What Is the Size of North America Connected Medical Devices Industry?
North America Connected Medical Devices market is growing at a CAGR of ~% in 2017-2021P and is expected to reach ~USD Bn by 2027F. The major drivers for the increase in the use of Connected Medical Devices in North America is rising consumer awareness about the benefits of recovery in home care setting and remote monitoring of recovery. The rise in chronic diseases is also driving people towards the adoption of health trackers connected with handheld user interface, equipped with real-time alert systems. The cost-efficiency that these devices bring through their precision and accuracy is also attracting relatively smaller care providers, such as specialty clinics and pathological labs to invest in these devices.
Hospitals and Nursing Homes are fast becoming overburdened, capacity- wise, owing to the rise in chronic diseases. The pressure on these healthcare facilities has become even more evident in the aftermath of the outbreak of the Covid-19 pandemic.
As more and more people become conscious about their health, they are taking help of devices to keep their vital health parameters, such as glucose levels, BP levels and heart rates, under control. Taking care of the aging population or patients recovering at home has also become easier due to these devices. The use of data to better guide clinical decisions, the use of AI and similar advanced technology also help the connected medical devices market to grow and deliver care at a lower cost, with improved precision and accuracy.
North America Connected Medical Devices market by Component
The connectivity technology segment in North America Connected Medical Devices market is growing at a CAGR of ~% in 2017-2021 and is expected to reach ~USD Bn by 2027F. The growth is majorly attributed to the growing need for transmission speed for faster delivery of care.
Following the connectivity technology component, the services component will also grow as there will be increasing need for the maintenance of these high-performance devices. The advent of new technologies will also lead to upgrades in the devices that will be carried out by the servicing teams in frequent intervals.
Growth in medical devices and related system and software will be driven by new innovations. Artificial intelligence, robotics, and similar technologies are increasingly getting incorporated into the production of these devices. Following the advent of new devices, systems and software will witness upgrades and improvements.
North America Connected Medical Devices market by applications
The North America remote monitoring market for connected medical devices is growing at a fastest CAGR of ~% in 2017-2021 and is expected to reach ~USD Bn by 2027F. The increase in the need for remote monitoring are driven by many factors, including the convenience of getting recovered in the comfort of home settings and related cost benefits.
Rising awareness towards a healthy lifestyle is also driving growth in fitness and wellness services application areas. More and more consumers are purchasing wearable health trackers, connected to a handheld user interface. These devices are helping them to better gauge their vitals and real-time alert systems installed in these devices are helping in timely delivery of critical care. Consultation and diagnosis services and treatment services are traditional application areas of high-performance medical devices. Connectivity technologies are helping these devices become more accurate and precise. The way these devices leverage data also help taking better clinical decisions in a shorter time.
North America Connected Medical Devices Market By Products
The Diagnostic Imaging products segment in North America connected medical devices market is growing at a CAGR of ~% in 2017-2021 and is expected to reach ~USD Bn by 2027F. The growth is majorly attributed by the emergence of a variety of innovative devices in the areas of MRI, CT scan, X-Ray technologies, etc.
The increasing use of connected medical devices in joint and knee replacement surgeries and reconstructive surgeries is also helping the market to grow in the orthopedics and prosthetics product segment. Patient aids such as pulse oximeters, infusion pumps, blood pressure monitors are also growing as a product segment as a result of increasing remote monitoring needs. The use of connectivity technology in areas such as dental endoscopy, vision magnification, etc. is also helping dental products as a segment to grow.
Key Segments Covered in North America Connected Medical Devices Market:-
North America Connected Medical Devices Market By Components
System and Software
North America Connected Medical Devices Market By Application
Consultation and Diagnosis Services
North America Connected Medical Devices Market By Product/ Solution
Orthopedic and Prosthetic
Other Medical Equipment
North America Connected Medical Devices Market By Type of End User Industry
Ambulatory Surgical Centers
Home Care Settings and Monitoring
North America Connected Medical Devices Market By Geography and Major Countries
Key Target Audience:-
Connected Medical Devices Manufacturers
Connected Medical Device Product Assemblers
Connected Medical Device Developers
Connected Medical Device Raw Materials Suppliers
Connected Medical Device Components Suppliers
Value-Added Resellers (VARs)
Potential Investors in Connected Medical Device Companies
Distributors and Retailers of Connected Medical Devices
Time Period Captured in the Report:-
Historical Period: 2017-2021
Forecast Period: 2022-2027F
Key Competitors in North America Connected Medical Devices Market
Boston Scientific Corporation
Beckton, Dickinson and Company (BD)
Emerging Connected Medical Devices Companies in North America
Puzzle Medical Devices
Key Topics Covered in the Report:-
Snapshot of North America Connected Medical Devices Industry
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of North America Connected Medical Devices Market
Historic Growth of Overall North America Connected Medical Devices Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter’s 5 Forces Analysis of North America Connected Medical Devices Industry
Overview, Product Offerings and SWOT Analysis of All the Key Competitors
Covid 19 Impact on the Overall North America Connected Medical Devices Market
Future Market Forecast and Growth Rates of the Total North America Connected Medical Devices Market and by Segments
Market Size of End User Industries with Historical CAGR and Future Forecasts
Analysis of North America Connected Medical Devices Market in Major North American Countries
Major Production / Consumption Hubs in the Major Countries
Major Production/Supply and Consumption/Demand Hubs in Each Major Country
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging North America Connected Medical Devices Companies within Each Major Country
Ankur Gupta, Head Marketing & Communications
Frequently Asked Questions:-
What is the Study Period of this Market Report?
The North America Connected Medical Devices Market is covered from 2017 – 2027 in this report, which includes a forecast for the period 2022-2027.
What is the Future Growth Rate of North America Connected Medical Devices Market?
The North America Connected Medical Devices Market is expected to witness a CAGR of about 8% over the next 5 years.
What are the Key Factors Driving the North America Connected Medical Devices Market?
Shift Towards Homecare Settings and Rising Prevalence of Chronic Diseases are expected to be the primary drivers of this market.
Which is the Fastest Growing Application Segment within the North America Connected Medical Devices Market?
Remote Monitoring is the fastest growing application segment within the North America Connected Medical Devices Market.
Who are the Key Players in North America Connected Medical Devices Market?
Abbott Laboratories, Boston Scientific Corporation, Medtronic, Philips Corporation, Stryker, NXP Semiconductors, Honeywell, Baxter, GE Healthcare, Becton, Dickinson and Company (BD), Masimo Corporation and Drager are the major companies operating in North America Wearable Electronics Market.