of increasingly complex gadgets that can precisely track a range of health indicators including blood sugar, heart rate, activity levels, and sleep patterns. There is a growing need for wearable technology that allows for continuous monitoring and early detection of health issues due to the rising prevalence of chronic diseases and the increased emphasis on preventive healthcare.
- The integration of wearable devices with cloud-based platforms and mobile health apps facilitates real-time data collection, analysis, and remote monitoring. This improves care coordination and patient engagement. Wearable technology's functionality, portability, and ease of use make it a popular tool for individuals seeking to monitor and improve their health, fueling the market growth.
North America held a significant share of over 30% in the global connected healthcare devices market in 2023. The regional market for connected healthcare devices is expanding for variety of factors. Connected healthcare devices are gaining traction in the region due to its well-established healthcare infrastructure and high rates of digital technology adoption. Rising healthcare costs, an aging population, and the prevalence of chronic illnesses are fueling the need for connected device-based telehealth solutions and remote monitoring. Additionally, regulatory frameworks and government initiatives are encouraging innovations and investments in digital health technologies, further supporting market growth.
Connected healthcare devices Market Share
Medtronic Inc. holds a significant share in the connected healthcare devices industry. Medtronic Inc. is a global leader in medical technology, offering a wide range of connected healthcare devices. Its portfolio includes implantable devices, such as pacemakers and insulin pumps, as well as remote monitoring systems and digital health solutions. Medtronic focuses on advancing patient care through innovation, data-driven insights, and connectivity to improve health outcomes and patient experiences.
Major players including Medtronic Inc., Koninklijke Philips N, Abbott Laboratories, and Boston Scientific Corporation are constantly implementing strategic measures, such as geographical expansion, acquisition, mergers, collaborations, partnerships, and product or service launches, to gain market shares.
Connected healthcare devices Market Companies
Major players operating in the connected healthcare devices industry are
- Abbott Laboratories
- AliveCor
- Biotronik SE & Co. KG
- Boston Scientific Corporation
- Dexcom, Inc.
- Fitbit
- Garmin Ltd
- GE Healthcare
- Honeywell International Inc.
- Koninklijke Philips NV
- Medtronic Inc.
- NXP Semiconductors NV
- Omron Corporation
- Siemens Healthineers
- Stanley Healthcare
Connected Healthcare Devices Industry News
- In August 2022, Medtronic plc formed a strategic alliance with BioIntelliSense, a company specializing in continuous health monitoring and clinical intelligence. This partnership is specifically tailored for hospitals in the U.S. Additionally, Medtronic secured exclusive distribution rights for the BioButton multi-parameter wearable device for a 30-day period post-acute hospital discharge, enabling seamless monitoring from hospital to home. The partnership allowed the Medtronic Patient Monitoring business to access a medical-grade device that primarily offers continuous vital sign measurements of general care patients during the hospital stay and post-discharge.
- In October 2021, Honeywell launched of its Real-time Health Monitoring System (RTHMS), a smart edge-to-cloud communication platform for remote and real-time monitoring of patients that acts as a bridge between the caregiver and the patient. The offering integrates hardware and software to improve care delivery, enhance healthcare worker productivity, and enable process efficiency.
The connected healthcare devices market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments
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Market, By Technology
- Wi-Fi
- Bluetooth Low Energy (BLE)
- Near-field Communication (NFC)
- Zigbee
- Cellular
Market, By Application
- Consumer (patient) monitoring
- Wearable device
- Internally embedded device
- Stationary device
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- MEA
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
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