Global Network Connected Medical Devices Market to Reach $66.6 Billion by 2024, Growing at a CAGR of 23.5%

9/25/2019, 10:40 AM (Source: GlobeNewswire)

Dublin, Sept. 25, 2019 (GLOBE NEWSWIRE) -- The "Network Connected Medical Devices Market Research Report: By Product, Connectivity Technology, Regional Insight - Global Industry Size, Share Analysis and Growth Forecast to 2024" report has been added to's offering.

By 2024, the market is expected to gather $66.6 billion revenue, compared to $19.5 billion in 2018, registering a 23.5% CAGR during the forecast period (2019-2024).

The major driving factors for the network connected medical devices market are the technical advancements that have led to the development and inclusion of connected medical devices in the healthcare domain, rising incidence of chronic diseases, and surging geriatric population.

The network connected medical devices market is observing the trend of partnerships and collaborations among market players to develop such devices. Medical device manufacturing companies are partnering with technology providers to amalgamate the two niches to develop IoT-empowered solutions. This is being done to capture significant market shares by expanding their reach. Further, the demand for such devices by end users, such as hospitals and other healthcare centers, is high due to their cost-effectiveness and efficiency.

The rapid inclusion of network connected medical devices in healthcare settings is a major supporting factor in the network connected medical devices market growth. The efficiency in the healthcare sector is primarily dependent on healthcare providers and cost-effective treatment. For effective monitoring, the medical device industry is witnessing a revolution in terms of the functioning of the devices. Smart medical devices, such as defibrillators, insulin pumps, cardiac monitoring devices, oxygen tanks, and continuous positive airway pressure (CPAP) machines, are helping in real-time remote patient monitoring, thereby obviating the need for frequent hospital visits.

The network connected medical devices market is segmented by region, product, and connectivity technology. Based on connectivity technology, the categories of the market are ZigBee, Bluetooth Low Energy (BLE), satellite, Wi-Fi, near field communication (NFC), and cellular. During the historical period (2014-2018), the largest revenue share in the market was held by the BLE category. Even in the forecast period, this category is expected to witness the fastest growth at a 23.9% CAGR, which can be credited to the ability of the technology to quickly transfer data over a short range.

Key Topics Covered

Chapter 1. Research Background

Chapter 2. Research Methodology

Chapter 3. Executive Summary

Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Product Patient monitoring devices Cardiac monitoring devices Mobile cardiac telemetry monitors ECG Pacemakers Implantable loop recorders Respiratory monitoring devices Pulse oximeters Spirometers Capnographs Peak flow meters Neuromonitoring devices EEG EMG Multi-parameter monitoring devices Hemodynamic monitoring devices Temperature monitoring devices Weight monitoring devices Glucose monitors Insulin pumps Dialysis machines CPAP machines Infusion pumps Defibrillators Ventilators Smart hospital beds Oxygen tanks Coagulation testing CT scanners X-ray imaging systems Ingestible sensors
4.1.2 By Connectivity Technology BLE Wi-Fi NFC Cellular Satellite ZigBee
4.2 Market Dynamics
4.2.1 Trends Increasing collaborations and partnerships Surge in the number of product launches and approvals
4.2.2 Drivers Increasing penetration of network connected medical devices in healthcare Growing investment in network connected medical devices Growing geriatric population Surge in the prevalence of chronic diseases Technological innovations Advanced applications of smart phone-based mHealth technologies Increasing popularity of network connected medical devices in personalized healthcare Impact analysis of drivers on market forecast
4.2.3 Restraints Data privacy and security issues Insufficient memory, computational, and energy limitations Lack of healthcare infrastructure in emerging markets Impact analysis of restraints on market forecast
4.2.4 Opportunities Increasing adoption of cloud technology in healthcare Growth opportunities in the emerging economies
4.3 Porter's Five Forces Analysis
4.4 Regulatory Scenario for Network Connected Medical Devices
4.4.1 North America
4.4.2 Europe
4.4.3 APAC
4.4.4 LATAM
4.4.5 MEA

Chapter 5. Global Market Size and Forecast
5.1 By Product
5.1.1 Patient Monitoring Devices Market by Type Cardiac monitoring devices market by type Neuromonitoring devices market by type Respiratory monitoring devices market by type
5.2 By Connectivity Technology
5.3 By Region

Chapter 6. North America Market Size & Forecast

Chapter 7. Europe Market Size & Forecast

Chapter 8. APAC Market Size & Forecast

Chapter 9. LATAM Market Size & Forecast

Chapter 10. MEA Market Size & Forecast

Chapter 11. Competitive Landscape
11.1 Key Players and Their Product Offerings
11.2 Strategic Developments of the Key Players
11.2.1 Product Launches
11.2.2 Collaborations and Partnerships

Chapter 12. Company Profiles
12.1 PhysIQ Inc.
12.1.1 Business Overview
12.1.2 Product & Service Offerings
12.2 Koninklijke Philips N.V.
12.3 NuvoAir AB
12.4 General Electric Company
12.5 Myontec Ltd.
12.6 Nonin Medical Inc.
12.7 Draegerwerk AG & Co. KGaA
12.8 OMRON Corporation
12.9 Medtronic PLC
12.10 Proteus Digital Health Inc.
12.11 F. Hoffmann-La Roche Ltd.
12.12 Aerotel Medical Systems Ltd.
12.13 Fresenius Medical Care AG & Co. KGaA
12.14 OxyGo LLC
12.15 Aero Healthcare AU Pty Ltd.
12.16 Hill-Rom Holdings Inc.

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