The connected medical devices market is expected to grow at a CAGR of 18.92% over the forecast period from 2022 to 2027. The healthcare industry has undergone significant transformation over the past few years, aided by the transformative nature of technologies and advances in the IoT. in computing power, wireless technologies and data analysis techniques, such as Big Data, which is currently being deployed in medical institutions and the medical research sector for the analysis of large amounts of data complex heterogeneous medical sciences involving genomics, proteomics and pharmacogenomics, worldwide.
New York, June 14, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Connected Medical Devices Market – Growth, Trends, Impact of COVID-19 and Forecast (2022 – 2027)” – https://www .reportlinker.com/p06241296/?utm_source=GNW
In the past, medical devices and software were commonly deployed to control medical equipment and display the reading. However, the growing potential of current software and its offerings dominates the need for advanced sensory and connected medical hardware equipment. Consequently, there is an increase in the number of connected medical devices and advances in software capable of capturing and transmitting medical data, as well as data analysis services that help doctors better understand and promote the provision of predictive, preventive, personalized services, and participatory medicine.
According to a report published by Telegraph, the Apple Watch, equipped with a heart rate sensor fed by medical data history, was able to save a man’s life by still alerting when the heart rate dropped below 40 bpm and recommending going to the nearest emergency room. hospital. Additionally, Phillips introduced the portable Philips IntelliVue Guardian patch, which can be used to monitor patients at home and in hospitals. Similarly, the deployment of these devices has enabled the Mt. Sinai Medical Center, a hospital in New York, to reduce patient wait times in the emergency room by up to 50%.
This factor further broadens the scope of remote monitoring devices offered on the connected medical device market. It is estimated that remote monitoring for healthcare could be worth $1.1 trillion by 2025. As part of their customer engagement strategies, attempts by service providers to deploy these devices health care has gained ground. It has been estimated that pharmaceutical and medical technology companies spend on average around 5-12% of their revenues on R&D (including clinical trials) to bring effective and safe products to market. It is known that the use of connected devices in clinical settings can reduce the total cost of trials, thereby reducing the overall cost of the product.
However, COVID-19 has had a positive impact on the market growth. This is due to the drastic increase in the number of patients, the pressure on doctors to provide advanced health services and the development by governments of applications based on connectivity technologies. The pandemic has brought to light new ways in which patients can interact with doctors. There is a rising trend in telemedicine services as governments around the world have advised citizens to avoid movement outside their homes. As the entire concentration of hospitals is devoted to treating patients with COVID-19, people are discovering new ways to self-monitor their health and only turn to doctors for emergencies. Thus, sales of smart wearables, especially smartwatches, have increased in recent months.
Main market trends
The wearable device is expected to hold a significant share
Wearable technologies in the healthcare sector offer convenient ways to monitor physiological characteristics. A host of medical solutions are not just for consumers but provide current data for doctors to analyze patients in remote locations. Wearable medical technologies have a wide range of applications in the healthcare segment, from the Apple Watch’s blood glucose monitoring systems to its electrocardiogram capabilities.
In addition to being convenient, wearable devices have proven to be cost-effective as the data generated by these devices can help doctors make decisions remotely, thereby reducing repeat patient visits to hospitals for regular checkups.
Wearable health care devices are not limited to fitness bracelets. Smartwatches, smart glasses, smart shoes, smart clothes, posture monitors, motion sensors, wristbands, heart rate straps, headbands, wearable patches, pain management devices and pods drug delivery devices are some of the devices that make up the vast and growing wearable healthcare devices. market.
The adoption of wearables in the healthcare industry has been gaining momentum in recent years. This, in turn, is one of the significant factors influencing the connected medical device market.
The number of shipments from the modular segment was just over 2.5 million, almost sixteen times the number of shipments from the wearable wristband segment, indicating the immense opportunities in the sector. Additionally, heart disease-related devices are expected to be worth $800 billion by 2030, representing a significant opportunity in the cardiac segment for various wearable healthcare devices.
Mobile technologies are paving the way to revolutionize disease diagnosis and patient treatment monitoring. As wearables are personal devices that provide continuous monitoring of vital signs, they can be used as a clinical tool to determine particular disease patterns, provide better understanding of disease, and continuously monitor users’ health. . Wearable fitness technology has woven itself into people, so FitBits and smartwatches are considered mainstream. It is estimated that the future of wearable devices will see continuous growth over the next few years.
North America holds the highest market share
Surveillance has been a key focus in the US connected medical device market, witnessing an increasing integration of intelligence into medical devices, offering real-time insights based on patient data. For example, AliveCor has developed a medical-grade electrocardiogram (ECG/EKG) strip, which can be used by smartwatch wearers to detect cardiac arrhythmia conditions causing stroke and to measure rate and rhythm. cardiac.
Additionally, in 2021, Epitel’s first product, a wireless, wearable brainwave monitor (EEG) sensor, was approved by the FDA for use in hospital emergency rooms and care units. intensive. Epitel’s first FDA-approved product contains wearable, wireless sensors that a nurse or hospital technician can apply quickly and easily. The EEG data is then immediately connected to a cloud-based software platform that neurologists can access anytime and from anywhere to review and monitor seizures. Because the Epitel system is portable and wireless, it can track the patient for up to 48 hours while they are in the hospital.
According to Synopsys, an integrated computer systems design company, US hospitals have an average of 10 to 15 connected medical devices per bed. A critical factor for companies looking to bring connected devices to market is the wireless device certification process. In North America, this is separate from FDA testing and is required for all wireless devices.
Like other computer systems, medical devices can be vulnerable to security breaches, which can impact device safety and effectiveness. The FDA clears the devices for sale when there is reasonable assurance that the benefits to patients outweigh the risks.
The connected medical devices market mainly comprises several domestic and international players in a quite fragmented and highly competitive environment. Technological advancements in the market are also bringing sustainable competitive advantage to businesses, and the market is also witnessing multiple partnerships and mergers.
April 2021 – Medtronic announced the launch of its R&D center in India, which will be the largest R&D center outside of the United States. Due to the faster evolution of healthcare in India, the company decided to build this massive facility, which will serve as a hub for engineering and innovation as part of the company’s global R&D effort. society.
January 2022 – The company announced that it is developing a new category of consumer organic clothing called Lingo, which has been designed to detect key signals in the body such as glucose, ketones and lactate – to help people better understand their general state of health and take action.
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