The global network connected medical devices market is expected to generate $66.6 billion revenue by 2024, advancing at a CAGR of 23.5% during the forecast period.
The internet of things (IoT) technology has gained immense popularity in the recent times. The concept basically refers to the connection of devices, any device as long as it has an on and off switch, to internet and to other connected devices. In order for devices to be connected with internet or with other devices, they are integrated with built in sensors. Devices are connected to an IoT platform, which integrates data from various devices and applies analytics for sharing the most important information with applications for building access specific needs, using built-in sensors. IoT is being utilized in a number of industries for connecting different devices.
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In this scenario, it is only fair that the medical devices industry is also making use of IoT. Medical devices which make use of IoT are referred to as network connected medical devices. Connected devices, such as infusion pumps and implantable pacemakers, aid healthcare professionals and patients in numerous tasks, such as enhancing diagnostics, monitoring vitals, and regulating dosages. Due to these various advantages of connected devices, the network connected medical devices market, reaching $19.5 billion in 2018, is expected to generate a revenue of $66.6 billion by 2024, advancing at a 23.5% CAGR during the forecast period (2019–2024).
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The various network connected devices are patient monitoring devices, ingestible sensors, glucose monitors, X-ray imaging systems, insulin pumps, computed tomography scanners, blood processing devices, dialysis, coagulation testing, dialysis, oxygen tanks, continuous positive airway pressure machines, smart beds, infusion pumps, ventilators, and defibrillators. Because of the growing adoption of cloud technology in the healthcare sector and high cost of patient monitoring devices, their requirement was the highest in the past. Types of patient monitoring devices are weight monitoring devices, temperature monitoring devices, hemodynamic monitoring devices, multi-parameter monitoring devices, neuromonitoring devices, respiratory monitoring devices, and cardiac monitoring devices.
North America is projected to create considerable growth for network connected medical devices in the coming years, which is primarily attributed to the developed healthcare infrastructure in the region. Because of an advanced healthcare infrastructure, the adoption of technologically innovative is growing in North America. Moreover, people are able to afford these services in the region. Other than this, technological advancements and increasing research activities is further predicted to drive the growth of the network connected medical devices market in the coming years.
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