SELBYVILLE, Del., Oct. 28, 2024 (Globe Newswire) —
The market size of connected healthcare devices is expected to grow to USD 240 billion by 2032. Rising medical costs and integration with the healthcare ecosystem will drive industry advancement from 2024 to 2032. As healthcare costs continue to rise, there is a growing need for solutions that leverage remote monitoring and early intervention to improve efficiency and reduce costs.
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Connected medical devices can play a key role in this regard by enabling better patient management and reducing the need for face-to-face consultations. Additionally, integrating these devices with existing healthcare systems improves data management and care coordination, making them essential for optimizing healthcare delivery and controlling costs.
For example, in October 2023, ZS launched ZAIDYN™ Connected Health, an AI-powered solution within the ZAIDYN platform. This helps pharmaceutical companies, healthcare providers, and payers understand unmet needs, engage effectively with patients, and improve health outcomes in a rapidly evolving ecosystem. ZAIDYN™ Connected Health accelerates the adoption of connected healthcare devices and solutions by providing actionable insights and facilitating better communication within the healthcare ecosystem, driving greater innovation and efficiency in patient care management. It is thought that it will be promoted.
Near field communication (NFC) gains traction
Near field communication (NFC) segment is expected to secure a significant connected healthcare devices market share during 2024-2032 due to its seamless and secure data transfer capabilities. NFC technology enables quick and efficient communication between devices, facilitating tasks such as medication tracking, patient identification, and secure sharing of health records. NFC's ease of use, combined with the growing adoption of smartphones and wearable devices, makes it an ideal solution for enhancing patient care and streamlining medical processes, giving it a competitive edge in the market.
Consumer (patient) monitoring to hold as a key application segment
The consumer (patient) monitoring segment is expected to drive the connected healthcare devices market by 2032 due to rising demand for real-time health monitoring and personalized care. As the prevalence of chronic diseases increases and the emphasis on preventive care increases, patients are adopting connected devices that can continuously track vital signs such as heart rate, blood pressure, and blood sugar levels. The convenience and accessibility of these devices empowers patients to actively manage their health.
Europe achieves significant revenue share
Europe will witness impressive CAGR growth in the connected healthcare devices market from 2024 to 2032 due to advanced medical infrastructure, high adoption rate of innovative medical technologies, and supportive government initiatives to promote digital health It is expected that The region focuses on patient-centered care and the proliferation of telemedicine and remote monitoring solutions. Furthermore, Europe's aging population and increasing prevalence of chronic diseases are creating demand for connected healthcare devices, making the region a major contributor to market expansion.
Connected Healthcare Devices Market Players
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 The companies, NXP Semiconductors NV and Siemens Healthineers, operate in the connected healthcare device industry.
Companies are increasing their market share by investing in innovative technologies and expanding their product portfolios. They focus on developing advanced wearable devices, remote monitoring systems, and mobile health applications that provide real-time data tracking and personalized care solutions. Strategic partnerships and collaborations with healthcare providers and technology companies are also helping these companies expand their reach and improve service delivery. Additionally, we leverage data analytics and AI to provide predictive healthcare solutions, further strengthening our market position.
In October 2023, Dozee launched Dozee Pro Ex, an ambulatory connected patient monitoring system. The system features wireless wearable sensors to continuously track vital signs such as ECG, blood pressure, heart rate, oxygen levels, breathing, and body temperature.
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Key players in the 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, Stanley Healthcare, etc.
Part of the report's Table of Contents (ToC):
Chapter 1 Methodology and Scope
1.1 Market scope and definition
1.2 Basic estimation and calculations
1.3 Calculating predictions
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Official sources
Chapter 2 Summary
2.1 Industry 3600 Overview, 2018-2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Profitability analysis
3.3 Technology and Innovation Outlook
3.4 Patent analysis
3.5 Major news and initiatives
3.6 Regulatory status
3.7 Impact force
3.7.1 Drivers of growth
3.7.1.1 Continuing advances in technology
3.7.1.2 Expansion of wearable technology
3.7.1.3 Increased investment in healthcare technology
3.7.1.4 Remote Patient Management Program
3.7.1.5 Extending the Mobile Health (mHealth) App
3.7.2 Industry pitfalls and challenges
3.7.2.1 Data security concerns
3.7.2.2 Reliability and accuracy
3.8 Analysis of growth potential
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 competition
3.10 PESTEL analysis
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