Healthcare Connected Devices Market to Witness Formidable Growth through 2025

Increasing high speed internet penetration to drive the growth of global healthcare connected devices market

According to TechSci Research report, “Global Healthcare Connected Devices Market By Technology (BLE, Wi-Fi, NFC, Cellular, Satellite, ZigBee, Others), By Product (ECG Monitoring Devices, Insulin Pump, BP Monitor, Portable GPS PERS, Glucose Monitor, Pulse Oximeter, Smart Pill Dispenser, Heart Rate Monitor, Others), By Device (Wearable v/s Non-Wearable), By Application (Remote Monitoring, Consultation and Diagnosis Services, Treatment Services, Fitness and Wellness Services, Others), By End User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics, Home Care Settings/Monitoring, Others), By Region, Forecast & Opportunities, 2025”, the global healthcare connected devices market is expected to grow at a formidable rate during the forecast period on account of the growing adoption of wearable devices and smartphones across the globe. Additionally, increasing expenditure by different governments across the globe for improvement of healthcare sector is further expected to propel the market during forecast period. Furthermore, growing number of patients suffering from different diseases has increased the need for real time monitoring of patients and sharing patient related data. These devices help by providing a centralized system for patient monitoring and reduce the chances of errors in diagnosis, treatment and prescription. Besides, these devices reduce human errors and provide accurate and uninterrupted data. These factors are expected to positively influence the market growth over next few years. However, issues related to data security and privacy might pose a challenge to the market growth through 2025. Additionally, improper healthcare facilities and lack of skilled professionals might hamper the market growth during forecast period. Also, high price of these devices might further reduce their adoption, especially in the developing and underdeveloped economies. Besides, wireless device certification process is further expected to restrict the market growth. Moreover, data complexity issues coupled with insufficient memory, computational & energy limitations might further obstruct the market growth.

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The global healthcare connected devices market is segmented based on technology, product, device, application, end user, company and region. Based on device, the market can be bifurcated into wearable and non-wearable devices. The wearable device segment is expected to dominate the market during forecast period. This can be attributed to their widespread adoption and improved connectivity solutions. Additionally, these devices are also helpful in detection and control of diabetes. Based on application, the market can be fragmented into remote monitoring, consultation and diagnosis services, treatment services, fitness and wellness services and others. The remote monitoring segment is expected to dominate the market over the next few years since they monitor the patient through a centralized system and provide a proper diagnosis and treatment, while reducing any chances of errors. Based on end user, the market can be categorized into hospitals, ambulatory surgical centers, specialty clinics, home care settings/monitoring and others. The hospitals segment is expected to dominate the market through 2025 since the hospitals encourage the use of digitalized devices, thereby driving the market growth across the globe. Home care settings/monitoring are expected to witness significant growth in the market until 2025 on account of growing preference of patients for getting treatment at their home.

GE Healthcare, Inc., Medtronic Plc, OMRON Corporation, Philips Healthcare, McKesson Corporation, Fitbit, Inc., Johnson & Johnson, Boston Scientific Corporation, St. Jude Medical, Inc. (Abbott), AgaMatrix, Inc., Dexcom, F. Hoffmann-La Roche, Polar Electro, iHealth Labs (subsidiary of Andon Health), Aerotel Medical Systems Ltd., Garmin Ltd., Qualcomm Incorporation, Honeywell International Inc., Stanley Black and Decker, Inc., NXP Semiconductors NV and others are some of the leading players operating in global healthcare connected devices market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.

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“North America is expected to dominate the global healthcare connected devices market during the forecast period, owing to pre-established healthcare IT infratructure in the region. Additionally, growing government support in the form of policies, initiatives and funding in the region is further anticipated to fuel the market. Furthermore, availability of various mobile apps focusing on wellness & fitness in the region, is anticipated to bolster the market growth over the next few years. Also, key players operating in the market are expanding their product and service portfolio in the region, thereby creating lucrative opportunities for the growth of market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Healthcare Connected Devices Market By Technology (BLE, Wi-Fi, NFC, Cellular, Satellite, ZigBee, Others), By Product (ECG Monitoring Devices, Insulin Pump, BP Monitor, Portable GPS PERS, Glucose Monitor, Pulse Oximeter, Smart Pill Dispenser, Heart Rate Monitor, Others), By Device (Wearable v/s Non-Wearable),         By Application (Remote Monitoring, Consultation and Diagnosis Services, Treatment Services, Fitness and Wellness Services, Others), By End User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics, Home Care Settings/Monitoring, Others), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global healthcare connected devices market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global healthcare connected devices market.

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