Globally, healthcare expenses are on the rise and the major reason for this is the challenges involved in efficient healthcare delivery. In hospitals & clinics, there is a large vacancy rate for specialists and physicians which leads to long waiting time for critical care which causes advanced diseased stage. Therefore, the prevalent chronic conditions require long hospitalization times which leads to high cost of treatment. Furthermore, the industry’s economics have long been driven by paying for care delivered; ignoring the most important part of the care process and it is the outcome.
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For this Connected medical device solutions came into play. These medical devices consolidate information from many different spheres of a person’s world to give a more complete picture of their health that includes biological, genetic, medical, lifestyle and sentiment/mood data. These solutions puts the patient at the centre of the healthcare system gathering, linking and interpreting information from many different sources to enable informed, patient-centred care decisions.
The global connected medical devices market is growing at a very dynamic pace. Rising prevalence of the chronic conditions has spurred the growth of the market. According to a recent study report published by the Market Research Future, The global connected medical devices market is booming and expected to gain prominence over the forecast period growing rapidly. The market is forecasted to demonstrate a spectacular growth by 2027, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2027).
The market is expected to grow with the same trends during the forecast period. The major drivers supporting the growth of the market will be increasing use of smartphones and wearable devices into healthcare. According to HIMSS Mobile Technology Survey, in 2015, more than 200 healthcare provider employees found that nearly 90% of respondents are utilizing mobile devices within their organizations to engage patients in their healthcare. Moreover, the lifestyles of people have changed immensely in the recent years due to the increase in income, technology consumption, and many other reasons. The rapid economic development, change in eating habits, the ambience of the workplace, increase in adoption of indoor games, and increasing westernization of lifestyle are resulting in the emergence of diseases such as diabetes, obesity, hypertension, sleep apnea, high/low blood pressure and many other chronic diseases led the growth of connected medical device market.
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Global Connected Medical Devices Market – Competitive Analysis
Agamatrix, Inc. (US), Airstrip Technology (US), AliveCor Inc. (Australia), Allscripts (US), Athenahealth Inc. (US), Boston Scientific Corporation (US), Cerner (US), Koninklijke Philips N.V. (Netherlands), GE healthcare (UK), Qualcomm (US), Medtronics (Ireland) and others are some of the prominent players at the forefront of competition in the Global Connected Medical Devices Market and are profiled in MRFR Analysis.
In the report for the global connected medical device partnerships, agreements and collaboration acquisitions are about 45% to 50% compared to other landscapes. It has been observed that the key strategies of companies to grow in the connected medical device market is to partner or collaborate with other ecosystem players, or jointly work on the development of a new product and events. The companies have adopted this strategy to combine their assets and achieve a common set of goals.
Companies like Philips and Qualcomm signed a strategic collaboration to advance personalized connected health care. The companies are team up to leverage their leading capabilities. This collaboration will enable both companies to offer care providers enhanced, scalable, connected care solutions and services within a secure global ecosystem.
Moreover, in August 2016, Athenahealth acquires patient IO to accelerate patient-centered care. By taking a patient-centered approach to development and embracing the potential of mobile together. They will combine their offering to deliver actionable insights that help their customer organizations transition to a value-based care environment, improving outcomes and quality at every turn.
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Furthermore, in October 2016, AliveCor launched the world’s smallest single lead ECG the product name is Kardia. Kardia Band works with Apple Watch to provide a single lead medical grade ECG of the user’s heart rhythm to identify possible Atrial Fibrillation (AFib). AliveCor will ultimately help towards earlier detection and treatment of potentially fatal heart rhythm disorders. This is the way of trying to fast track innovation into front line clinical practice. Therefore, the growing key development in the area of connected medical devices has upsurged the growth of the market.
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