Dublin, July 03, 2024 (GLOBE NEWSWIRE) -- The "Connected Health Device Market: Trends, Opportunities and Competitive Analysis [2024-2030]" report has been added to ResearchAndMarkets.com's offering.
The global connected health device market is expected to reach an estimated $31.6 billion by 2030, and it is forecast to grow at a CAGR of 8.0% from 2024 to 2030.
The future of the global connected health device market looks promising with opportunities in the home monitoring and hospital/clinic segments. The major drivers for growth of the connected health device market are increasing adoption of IT in healthcare, increasing healthcare cost, and need of easy and reliable patient monitoring system for chronic diseases along with the growing awareness of health and fitness.
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies connected health device companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base.
Recent Developments in Connected Health Device Market
- Integration of Artificial Intelligence in Health Monitoring Devices: Companies like Apple, Fitbit, and Samsung are integrating artificial intelligence (AI) capabilities into their health monitoring devices to provide more personalized and accurate insights to users. AI algorithms analyze data collected by wearables to track health metrics, detect anomalies, and provide actionable recommendations for better health management.
- Expansion of Remote Patient Monitoring (RPM) Solutions: The COVID-19 pandemic has accelerated the adoption of remote patient monitoring solutions, leading to the expansion of the connected health device market. RPM solutions enable healthcare providers to remotely monitor patients' vital signs, symptoms, and medication adherence, thereby improving patient outcomes and reducing healthcare costs. Companies like BioTelemetry, Inc. and Philips Healthcare are investing in RPM technologies to meet the growing demand.
- Emergence of Smart Health Devices for Home Use: There is a growing trend towards the development of smart health devices for home use, empowering individuals to monitor their health outside of traditional healthcare settings. Devices such as smart scales, blood pressure monitors, and glucose meters are equipped with connectivity features that enable users to track their health data conveniently through mobile apps or cloud platforms.
- Focus on Data Security and Privacy: With the increasing adoption of connected health devices, there is growing concern about data security and privacy. Regulatory bodies and industry stakeholders are working together to establish standards and guidelines to ensure the secure handling of sensitive health data. Companies are investing in robust cybersecurity measures and implementing encryption techniques to protect user information from unauthorized access and data breaches.
- Collaboration Between Tech Giants and Healthcare Providers: Tech giants like Google, Amazon, and Microsoft are partnering with healthcare providers to leverage their expertise in cloud computing, data analytics, and AI to develop innovative connected health solutions. These collaborations aim to improve healthcare delivery, enhance patient engagement, and drive better clinical outcomes through the integration of technology into healthcare workflows.
APAC is expected to be the largest market in Connected Health Device Market
- United States: Companies like Apple and Fitbit are introducing advanced connected health devices, focusing on remote patient monitoring and wellness tracking. The FDA's Digital Health Innovation Action Plan promotes the development of such devices.
- China: Chinese tech giants like Huawei and Xiaomi are investing in connected health devices, targeting both domestic and international markets. Government initiatives like "Healthy China 2030" emphasize the importance of digital healthcare solutions.
- United Kingdom: Companies such as Withings and Philips are launching innovative connected health devices, supported by the NHS's efforts to integrate digital health technologies into patient care. The UK government's Long Term Plan for the NHS includes funding for digital health initiatives.
- Japan: Japanese firms like Omron and Sony are developing connected health devices with a focus on aging population needs. Government initiatives promote the use of technology in healthcare delivery, supporting the growth of the market.
- Germany: German companies like Siemens Healthineers and Braun are expanding their portfolios of connected health devices, aligning with the country's focus on digital healthcare transformation. Government funding for digital health projects accelerates market development.
Key Findings
- Wellness device segment is expected to show above average growth during the forecast period.
- Hospital/clinic segment is expected to remain the largest end use market over the forecast period from 2018 to 2023.
- APAC is expected to be the largest market and witness the highest growth rate during the forecast period due to rapidly growing aging population, increasing chronic diseases, rising disposable income, and high adoption of smart phones.
Features of the Connected Health Device Market
- Market Size Estimates: Connected health device market size estimation in terms of value ($B).
- Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and regions.
- Segmentation Analysis: Connected health device market size by various segments, such as product type and end use.
- Regional Analysis: Connected health device market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
- Growth Opportunities: Analysis on growth opportunities in different product types, end uses, and regions for connected health device market.
- Strategic Analysis: This includes M&A and competitive landscape for the connected health device market.
- Analysis of competitive intensity of the industry based on Porter's Five Forces model.
Key Topics Covered:
1. Executive Summary
2. Market Background and Classifications
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2018 to 2030
3.1: Macroeconomic Trends (2018-2023) and Forecast (2024-2030)
3.2: Global Connected Health Device Market Trends (2018-2023) and Forecast (2024-2030)
3.3: Global Connected Health Device Market by Product Type
3.3.1: Personal Medical Devices
3.3.1.1: BP Monitors
3.3.1.2: Insulin Pumps
3.3.1.3: Personal Emergency Response Systems (PERS)
3.3.1.4: Glucose Monitors
3.3.1.5: Personal Pulse Oximeters
3.3.1.6: Other Personal Medical Devices
3.3.2: Wellness Devices
3.3.2.1: Digital Pedometers
3.3.2.2: Body Analyzers
3.3.2.3: GPS Sports Watches
3.3.2.4: Heart Rate Monitors
3.3.2.5: Other Wellness Devices
3.4: Global Connected Health Device Market by End Use
3.4.1: Hospitals/Clinics
3.4.2: Home Monitoring
4. Market Trends and Forecast Analysis by Region
4.1: Global Connected Health Device Market by Region
4.2: North America Connected Health Device Market
4.2.1: Market by Type: Personal Medical and Wellness Device
4.2.2: Market by Product: Personal Medical Device
4.2.3: Market by Product: Wellness Device
4.2.4: United States Connected Health Device Market
4.2.5: Mexican Connected Health Device Market
4.2.6: Canadian Connected Health Device Market
4.3: European Connected Health Device Market
4.4: APAC Connected Health Device Market
4.5: ROW Connected Health Device Market
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Operational Integration
5.3: Geographical Reach
5.4: Porter's Five Forces Analysis
6. Cost Structure Analysis
6.1: Cost of Goods Sold
6.2: SG&A
6.3: EBITDA Margin
7. Growth Opportunities and Strategic Analysis
7.1: Growth Opportunity Analysis
7.1.1: Growth Opportunities for the Global Connected Health Device Market by Type
7.1.2: Growth Opportunities for Personal Medical Device in the Global Connected Health Device Market by Product
7.1.3: Growth Opportunities for Wellness Device in the Global Connected Health Device Market by Product
7.1.4: Growth Opportunities for the Global Connected Health Device Market by Region
7.2: Emerging Trends in the Global Connected Health Device Market
7.2.1: New Product Development
7.2.2: Mergers, Acquisitions, and Joint Ventures in the Global Connected Health Device Market
7.2.3: Technology Development
8. Company Profiles of Leading Players
8.1: Apple Inc.
8.2: OMRON
8.3: Phillips Healthcare Company
8.4: Mckesson Corporation
8.5: GE Healthcare
8.6: Drager Medical System
8.7: Medtronic's Public Limited Company
8.8: Fitbit
8.9: Aerotel Medical Systems
8.10: Boston Scientific Corporation
8.11: iHealth
For more information about this report visit https://www.researchandmarkets.com/r/oxnnun
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