Selbyville, Delaware, Oct. 28, 2024 (GLOBE NEWSWIRE) --
Connected Healthcare Devices Market size will grow to USD 240 billion by 2032. Rising healthcare costs and integration with healthcare ecosystems will propel industry progression over 2024–2032. As healthcare costs rise, there is an increasing need for solutions that improve efficiency and lower expenses by utilizing remote monitoring and early intervention.
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Connected healthcare devices play a crucial role in this by enabling better patient management and reducing the need for in-person visits. Furthermore, integrating these devices with existing healthcare systems improves data management and care coordination, making them essential for optimizing healthcare delivery and controlling costs.
For instance, in October 2023, ZS launched ZAIDYN™ Connected Health, an AI-powered solution within the ZAIDYN platform. It helps pharmaceutical companies, healthcare providers, and payers understand unmet needs, engage patients effectively, and improve health outcomes in a rapidly evolving ecosystem. By providing actionable insights and fostering better communication within the healthcare ecosystem, ZAIDYN™ Connected Health is likely to drive increased adoption of connected healthcare devices and solutions, further advancing innovation and efficiency in patient care management.
Near-field Communication (NFC) to gain favor
The near-field communication (NFC) segment will secure considerable connected healthcare devices market share between 2024 and 2032, attributed to its seamless and secure data transfer capabilities. NFC technology enables quick and efficient communication between devices, facilitating tasks like medication tracking, patient identification, and secure sharing of health records. Its ease of use, combined with the growing adoption of smartphones and wearable devices, makes NFC an ideal solution for enhancing patient care and streamlining healthcare processes, driving its dominance in the market.
Consumer (patient) monitoring to retain as a significant application segment
The consumer (patient) monitoring segment will experience connected healthcare devices market expansion by 2032, owing to the rising demand for real-time health monitoring and personalized care. With the increasing prevalence of chronic diseases and the growing emphasis on preventive healthcare, patients are adopting connected devices that allow continuous tracking of vital signs, such as heart rate, blood pressure, and glucose levels. The convenience and accessibility of these devices empower patients to manage their health proactively.
Europe to achieve a substantial revenue share
Europe will expand at a remarkable connected healthcare devices market CAGR from 2024 to 2032, driven by its advanced healthcare infrastructure, high adoption rates of innovative medical technologies, and supportive government initiatives promoting digital health. The region's strong focus on patient-centric care and the widespread use of telemedicine and remote monitoring solutions. Additionally, Europe's aging population and increasing prevalence of chronic diseases create a demand for connected healthcare devices, making the region a key contributor to market expansion.
Connected Healthcare Devices Market Players
Companies including Abbott Laboratories, Biotronik SE & Co. KG, Dexcom, Inc., Garmin Ltd., Honeywell International Inc., Medtronic Inc., Omron Corporation, Stanley Healthcare, AliveCor, Boston Scientific Corporation, Fitbit, GE Healthcare, Koninklijke Philips NV, NXP Semiconductors NV, and Siemens Healthineers, are operating in the connected healthcare devices industry.
Companies are expanding their share by investing in innovative technologies and expanding their product portfolios. They are focusing on developing advanced wearable devices, remote monitoring systems, and mobile health applications that offer real-time data tracking and personalized care solutions. Strategic partnerships and collaborations with healthcare providers and technology firms are also helping these companies enhance their reach and improve service delivery. Besides, they are leveraging data analytics and AI to offer predictive healthcare solutions, further strengthening their position in the market.
In October 2023, Dozee launched the 'Dozee Pro Ex,' an ambulatory connected patient monitoring system. This system features wireless wearable sensors for continuous tracking of vital signs, including ECG, blood pressure, heart rate, oxygen levels, respiration, and temperature.
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Major players in connected healthcare devices market include Abbott Laboratories, AliveCor, Biotronik SE & Co. KG, Boston Scientific Corporation, Dexcom, Inc., Fitbit, Garmin Ltd, GE Healthcare, Honeywell International Inc., Koninklijke Philips NV, Medtronic Inc., NXP Semiconductors NV, Omron Corporation, Siemens Healthineers, and Stanley Healthcare among others.
Partial Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2018 - 2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Profit margin analysis
3.3 Technology & innovation landscape
3.4 Patent analysis
3.5 Key news & initiatives
3.6 Regulatory landscape
3.7 Impact forces
3.7.1 Growth drivers
3.7.1.1 Continuous advancements in technology
3.7.1.2 Expansion of wearable technology
3.7.1.3 Increasing investment in healthcare technology
3.7.1.4 Remote patient management programs
3.7.1.5 Expansion of mobile health (mHealth) apps
3.7.2 Industry pitfalls & challenges
3.7.2.1 Data Security concerns
3.7.2.2 Reliability and accuracy
3.8 Growth potential analysis
3.9 Porter’s analysis
3.9.1 Supplier power
3.9.2 Buyer power
3.9.3 Threat of new entrants
3.9.4 Threat of substitutes
3.9.5 Industry rivalry
3.10 PESTEL analysis
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