Connected Medical Devices Market Highlights:
Connected medical devices use wired or wireless connectivity resources to collect and monitor patient data. it can reduce human error and provide uninterrupted and accurate data more frequently. The Increasing occurrence of chronic diseases and risk factors associated with it, need of cost-effective and reliable patient monitoring systems, increasing awareness, and increasing adoption of IT in healthcare to drive the growth of the market. Moreover, Advancement in technology, spending on research and development and fast approval from regulatory authorities to the connected medical devices are contributing to the growth of the market. For instance, in the year 2018 more than 30 new medical devices and technologies were approved by US FDA.
Despite the drivers, higher cost of the devices and lack of awareness among people may slow down the growth of the market over the forecast period. Moreover, security concerns and privacy of patient’s data is also prohibiting the adoption of connected health solutions. Additionally, the unwillingness of consumers towards the acceptance of connected medical devices is hampering the growth of the global connected medical devices market.
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Global Connected Medical Devices Market- Competitive Landscape
Many device manufacturers in this market are collaborating with other ecosystem players such as network providers, healthcare providers, and pharmaceutical among other to provide better healthcare support and management systems.
In April 2018, Smiths Group plc has released new infusion system with NRFIT connector which prevents the risk of mistaken connection of wrong devices and harm being caused to the patient when medication is delivered via the wrong route. In addition, the company aims to release more than 20 new products by the end of 2018.
In March 2018, DexCom Inc. announced FDA clearance for continuous glucose monitor (CGM) which integrates insulin pumps and other diabetes devices. This approval makes the path simpler for the company to market for future continuous glucose monitors.
In March 2018, Philips Healthcare entered into strategic partnership with Samsung Electronics Co. Ltd. to expand the company’s connected health ecosystem. This collaboration will enable the Samsung ARTIK ecosystem of connected medical devices to safely access and share information with Philip’s cloud platform.
In November 2017, DexCom Inc. entered into a development agreement with Eli Lilly and Company which is focused on including DexCom CGM into Eli Lilly’s Connected Diabetes Ecosystem. This collaboration aims to improve the future of diabetes management using connected medical devices.
In January 2017, Johnson & Johnson announced the collaboration with Rest Devices, a Boston-based company for developing smart, personalized sleep coaching system for babies. This system consists of Mimo, wearable baby monitor and a companion app called Nod which helps parents in monitoring their babies with the smartphone. This collaboration will help the company to enrich its connecting medical devices portfolio.
In January 2016, A&D Medical, a company engaged in connected health and biometric measurement devices and services launched a new line of personal mobile health devices as part of LifeSource UltraConnect, the WellnessConnected family with the introduction of LifeSource UltraConnect Wrist blood pressure monitors and wireless upper arm. With this launch, the company expanded its product portfolio in the connected medical devices market.
America accounts for the largest share in the global connected medical devices market followed by Europe. Well-developed healthcare sector, government support for the research and development, and presence of large geriatric population has driven the growth of the market in America and Europe region. The Asia Pacific is the fastest growing region for the market owing to the huge opportunities present for the development of the market with a huge population. However, The Middle East & Africa has the least share of the market due to the presence of poor infrastructure, less development, and lack of technological advancements in the healthcare sector.
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