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Network Connected Medical Devices Market is Projected to Generate $66.6 Billion Revenue by 2024: P&S Intelligence

NEW YORK, July 30, 2019 (GLOBE NEWSWIRE) -- The global network connected medical devices market is expected to generate $66.6 billion revenue by 2024, advancing at a CAGR of 23.5% during the forecast period. Factors such as adoption of advanced smartphone-based mHealth technologies, increasing need for cost-effective treatment of chronic diseases, and rising demand for medical devices providing sufficient memory and data privacy, directly pose a positive impact on the growth of the market, according to P&S Intelligence.

Based on product, the network connected medical devices market is categorized into patient monitoring devices, glucose monitors, insulin pumps, dialysis machines, continuous positive airway pressure (CPAP) machines, infusion pumps, defibrillators, ventilators, smart beds, oxygen tanks, coagulation testing devices, blood processing devices, computed tomography (CT) scanners, X-Ray imaging systems, and ingestible sensors. Among these, patient monitoring devices held the largest share in the market, with a revenue contribution of 19.4%, in 2018. The category is expected to lead the market throughout the analysis period. This is attributed to high cost of these devices and increasing adoption of cloud technology in healthcare.

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The patient monitoring devices are further classified into cardiac monitoring, respiratory monitoring, neuromonitoring, multi-parameter monitoring, hemodynamic monitoring, temperature monitoring, and weight monitoring devices. Among these, the market for cardiac monitoring devices is expected to witness the fastest growth during the forecast period, mainly due to rising prevalence of cardiovascular diseases, such as stroke and arrhythmia, across the globe.

Further, on the basis of connectivity technology, the network connected medical devices market is categorized into Bluetooth-low energy (BLE), Wi-Fi, near field communication (NFC), cellular, satellite, and ZigBee. Among these, BLE technology is expected to hold a leading position in the market, globally, with a contribution of more than 50.0% share by 2024. This is mainly on account of the fact that the technology consumes less power and offers high-signal efficiency, as compared to other wireless connectivity technologies. It is expected to be widely accepted by hospitals and healthcare professionals, thereby becoming the largest category in terms of revenue generation, in the coming years.

Browse report overview with 292 tables and 43 figures spread through 305 pages and detailed TOC on "Network Connected Medical Devices Market Research Report: By Product (Patient Monitoring Devices, Glucose Monitors, Insulin Pumps, Dialysis, CPAP Machines, Infusion Pumps, Defibrillators, Ventilators, Smart Beds, Oxygen Tanks, Coagulation Testing, Blood Processing Devices, CT Scanners, X-Ray Imaging Systems, Ingestible Sensors), Connectivity Technology (BLE, Wi-Fi, NFC, Cellular, Satellite, ZigBee), Regional Insight (U.S., Canada, U.K., France, Germany, Italy, Spain, Japan, China, India, Australia, Mexico, Brazil) – Global Industry Size, Share Analysis and Growth Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/network-connected-medical-devices-market

The network connected medical devices market in North America is expected to witness lucrative growth, with a CAGR of 23.6%, during the forecast period. This is mainly due to technological advancements and high adoption rate of technologically advanced medical devices in the region.

Further, on account of growing research activities in the region, there is a wide scope for the growth of the medical devices sector. This growth is likely to be supported by large amount of funds received from various governments and private organizations. Presence of regional players also supports the growth of the North American market.

The global network connected medical devices market is fragmented in nature. Some major players operating in the industry include General Electric Company, F. Hoffmann-La Roche Ltd., Medtronic plc, OMRON Corporation, Koninklijke Philips N.V., Drägerwerk AG & Co. KGaA, and OxyGo LLC.

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In March 2019, General Electric Company announced a collaboration with UltrasoundPodcast.com, a weekly podcast and website devoted to POCUS education. This collaboration will help the company in increasing accessibility, training, and skill development for best possible patient outcomes.

Furthermore, in February 2019, OxyGo LLC launched OxyGo FIT Connect, with the aim to improve patient outcomes using BLE technology. The platform includes a provider dashboard and mobile application, which will provide real-time monitoring that will aid troubleshooting, concentrator health checks, preventive maintenance, and geo-locating of patient’s point of contact (POC).

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