Connected Health Device Market: Trends, Opportunities and Competitive Analysis

Connected Health Device Market Trends and Forecast
The future of the global connected health device market looks promising with opportunities in the home monitoring and hospital/clinic segments. The global connected health device market is expected to reach an estimated $60.2 billion by 2027 and grow at a CAGR of 19.8% from 2022 to 2027. The major drivers for growth of the connected health device market are increasing adoption of IT in healthcare, increasing healthcare cost, and need of easy and reliable patient monitoring system for chronic diseases along with the growing awareness of health and fitness.

Emerging Trends in Connected Health Device Market
Emerging trends, which have a direct impact on the dynamics of the industry, include the adoption of cloud technology for interconnected healthcare devices and adoption of telemedicine.
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Connected Health Device Market by Segment
In this market, hospitals/clinics are the largest end use segment, whereas the wellness device segment is expected to show above average growth over the forecast period. Growth in various segments of the connected health device market are given below:

The study includes trends and forecast for the global connected health device market by product type, end use, and region as follows:
Connected Health Device Market by Product Type [Value ($ Million) from 2016 to 2027]:  

• Personal Medical Devices
  • Insulin Pumps
  • BP Monitors 
  • Portable GPS PERS 
  • Glucose Monitors 
  • Personal Plus Oximeters 
  • Others
• Wellness Devices
  • Digital Pedometers
  • Body Analyzers
  • GPS Sports Watches 
  • Heart Rate Monitors
  • Others

Connected Health Device Market by End Use [Value ($ Million) from 2016 to 2027]:

• Hospitals/Clinics                                         
• Home Monitoring                                                                                                            

Connected Health Device Market by Region [Value ($ Million) from 2016 to 2027]:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • United Kingdom
• Asia Pacific (APAC)
  • China
  • India
  • Japan
• The Rest of the World (ROW)
  • Brazil

List of Connected Health Device Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies connected health device companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the connected health device companies profiled in this report include-

• Apple Inc.
• Medtronics
• Fitbit
• Omron
• Philips Healthcare Company

Connected Health Device Market Insights

• Lucintel forecasts that the wellness device segment is expected to show above average growth during the forecast period.
• By end use, the global connected health device market is segmented into hospitals/clinics and home monitoring. The hospital/clinic segment is expected to remain the largest end use market over the forecast period from 2018 to 2023.
• APAC is expected to be the largest market and witness the highest growth rate during the forecast period due to rapidly growing aging population, increasing chronic diseases, rising disposable income, and high adoption of smart phones.

Features of the Connected Health Device Market

• Market Size Estimates: Connected health device market size estimation in terms of value ($B).
• Trend and Forecast Analysis: Market trends (2016-2021) and forecast (2022-2027) by various segments and regions.
• Segmentation Analysis: Connected health device market size by various segments, such as product type and end use.
• Regional Analysis: Connected health device market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis on growth opportunities in different product types, end uses, and regions for connected health device market.
• Strategic Analysis: This includes M&A and competitive landscape for the connected health device market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

FAQ
Q1. What is the connected health device market size?
Answer: The global connected health device market is expected to reach an estimated $36.1 billion by 2023.
Q2. What is the growth forecast for connected health device market?
Answer: The connected health device market is expected to grow at a CAGR of ~21% from 2018 to 2023.
Q3. What are the major drivers influencing the growth of the connected health device market?
Answer: The major drivers for this market are increasing adoption of IT in healthcare, increasing healthcare cost, and need of easy and reliable patient monitoring system for chronic diseases along with the growing awareness of health and fitness.
Q4. What are the major applications or end use industries for connected health devices?
Answer: Hospitals/clinics and home monitoring are the major end uses for connected health devices.
Q5. What are the emerging trends in connected health device market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, include the adoption of cloud technology for interconnected healthcare devices and adoption of telemedicine.
Q6. Who are the key connected health device companies?
Answer: Some of the key medical device companies are as follows:

• Apple Inc.
• Medtronics
• Fitbit
• Omron
• Philips Healthcare Company

Q7. Which will be the largest product type segment of the connected health device market in the forecast period?
Answer: Lucintel forecasts that the wellness device segment is expected to show above average growth during the forecast period.
Q8. In connected health device market, which region is expected to be the largest in the forecast period?
Answer: APAC is expected to be the largest market and witness the highest growth rate during the forecast period.
Q9. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions
Q.1. What are some of the most promising, high growth opportunities for the global connected health device market by product type, (personal medical devices [insulin pumps, BP monitors, portable GPS PERS, glucose monitors, personal plus oximeters, and others] and wellness devices [digital pedometers, body analyzers, GPS sports watches, heart rate monitors, and others]), end use (home monitoring and hospitals/clinics), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which product segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in the connected health device market?
Q.5. What are the business risks and competitive threats in the connected health device market?
Q.6. What are the emerging trends in the connected health device market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the connected health device market?
Q.8. What are the new developments in the connected health device market and which companies are leading these developments?
Q.9. Who are the major players in the connected health device market? What strategic initiatives are being taken by key companies for business growth?
Q.10. What are some of the competing products in the connected health device market and how big of a threat do they pose for loss of market share by product substitution?
Q.11. What M&A activity did occur in the last five years in the connected health device market?