As healthcare agencies cite the need for moving more and more patients to secure home care settings and reduce the burden on traditional healthcare facilities, the demand for connected medical devices is witnessing a rise in North America.
Precise and data-based clinical guidance, qualities that connected medical devices equip the healthcare providers with, is resulting in faster and efficient care. The scope of containing the cost of care through these devices is leading smaller facilities, such as specialty clinics and ambulatory surgical centers to adopt these devices in North America.
The traceability features that these devices come with is also helping in the treatment of aging people. Moreover, the rising numbers of health-conscious people is also boosting the demand for these devices that help to keep vital health parameters under control.
GURUGRAM, India, Aug. 5, 2022 /PRNewswire/ --
The Need for Moving More Patients to Secure Home Care Settings: Traditional healthcare facilities, such as hospitals and nursing homes, is fast becoming overburdened in terms of serving patients through their existing infrastructure, especially in the wake of the pandemic. Treating patients in a secure and well-monitored home care setting is becoming vital for many in North America. Connected medical devices help keep continuous track on patients recovering at home and also ensures timely delivery of care through their real-time alerting systems.
Faster, Efficient and Cost-Effective Delivery of Care: Connected medical devices offer better clinical guidance by unlocking large siloes of critical patient data. The use of AI and even block chain technology in some cases help care providers equip healthcare providers with precision and accuracy in their identification and diagnosis of conditions. Moreover, the use of connected technology help deliver services faster and contain the cost.
The Use of Connected Medical Devices in Keeping Vital Health Parameters in Check: Especially after the Covid pandemic, people have become more aware about keeping their vital health parameters under control. Increased health awareness is driving the growth in wearable health trackers and connected monitoring devices to keep a check on glucose levels, blood pressure, heart rate, etc.
Analysts at Ken Research in their latest publication "North America Connected Medical Devices Market Outlook and Forecast to 2027 – Driven by Rising Consumer Awareness, Prevalence of Chronic Diseases, and Cost-containment of Connected Medical Devices" believe that the Connected Medical Devices market is expected to grow due to many benefits offered by these devices, including faster and efficient delivery of care at a lower cost, the scope of offering improved healthcare services in home care settings and the provisions of keeping vital health parameters in check with real-time monitoring and alerting systems.
Key Segments Covered in North America Connected Medical Devices Market:-
North America Connected Medical Devices Market By Components
North America Connected Medical Devices Market By Application
North America Connected Medical Devices Market By Product/ Solution
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North America Connected Medical Devices Market By Type of End User Industry
North America Connected Medical Devices Market By Geography and Major Countries
Key Target Audience:-
Time Period Captured in the Report:-
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Emerging Connected Medical Devices Companies in North America
Puzzle Medical Devices
Key Topics Covered in the Report:-
Snapshot of North America Connected Medical Devices Industry
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of North America Connected Medical Devices Market
Historic Growth of Overall North America Connected Medical Devices Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of North America Connected Medical Devices Industry
Overview, Product Offerings and SWOT Analysis of All the Key Competitors
Covid 19 Impact on the Overall North America Connected Medical Devices Market
Future Market Forecast and Growth Rates of the Total North America Connected Medical Devices Market and by Segments
Market Size of End User Industries with Historical CAGR and Future Forecasts
Analysis of North America Connected Medical Devices Market in Major North American Countries
Major Production / Consumption Hubs in the Major Countries
Major Production/Supply and Consumption/Demand Hubs in Each Major Country
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging North America Connected Medical Devices Companies within Each Major Country
Connected Medical Devices Market
Connected Medical Devices by Market
Connected Medical Devices by Product
Connected Medical Devices by Application
Connected Medical Devices by Components
Connected Medical Devices by End-user
U.S. Connected Medical Devices Market
Canada Connected Medical Devices Market
Mexico Connected Medical Devices Market
Honeywell International Connected Medical Devices Market
Stryker Connected Medical Devices Market
Boston Scientific Corporation Connected Medical Devices Market
Connected Medical Devices by Product in North America
Diagnostic Imaging Medical Devices in North America
North America Diagnostic Imaging Medical Devices Market
North America Dental Products Medical Device Market
Other Medical Equipment Connected Medical Device in North America
North America Other Medical Equipment Connected Medical Devices Market
North America Connected Medical Devices Component Market
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The Philippines Market Device Industry was valued at PHP ~ million in 2015 and registered a positive growth during the review period of 2015-2020 reaching to a value of PHP ~ in 2020. The market is currently in Growth Stage, with an increase in number of hospitals, high prevalence of chronic diseases, rising instances of heart and kidney failures, expanding elderly population, awareness towards health checkups, incoming of medical tourism and onset of COVID-19 pandemic as some of the key drivers for the market. Medical Device Industry in the Philippines is currently import oriented, especially for highly technological machineries such as Diagnostic Imaging, Cardiac Devices, Respiratory products and others. Current demand reflects healthcare requirements for growing incidence of hypertension, diabetes/kidney diseases, TB/respiratory ailments, cancer, and some incidence of HIV/AIDS.
Singapore Medical device revenue increased at a double digit CAGR during 2012-2017. The market is in the growing stage with rise in number of foreign players. This was driven by expansion of healthcare institutions and increased demand for home care devices such as Elderly Care -Monitoring Systems (sensors at home, applications, and wearable devices). Singaporeans' strong demand for better healthcare creates an excellent market for foreign medical device companies, who supply more than 85% of the country's devices. Leading importers include the US, Germany and Japan. At present, more than 60% of products imported into Singapore are subsequently re-exported.
Vietnam medical devices market recorded growth at a CAGR of ~% during 2012-2017, driven by liberal import policies, and surge in Orthopedic and Prosthetic medical equipments. Increase in investments in public healthcare facilities and tax exemption for newly established private healthcare providers increased the demand for medical devices. With a need to improve healthcare services in Vietnam, healthcare providers are focusing on using advanced technological medical equipments which will help in early detection of diseases and increase pace in diagnosis and recovery timelines.
Indonesia Medical Devices Market Outlook to 2022 - By Medical Consumable Products, Diagnostic Imaging Products, Auxiliary Devices, Orthopedic Implants, Dental Products, Aesthetic Devices, By Imports & Domestic Production
Indonesia Medical device revenue increased from USD ~ billion in 2012 to USD ~ billion in 2017 at a CAGR of ~%. The market is in the growing stage with a rise in a number of foreign players. The market is almost entirely import driven. There were ~ medical device distributors and ~medical device production units in Indonesia as of 2015. The growing number of hospitals or other health centers in Indonesia has led to the rising demand for medical equipment. Indonesia's medical device market is highly regulated with stringent import regulations even though it heavily relies on imports. This is due to a lack of established local manufacturers. The demand has increased majorly for diagnostic imaging, medical consumables, aesthetic, orthopedic and dental products. This is driven by increased healthcare spending and raising awareness of different treatment methods.
UAE is the fourth largest medical device market in the Middle East and Africa region, growing @8.7% CAGR in 2015-2020. It is a highly price sensitive and import dependent market with advanced medical devices imported from countries such as US, Germany, Japan and China and local production limited to prototype units, spare parts and disposables such as surgical gloves, syringes, and needles. UAE's increasing budget allocation for the healthcare sector and ongoing healthcare development projects has played a pivotal role in the continued growth.
Ankur Gupta, Head Marketing & Communications
Frequently Asked Questions:-
What is the Study Period of this Market Report?
The North America Connected Medical Devices Market is covered from 2017 – 2027 in this report, which includes a forecast for the period 2022-2027.
What is the Future Growth Rate of North America Connected Medical Devices Market?
The North America Connected Medical Devices Market is expected to witness a CAGR of about 8% over the next 5 years.
What are the Key Factors Driving the North America Connected Medical Devices Market?
Shift Towards Homecare Settings and Rising Prevalence of Chronic Diseases are expected to be the primary drivers of this market.
Which is the Fastest Growing Application Segment within the North America Connected Medical Devices Market?
Remote Monitoring is the fastest growing application segment within the North America Connected Medical Devices Market.
Who are the Key Players in North America Connected Medical Devices Market?
Abbott Laboratories, Boston Scientific Corporation, Medtronic, Philips Corporation, Stryker, NXP Semiconductors, Honeywell, Baxter, GE Healthcare, Becton, Dickinson and Company (BD), Masimo Corporation and Drager are the major companies operating in North America Wearable Electronics Market.
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SOURCE Ken Research