Global Connected Health Personal Medical Devices Market – Industry Trends and Forecast to 2030

Connected Health Personal Medical Devices Market Analysis and Size

According to the Center for Medicare and Medicaid Services 2021, national healthcare spending increased by 9.7% to USD 4.1 trillion in 2020, or USD 12,530 per person, and accounted for 19.7% of GDP (GDP). Such drastic healthcare spending indicates that the overall demand for connected devices may gradually increase. Furthermore, according to the US Centers for Disease Control and Prevention, overall life expectancy at birth is steadily rising, intending to reach 74.4 years by 2022, up from 73.3 years in 2017. The majority of the increase is due to lower infant mortality. However, according to the same survey, life expectancy in the United States has fallen for the third year in a row to 78.6 years.

Data Bridge Market Research analyses that the connected health personal medical devices market which was USD 20.15 billion in 2022, is expected to reach USD 75.74 billion by 2030, at a CAGR of 18% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Connected Health Personal Medical Devices Market Scope and Segmentation      

Market Definition

A connected health device is a technology that is used for the patient care in the most efficient and proactive manner possible. The approach has the potential to empower patients, clinicians, and healthcare planners. These devices are changing the lives of thousands of patients. Some of the most popular health-connected devices are include self-monitored ECG, Adheretech's smart wireless pill bottle, intelligent asthma management, and health patch MD, among others.

Connected Health Personal Medical Devices Market Dynamics

Drivers

• Increasing geriatric population

The global geriatric population is projected to grow at a CAGR of 6.5% from 2016 to 2020, reaching 1.6 billion by 2020. This will create a large pool of patients with chronic diseases who will require continuous monitoring and treatment, thereby driving the demand for connected personal health medical devices.

• Rising prevalence of lifestyle-related diseases

There is an increasing prevalence of lifestyle-related diseases such as obesity, diabetes, and heart disease across the world due to changing lifestyles and dietary habits. This has led to an increase in the demand for connected personal health medical devices that can help in the early diagnosis and prevention of these diseases.

• Rising awareness about benefits of connected health devices

There is rising awareness among consumers about the benefits offered by connected health personal medical devices such as improved patient care, timely diagnosis and treatment, and reduced healthcare costs, fuelling their adoption worldwide.

Opportunities

• Government Initiatives

Strategic initiatives such as partnerships, acquisitions, mergers, and new product launches and investments are some marketing and growth strategies used by these healthcare companies to gain a competitive advantage. For instance, in Medtronic India partnered with Statis Health, a division of Stasis Labs, in September 2021 to promote the latter's bedside patient monitoring system throughout India. A bedside monitor and a cloud-connected app provide remote monitoring across devices in the connected care monitoring system.

Restraints/Challenges

• Lack of awareness

Lack of awareness about the potential applications of connected care, reluctance to share health information, rising privacy and cybercrime are the major factors acting as restraints, and will further challenge the growth of the market during the forecast period.

This connected health personal medical devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the connected health personal medical devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on the Connected Health Personal Medical Devices Market

COVID-19 had a significant impact on the market growth. This is attributed to the increasing requirement for transforming the healthcare experience for healthcare workers and patients. The growing necessity for an agile and inter-professional workforce to deliver team-based care through an empowered front-line staff leveraging technology for offering higher-value work added an edge to the usage of connected health systems. Continuous access to health services in safe and convenient approaches, mainly in the post-COVID-19 world will also favour the market growth.

Global Connected Health Personal Medical Devices Market Scope

The connected health personal medical devices market is segmented on the basis of product, application, and type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Insulin Pumps
• BP Monitors
• Portable GPS PERS
• Glucose Monitor
• Personal Pulse Oximeter
• Smart Pill Dispenser
• Personal ECG

 Application

• Hospitals/Clinics
• Home Monitoring
• Others

Type

• Healthcare IT
• Health Information Exchange
• Healthcare Analytics

Connected Health Personal Medical Devices Market Regional Analysis/Insights

The connected health personal medical devices market is analyzed and market size insights and trends are provided by country, product, application, and type as referenced above.

The countries covered in the connected health personal medical devices market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the connected health personal medical devices market due to the occurrence of well-established healthcare infrastructure along with rising awareness among the people regarding the benefits of devices.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 owing to the development of healthcare infrastructure along with rising demand of wearable devices.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The connected health personal medical devices market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for connected health personal medical devices market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the connected health personal medical devices market. The data is available for historic period 2011-2021.

Competitive Landscape and Connected Health Personal Medical Devices Market Share Analysis

The connected health personal medical devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to connected health personal medical devices market.

Some of the major players operating in the connected health personal medical devices market are:

• AgaMatrix (U.S.)
• AirStrip Technologies, Inc (U.S.)
• AliveCor, Inc. (U.S.)
• Allscripts Healthcare, LLC (U.S.)
• Apple Inc. (U.S.)
• Boston Scientific Corporation (U.S.)
• Cerner (U.S.)
• General Electric (U.S.)
• Honeywell International Inc. (U.S.)
• Medtronic (Ireland)
• Microsoft (U.S.)
• Persistent Systems (India)
• Koninklijke Philips N.V. (Netherlands)
• Qualcomm Technologies, Inc. (U.S.)
• Vivify Health, Inc. (Canada)
• IBM Corporation (U.S.)

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