Double-Digit Growth Ahead for Connected Medical Devices Market

Expect stronger connections with connected medical devices this decade.

A steady increase in adoption of compatible devices, a rise in internet penetration, and expansion in IoT (internet of things) technology across various medical applications is expected to drive the market’s growth through 2028. Verified Market Research data forecast the sector to swell 22.26 percent annually to reach $136.76 billion in value by 2028, a nearly five-fold increase from its 2020 value ($27.39 billion). 
 
The demand for connected medical devices worldwide is rising due to the rising need for self-assessment, telehealth, teleconsultation, and telemedicine, amongst others. Additionally, the global digital healthcare market is expanding, with a 16.13 percent annual growth rate expected through 2028; this growth is feeding demand for connected medical devices. The availability of web-connected devices and feasible networks are enabling consumers and healthcare providers to adopt connected medical devices for assessments. Such devices can make assessments easy and help healthcare professionals to deliver the right consultation and medication even for patients in remote areas. Increasing penetration of internet amongst the consumers and healthcare professionals is also aiding the connected medical device market’s growth.
 
According to the Cellular Telecommunications Industry Association, 99 percent of the U.S. population has access to three or more 4G/LTE networks. Smartphone technology is developing in such a way that it is influencing the consumer’s daily marketing strategies, business activities as well as lifestyle. The acceptance of smart technology is a key factor in determining success in digital healthcare and the adoption of connected medical devices. Certain factors such as the rising occurrence of chronic diseases and risk factors associated with it, the need for cost-effective and reliable patient monitoring systems, increasing awareness, and increasing adoption of IT in healthcare are expected to foster the growth of the global connected medical devices market.
 
Key Developments

• In July 2021, Qualcomm expanded the wearables segment with new platform investments and the Qualcomm Wearables Ecosystem Accelerator Program. 
• Also in July 2021, Abbott introduced Jot DX insertable cardiac monitor in the United States. It is designed to reduce data burden and improve accurate diagnosis of difficult-to-detect abnormal heart rhythms.
• In August 2020, Abbott’s freestyle libre 2 IOS app was cleared by the U.S. Food and Drug Administration, providing a seamless digital experience to simplify diabetes management.