Network Connected Medical Devices Market Latest Trends, Analysis & Insights



    Network Connected Medical Devices Market Research Report: By Product, Connectivity Technology, Regional Insight– Global Industry Size, Share Analysis and Growth Forecast to 2024

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    The burden of chronic diseases is rising at a swift rate; around 8.8 million deaths occurred in 2015 due to chronic diseases, as per the World Health Organization (WHO).

    Similarly, the geriatric population and healthcare expenditure are on a rise as well, due to which the requirement for advanced medical technologies, services, and products that are cost-effective is increasing. One such advancement is network-connected medical devices, which can be connected to the cloud and computer and mobile applications.

    The technology of connected medical devices, or the internet of medical things (IoMT), produces trillions of data through the connection of medical devices with the internet via several access networks. Devices such as temperature monitoring systems, oxygen tanks, dialysis machines, capnographs, coagulation testing devices, and weight monitoring equipment are connected via Bluetooth or Wi-Fi for real-time health monitoring. This is immensely useful for physicians, as through this technology they are able to monitor patients without any hospital visits.

    In order to encourage and promote the adoption of these devices, various government organizations and companies in the healthcare industry are providing funding in the network-connected medical devices domain. Take for instance, the Federal Communications Commission and the United States Food and Drug Administration, which announced in July 2010 that they will be joining forces for the promotion of broadband and wireless-enabled devices. Furthermore, organizations are also investing heavily on the development of advanced and innovative network-connected medical devices. Initiatives like these in the domain have led to the increased implementation of these devices in the healthcare sector.

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    The healthcare facilities in developing countries are not as advanced as in the developed countries, such as Germany and the U.S. Since adequate infrastructure, high-quality internet connectivity, and network availability are required for network-connected medical devices, the technology is not prevalent in countries such as Mexico, India, and Brazil at the present time.

    However, it is expected that in the coming years, the healthcare infrastructure in emerging economies will improve; in fact, the process has already started, which will open up a wide scope for organizations operating in this domain. Both the public and private sectors in these countries are increasingly investing for the betterment of healthcare facilities. Moreover, now that the disposable income of people in developing countries is increasing, they will be able to afford advanced treatments. These factors are expected to drive the demand for network-connected medical devices in the near future.