Healthcare Connected Devices Market to Witness Formidable Growth through 2025
Increasing high speed internet
penetration to drive the growth of global healthcare connected devices
market
According to
TechSci Research report, “Global Healthcare
Connected Devices Market By Technology (BLE, Wi-Fi, NFC, Cellular,
Satellite, ZigBee, Others), By Product (ECG Monitoring Devices, Insulin Pump,
BP Monitor, Portable GPS PERS, Glucose Monitor, Pulse Oximeter, Smart Pill
Dispenser, Heart Rate Monitor, Others), By Device (Wearable v/s Non-Wearable), By Application (Remote Monitoring,
Consultation and Diagnosis Services, Treatment Services, Fitness and Wellness
Services, Others), By End User (Hospitals, Ambulatory Surgical Centers,
Specialty Clinics, Home Care Settings/Monitoring, Others), By Region, Forecast
& Opportunities, 2025”, the global healthcare connected
devices market is expected to grow at a formidable rate during the forecast
period on account of the growing adoption of wearable devices and smartphones
across the globe. Additionally, increasing expenditure by different governments
across the globe for improvement of healthcare sector is further expected to
propel the market during forecast period. Furthermore, growing number of
patients suffering from different diseases has increased the need for real time
monitoring of patients and sharing patient related data. These devices help by
providing a centralized system for patient monitoring and reduce the chances of
errors in diagnosis, treatment and prescription. Besides, these devices reduce
human errors and provide accurate and uninterrupted data. These factors are
expected to positively influence the market growth over next few years.
However, issues related to data security and privacy might pose a challenge to
the market growth through 2025. Additionally, improper healthcare facilities
and lack of skilled professionals might hamper the market growth during
forecast period. Also, high price of these devices might further reduce their
adoption, especially in the developing and underdeveloped economies. Besides,
wireless device certification process is further expected to restrict the
market growth. Moreover, data complexity issues coupled with insufficient memory,
computational & energy limitations might further obstruct the market
growth.
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The global
healthcare connected devices market is segmented based on technology, product,
device, application, end user, company and region. Based on device, the market
can be bifurcated into wearable and non-wearable devices. The wearable device
segment is expected to dominate the market during forecast period. This can be
attributed to their widespread adoption and improved connectivity solutions.
Additionally, these devices are also helpful in detection and control of
diabetes. Based on application, the market can be fragmented into remote
monitoring, consultation and diagnosis services, treatment services, fitness
and wellness services and others. The remote monitoring segment is expected to
dominate the market over the next few years since they monitor the patient
through a centralized system and provide a proper diagnosis and treatment,
while reducing any chances of errors. Based on end user, the market can be
categorized into hospitals, ambulatory surgical centers, specialty clinics,
home care settings/monitoring and others. The hospitals segment is expected to
dominate the market through 2025 since the hospitals encourage the use of
digitalized devices, thereby driving the market growth across the globe. Home
care settings/monitoring are expected to witness significant growth in the
market until 2025 on account of growing preference of patients for getting
treatment at their home.
GE
Healthcare, Inc., Medtronic Plc, OMRON Corporation, Philips Healthcare,
McKesson Corporation, Fitbit, Inc., Johnson & Johnson, Boston Scientific
Corporation, St. Jude Medical, Inc. (Abbott), AgaMatrix, Inc., Dexcom, F.
Hoffmann-La Roche, Polar Electro, iHealth Labs (subsidiary of Andon Health),
Aerotel Medical Systems Ltd., Garmin Ltd., Qualcomm Incorporation, Honeywell
International Inc., Stanley Black and Decker, Inc., NXP Semiconductors NV and
others are some of the leading players operating in global healthcare connected
devices market. The companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to boost their
share.
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“North America is expected to dominate
the global healthcare connected devices market during the forecast period,
owing to pre-established healthcare IT infratructure in the region.
Additionally, growing government support in the form of policies, initiatives
and funding in the region is further anticipated to fuel the market.
Furthermore, availability of various mobile apps focusing on wellness &
fitness in the region, is anticipated to bolster the market growth over the
next few years. Also, key players operating in the market are expanding their product
and service portfolio in the region, thereby creating lucrative opportunities
for the growth of market.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Healthcare Connected
Devices Market By Technology (BLE, Wi-Fi, NFC, Cellular, Satellite, ZigBee,
Others), By Product (ECG Monitoring Devices, Insulin Pump, BP Monitor, Portable
GPS PERS, Glucose Monitor, Pulse Oximeter, Smart Pill Dispenser, Heart Rate Monitor,
Others), By Device (Wearable v/s Non-Wearable), By Application (Remote Monitoring, Consultation and Diagnosis
Services, Treatment Services, Fitness and Wellness Services, Others), By End
User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics, Home Care
Settings/Monitoring, Others), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global healthcare
connected devices market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in global healthcare
connected devices market.
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