How is Rising Prevalence of Chronic Diseases Driving Network Connected Medical Devices Market?
The global network connected medical devices market is predicted to reach a value of $66.6 billion by 2024, increasing from $19.5 billion in 2018, progressing at a 23.5% CAGR during the forecast period (2019–2024), as per a study by P&S Intelligence. The market is witnessing growth due to the rising adoption of advanced smart phone-based mHealth technologies, surging prevalence of chronic conditions, growing penetration of network connected medical devices in the healthcare sector, and increasing investments by private and government organizations.
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On the basis of product, the market is divided into ingestible sensors, CT scanners, coagulation testing, smart beds, defibrillators, continuous positive airway pressure machines, insulin pumps, patient monitoring devices, glucose monitors, dialysis, infusion pumps, ventilators, oxygen tanks, blood processing devices, and X-ray imaging systems. Out of all these, the patient monitoring devices division dominated the market, holding a share of 19.4% in 2018, owing to the increasing adoption of cloud technology in healthcare and high price of these devices.
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Geographically, North America is predicted to register the highest CAGR of 23.6% during the forecast period in the network connected medical devices market. The high adoption rate of technologically advanced medical devices and technological advancements are driving the regional domain. In addition to this, the increasing research activities in the region are creating wide scope for the expansion of the healthcare industry. This can also be attributed to increasing funds that are being received, which is further predicted to drive the market.
Furthermore, the rising participation of companies in the network connected medical devices market and government associations, in the form of funds and promotions, is also projected to result in the growth of the market. For example, Caretaker Medical LLC announced regarding the completion of $3.4 million investment, in May 2018, for accelerating the global commercialization activities for the Food and Drug Administration approved continuous non-invasive blood pressure and vital signs monitor.
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