Rising Adoption of Connected Medical Device Market to Fuel Revenue Growth Through 2021
The global market for connected medical device technologies reached nearly $5.0 billion in 2016 and should reach $8.3 billion by 2021, at a compound annual growth rate (CAGR) of 10.8% from 2016 through 2021.
This report covers the global market for connected medical devices and a regional analysis of North America, Latin America, Europe, Middle East and Africa and Asia-Pacific. Component segments include sensors (temperature, position, pressure, flow, level and other), platforms (connectivity, data application integration, device management) and processors. Other technologies such as chemical, force, image, SQUID, biosensors and spintronics are discussed qualitatively. The market for embedded microprocessors and microcontrollers is also sized and analyzed.
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– An overview of the global market for connected medical device technologies.
– Analyses of global market trends with data from 2015 and 2016, and projections of compound annual growth rates (CAGRs) through 2021.
– Discussion of underlying technologies driven by the connected medical device trend.
– An in-depth analysis of CMD technologies by type: specifically connected medical device sensors, platforms and processors.
– Information on the changing regulatory landscape and competitive dynamics, including critical success factors, such as research and development capability, installed base, branding and ecosystem influence, and partnerships.
– Profiles of major players in the industry.
“The more we can build the connectivity and platform capability into the devices, the more successful we’ll be,” said Nadia Morris, head of Innovation at the AT&T Foundry for Connected Health in Houston, Texas, “However anything that creates frustration with using a device is one more reason to take it off or not use it.”
As an executive at the center of networking, device manufacturers and medical specialists, Morris is uniquely qualified to set the stage for the future of connected medical devices. Such devices must be complete and easy to use. Yet there are many trade-offs. Connected device manufacturers are challenged with adding more functions to existing and new devices while maintaining regulatory standards for safety and security. These additions must also be done while minimizing cost. However, the benefits are many as manufacturers, service providers and healthcare providers seek to leverage connectivity and data analytics to improve the quality of healthcare.
“We are collaborating with leading device manufacturers to develop one of the world’s largest open ecosystems of connected medical devices,” said Paul O’Donovan, Senior Manager, Customer Operations, Qualcomm Life, Inc. “We continue to develop our medical-grade 2net solution which unlocks vital health and therapy data for integration with virtually any system, application or portal to enable scalable remote care and informed interventions.”
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Despite its early stage, connected medical devices already provide a robust market for underlying enabling technologies. Both new and existing devices are becoming connected with either embedded processors or radio technologies, or external connectivity gateways.
As shown in Table 1, manufacturers and component suppliers already participate in a nearly $5 billion industry. The opportunity for connected medical device technologies is expected to grow at a CAGR of 10.8% between 2016 and 2021 to an $8.3 billion market. However, this forecast represents just a small part of the nascent market as connectivity has only begun to penetrate the $483 billion medical device market. BCC Research estimates that in its early phase, connected devices represent approximately 5% of the market and will grow to more than 25% over the next several years.