14.4% CAGR drives Connected Medical Devices Market to $190.63 Billion by 2032

Connected Medical Devices Market Size Worth $190.63 Billion By 2032 | CAGR: 14.4%


The global connected medical devices market size is expected to reach USD 190.63 billion by 2032, according to a new study by Polaris Market Research. The report “Connected Medical Devices Market Share, Size, Trends, Industry Analysis Report, By Device (Respiratory Devices, Vital Signs Monitoring System, Patient Monitors, Others); By Application; By End User; By Region; Segment Forecast, 2023- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The market for connected diagnostic imaging equipment is in a phase of notable expansion, fueled by the increasing demand for advanced and remote diagnostic capabilities. Leading this growth are digital radiography and remote radiology services, which play a pivotal role in enhancing patient care and disease diagnosis. Concurrently, the adoption of wearable connected health devices, including smartwatches, fitness trackers, and remote patient monitoring wearables, is steadily increasing. These devices empower users to monitor their health and fitness, with some seamlessly integrated into healthcare services for real-time monitoring, offering a comprehensive approach to healthcare management.

Connected devices are instrumental in enabling remote patient monitoring. This technology addresses geographic barriers and improves access to healthcare services in both urban and rural areas. It is particularly valuable in regions with limited healthcare infrastructure. Several countries are developing comprehensive digital health ecosystems, comprising electronic health records (EHR), telemedicine platforms, and connected devices. These ecosystems are designed to streamline data collection, analysis, and integration, facilitating more efficient healthcare delivery.

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The market for home healthcare devices, encompassing connected infusion pumps, portable oxygen concentrators, and smart pill dispensers, is on the rise. These innovative devices present patients with convenient and cost-effective healthcare options, enabling them to undergo treatment from the comfort of their residences. Many governments are introducing initiatives and policies to encourage the adoption of connected medical devices as a component of their broader healthcare modernization strategies. These endeavors are directed toward enhancing both healthcare accessibility and quality.

The collaborative efforts of technology firms, healthcare providers, and research institutions are fueling innovation within the connected medical devices industry. This partnership has yielded cutting-edge devices, software solutions, and novel healthcare delivery approaches. Concerns surrounding data privacy and security are paramount in the acceptance of connected medical devices. In response, governments and regulatory bodies are proactively establishing data protection and security standards to safeguard patient information, thereby cultivating trust in these technological advancements.

Connected Medical Devices, Market Report Highlights

  • Vital signs monitoring system segment to experience significant growth during the forecast period, which is mainly driven by increase in demand for blood pressure monitors, pulse oximeters, cardiac monitors, and wearable fitness trackers
  • Remote patient monitoring and telehealth is expected to grow significantly during the forecast period, which is mainly driven by telehealth consultations, remote cardiac monitoring, and digital mental health
  • Hospitals and clinics segment held the maximum market revenue share in 2022, mainly due to increase in use of connected medical devices for applications such as medication management, remote patient monitoring, electronic health records (EHR) integration
  • North America region dominated the market with majority share in 2022, owing to growth in wearable health tech, regulatory environment, and adoption of telehealth solutions
  • The global key market players include General Electric (GE) Healthcare, Siemens Healthineers, Medtronic, Philips Healthcare, Honeywell Life Care Solutions, and Johnson & Johnson among others

Polaris Market Research has segmented the Connected Medical Devices market report based on device, application, end user, and region:

Connected Medical Devices, Device Outlook (Revenue - USD Billion, 2019 - 2032)

  • Respiratory Devices
  • Vital Signs Monitoring System
  • Patient Monitors
  • Others

Connected Medical Devices, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Diagnostics
  • Remote Patient Monitoring and Telehealth
  • Treatment Services
  • Wellness Services
  • Fitness
  • Others

Connected Medical Devices, End User Outlook (Revenue - USD Billion, 2019 - 2032)

  • Hospitals and Clinics
  • Ambulatory Centers
  • Nursing Homes and Home Care
  • Others

Connected Medical Devices, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Connected Medical Devices Market Report Scope

Report Attributes

Details

Market size value in 2023

USD 56.58 billion

Revenue forecast in 2032

USD 190.63 billion

CAGR

14.4% from 2023 – 2032

Base year

2022

Historical data

2019-2021

Forecast period

2023 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2023 to 2032

Segments covered

By Device, By Application, By End User, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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