◆英語タイトル：Connected Medical Device Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The connected medical devices market was valued at USD 28.24 billion in 2020, and it is expected to reach USD 94.32 billion by 2026, at a CAGR of 18.92% over the forecast period from 2021 to 2026. The healthcare industry has witnessed a significant transformation throughout the last few years, aided by the transformative nature of IoT technologies and advances in computer power, wireless technologies, and data analytics techniques, such as Big Data, which currently is deployed in medical facilities and the medical research sector for the analysis of a large amount of complex heterogeneous medical data involving genomics, proteomics, and pharmacogenomics, worldwide.
- In the past, medical devices and software were generally deployed to control medical equipment and display reading. However, the growing potential of current software and their offerings dominates the need for the advanced sensory and connected medical hardware equipment. Hence, there is a rise in the number of connected medical devices and advancements in software that are capable of capturing and transmitting medical data, along with data analytics services, that help medical practitioners drive insights into, and promote the delivery of, predictive, preventive, personalized, and participatory medicines.
- According to a report published by Telegraph, Apple Watch, equipped with a heart rate sensor fed with a history of medical data, was able to save a man’s life by always alerting when the heart rate dropped below 40 bpm and recommending to visit the nearest ER hospital. Additionally, Phillips introduced the Philips IntelliVue Guardian wearable patch, which can be used to monitor patients at homes and in hospitals. Similarly, the deployment of these devices has enabled Mt. Sinai Medical Center, a hospital in New York, to cut down the waiting time of patients in the emergency ward, by up to 50%
- This factor further broadens the scope for remote monitoring devices offered in the connected medical devices market. It is estimated that remote monitoring for healthcare could be worth USD 1.1 trillion by 2025. As part of their strategies related to customer engagement, the attempts to deploy these devices by healthcare vendors have gained traction. It was estimated that pharmacy and medical technology companies, on an average, spend around 5-12% of their revenues on R&D (including clinical trials), to bring efficient and safe products to the market. It is known that using connected devices in clinical settings can reduce the total cost of the trials, thereby reducing the overall product cost
- However, COVID-19 has positively impacted the market growth. This is due to the drastic increase in the number of patients, pressure on doctors to provide advanced healthcare services, and governments developing apps based on connectivity technologies. The pandemic has brought out new ways in which patients can interact with the doctors. There is a rising trend of telemedicine services as governments across the world have advised citizens to avoid any movement outside their homes. As the entire concentration of hospitals is on treating COVID-19 patients, people are discovering new ways to monitor their health themselves and only approach doctors in case of emergencies. Thus, the sales of smart wearables, especially smartwatches, have increased in the last few months.
Key Market Trends
Wearable Device is Expected to Hold Major Share
- Wearable technologies in the healthcare industry offer convenient means to monitor physiological features. A multitude of medical solutions are not restricted to consumers but provide current data for doctors to analyze patients at remote locations. Wearable medical technologies have a vast range of applications in the healthcare segment, from Apple Watch’s glucose monitoring systems to its EKG capabilities. Apart from being convenient, wearable devices were proven to be cost-effective, as the data generated by these devices may help doctors make decisions remotely, thus reducing the patients’ repeated visits to hospitals for regular checkups.
- The healthcare wearable devices comprise more than fitness bands. Smartwatches, smart glasses, smart footwear, smart apparels, posture monitors, movement sensors, wrist devices, heart straps, headbands, wearable patches, pain management devices, and medicine delivery pods are some of the devices that make up the vast and growing healthcare wearables market. The adoption of wearable devices in the healthcare segment has been gaining traction over recent years. This, in turn, is one of the significant factors influencing the connected medical devices market.
- The number of shipments from the modular segment was slightly more than 2.5 million, which was almost sixteen times the number of shipments from the wrist wearable segment, thus indicating the immense opportunities that the sector offers. Moreover, the devices related to cardiac-related diseases are expected to be worth USD 800 billion by 2030, which shows a significant opportunity in the cardiac segment, for various healthcare wearables.
- With the growing health awareness among people, it is evident that the use of apps that support fitness and health is increasing. Studies show that more than 30% of mobile owners use fitness apps, and their usage has risen by 60% since 2014. Currently, over 97,000 health and fitness apps are available for download. With this growth in global smart wearable device unit shipments, healthcare and fitness applications dominate the growth of the market studied.
North America Holds Highest Market Share
- The United States connected medical devices market is defined by the presence of established medical device manufactures, an advanced healthcare ecosystem, and significant healthcare expenditure. According to Synopsys, US hospitals have an average of 10–15 connected medical devices per bed. The sale of blood pressure monitoring equipment in the region is expected to cross USD 1.92 billion in 2018, which would be a 370% increase from that in 2013. This makes blood pressure monitoring the most lucrative segment in the US connected medical devices market, which is the major contributor in the region.
- The region has witnessed a considerable rise in the use of connected medical devices. The size of the US medical devices industry is expected to cross USD 175 billion by 2020, which clearly indicates the immense potential offered by the region for connected medical devices. The country’s healthcare industry has shown keen focus on the protection of patient health information through the HIPAA Act of 1996 and the subsequent HITECH Act of 2009, while also favoring the IoT aligned to federal standards for the manufacturing, deployment, and support of the connected devices for patient care.
- According to Synopsys, a computer integrated systems design company, US hospitals have an average of 10-15 connected medical devices per bed. A critical factor for companies looking to bring connected devices to the market is the wireless device certification process. In North America, this is separate from the FDA testing, and is required for all wireless devices. Medical devices, like other computer systems, can be vulnerable to security breaches, potentially impacting the safety and effectiveness of the device.The FDA allows devices to be marketed when there is a reasonable assurance that the benefits to patients outweigh the risks.
The connected medical devices market primarily comprises multiple domestic and international players in quite a fragmented and highly competitive environment. Technological advancements in the market are also bringing sustainable competitive advantage to the companies, and the market is also witnessing multiple partnerships and mergers.
- March 2020 – Royal Philips announced the HealthSuite System of Engagement which is an integrated, modular set of standards-based capabilities that support the development of digital health propositions, including new capabilities for cloud-based managed AI workflow and DICOM interoperability. HealthSuite System of Engagement is helping a wide range of both Philips and 3rd party connected healthcare applications, including a smart cloud-based application that connects homecare providers, physicians, and payers with patients quickly and efficiently to critical data across connected devices and locations.
- February 2020 – GE Healthcare introduced a cybersecurity service that combines medical device expertise, artificial intelligence, and process management tools to help the connected medical devices in the hospital groups to fight against cybersecurity threats. A SOC team provides monitoring and warning detection and remediation for connected medical devices under a GE Healthcare service contract.
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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness Porter’s Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increase in the Adoption of Data Analytics in the Healthcare Sector
5.1.2 Reduction of the Total Cost of Sensing Devices
5.2 Market Challenges
5.2.1 Legacy Infrastructure Challenging the Digital Growth
6 CONNECTIVITY TECHNOLOGIES – A SNAPSHOT
6.2 Bluetooth Low Energy (BLE)
6.3 Near-field Communication (NFC)
7 MARKET SEGMENTATION
7.1 By Application
7.1.1 Consumer (Patient) Monitoring
7.1.2 Wearable Device
7.1.3 Internally Embedded Device
7.1.4 Stationary Device
7.2.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa
8 COMPETITIVE LANDSCAPE
8.1 Company Profiles*
8.1.1 Medtronic Inc.
8.1.2 Koninklijke Philips NV
8.1.3 Boston Scientific Corporation
8.1.4 Abbott Laboratories
8.1.5 Garmin Ltd.
8.1.6 Qualcomm Incorporation
8.1.7 Honeywell International Inc.
8.1.8 Stanley Black & Decker, Inc. (Stanley Healthcare)
8.1.9 NXP Semiconductors NV
9 INVESTMENT ANALYSIS
10 FUTURE OF THE MARKET