Connected Healthcare Devices Market Size

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.

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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 Furthermore, shaky data might force medical professionals to use outdated techniques, restricting the use of connected devices.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.