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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

  • Report ID: GMI8321
  • Published Date: Feb 2024
  • Report Format: PDF

Connected 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.
 

Connected Healthcare Devices Market

The growing adoption of wearable technology in daily life—from health monitoring and fitness tracking to fashion—is fueling market growth. The development of increasingly complex wearables is fueled by developments in sensor technology, battery life, and data analytics. The rising consumer awareness of health & wellness and a desire for personalized data insights is boosting wearable device adoption, resulting in a rapidly growing market with a wide range of applications. For instance, in January 2022, Abbott announced the development of a new consumer bio wearable, Lingo, primarily built to detect critical body signals, such as ketones, glucose, and lactate, helping people better understand their general health and take the required action.
 

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.
 

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

The use of remote patient monitoring systems has increased significantly, which can be attributed to the need for ongoing monitoring outside of conventional healthcare settings as well as the rising incidence of chronic diseases. There is an increasing emphasis on interoperability and data integration to facilitate seamless communication among various healthcare devices & systems and enable comprehensive patient care. Furthermore, developments in Artificial Intelligence (AI) and sensor technology are expanding the potential of networked devices, allowing for more precise diagnosis and customized treatment plans. For instance, in March 2023, Zephyr AI and KangarooHealth partnered to harness the power of remote patient monitoring and AI. The partnership combined Zephyr AI’s industry-leading Machine Learning (ML) technology with KangarooHealth’s proprietary remote monitoring platform to create a best-in-class predictive solution for clinicians.
 

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

Connected Healthcare Devices Market, By Technology, 2021-2032, (USD Billion)

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.
     
Connected Healthcare Devices Market Share, By Application, 2023

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.
     
U.S. Connected Healthcare Devices Market Size, 2021-2032, (USD Million)

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

 

Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

The market size for connected healthcare devices was valued at over USD 55 billion in 2023 and is estimated to register over 17.5% CAGR between 2024 & 2032 due to the growing adoption of wearable technology in daily life—from health monitoring and fitness tracking to fashion.

The wearable device segment is estimated to register over 18% CAGR from 2024 to 2032, owing to the improvements in wearable sensor technology, along with integration with cloud-based platforms and mobile health apps to facilitate real-time data collection, analysis, and remote monitoring.

North America connected healthcare devices industry held a significant share of over 30% in 2023 and will expand through 2032 due to its well-established healthcare infrastructure and high rates of digital technology adoption.

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, and Stanley Healthcare.

Connected Healthcare Devices Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 229
  • Countries covered: 22
  • Pages: 200
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