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Connected Healthcare Devices Market Trends

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

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.

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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