North America Connected Medical Devices Market By End-User Industry
Hospitals as end users of the 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 driven by the advent of new technologies and the availability of sophisticated devices for better guided clinical care.
Since the outbreak of the Covid pandemic, there has been significant pressure on larger healthcare facilities like hospitals and nursing homes. One can see a shift towards specialty clinics for faster availability of care. Responding to the growing volume of care seekers, such smaller facilities like specialty clinics and ambulatory surgical centres, are also investing in connected medical devices.
Since these devices transmits information at a faster rate, it helps reduce the turnaround time for care delivery. These devices also help track the care delivery process better, making timely interventions possible. Automated and electronic health recording systems also reduce manual work and mitigates the risk of human error.
Competition Scenario In North America Connected Medical Devices Market
The Competition is Highly Competitive. Several multi-billion dollar brands compete in to gain a share of this growing market. Each of these companies comes with a diverse range of products. Competitors in these field also invest heavily in research and development and innovations, resulting in frequent launch of new products and expansion of existing product lines. Partnerships and collaborations happen frequently in this market, resulting in market consolidation across product and geographies.
What is the Expected Future Outlook for the Overall Connected Medical Devices in North America?
The revenues generated by connected medical devices market players in North America are projected to augment to ~ by 2027 from ~ during 2022, registering a robust CAGR of ~ during the same period. The rising consumer awareness towards a healthy lifestyle, prevalence of chronic diseases and cost-containment benefits are the major factors driving this growth.
Connected medical devices help monitor patients recovering at home remotely. Wearable health trackers, connected to a handheld user interface, are useful in keeping track on user’s everyday health. Glucose monitors, blood pressure monitors, infusion pumps not only offers a real-time picture of the patient’s health but also sends alert in real time if any deviance from the standard requirements is noted.
Apart from its use in remote monitoring and tracking vital health parameters, these devices help in large-scale care facilities as well, such as hospitals and nursing homes. Innovation and adoption of latest technology paradigms, such as AI and Robotics make the existing service infrastructure more efficient, both in terms of time and cost containment.
Smaller care facilities, such as specialty clinics, ambulatory surgical centres, and path labs are also shifting towards adopting connected medical devices as these equipment help them to make data-guided clinical decisions faster. With the increasing penetration of connectivity across North America spending in connectivity technology infrastructure, required for these devices will increase. There will also be increasing need for services.
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
For more information on the research report, refer to below link:-
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.