Network Connected Medical Devices Market Is Driven by Technological Innovations

The global network-connected medical devices market is witnessing growth, and this can be credited to the growing usage of network-connected medicinal devices in healthcare, acceptance of cutting-edge smart phone-based Health techs, increasing occurrence of chronic conditions, and rising expenditure by government and private establishments, throughout the world.

Worldwide, the occurrence of chronic illnesses, like cancer, heart disease, respiratory illness, stroke, and diabetes, is surging because of the changes in lifestyle and the absence of access to preventive care, primarily in emerging countries. As per WHO, in recent years, 8.8 million demises globally were caused because of chronic diseases.

Thus, the utilization of network-connected medical devices to continuously track and handle the incidence of chronic diseases will finally lead to industry development throughout the world.

Besides, growing associations and corporations are the developing trend in the network-connected medicinal devices industry. Companies in the industry are vigorously collaborating and partnering with other establishments to offer a variety of lucrative and less time-taking facilities to hospitals and individuals.

Network Connected Medical Devices Market

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On the basis of connectivity tech, the network-connected medical devices industry is divided into Wi-Fi, Bluetooth-low energy, cellular, near-field communication, ZigBee, and satellite. Between these, BLE technology is projected to be the fastest-rising category during the projection period, developing at a CAGR of 23.9%, primarily on account of low power usage and its augmented adaptability by hospitals and healthcare specialists.

For example, in April 2015, Nonin Medical Inc. forged a partnership with Ideal Life Inc. As part of this agreement, Ideal Life Inc. incorporated Nonin Model 3230 Bluetooth Smart wireless finger pulse oximeter into its telehealth platform. Consequently, as companies pursue strategic advancements, they aim to seize significant market share, thus broadening their reach across regions.

Furthermore, the growing contribution of industry companies and government associations, in the form of funding and promotion, plays a major role in the development of the network-connected medical devices industry.

In recent times, Caretaker Medical LLC finalized a USD 3.4 million investment aimed at expediting the worldwide commercialization efforts for its FDA-approved wireless continuous non-invasive blood pressure (CNIBP) and vital signs monitor. As a result of growing financial support from both companies and governments, there is anticipation for significant market growth in the upcoming years.

In the past few years, key companies in the network-connected medical devices industry have taken numerous strategic measures, like collaborations, product launches, acquisitions, and product sanctions, to endure and advance their position in the market.

In March, General Electric Networkers announced a synergy with UltrasoundPodcast.com, a platform focused on the provision of POCUS (point-of-care ultrasound) education through a weekly podcast and website.

SOURCE: P&S Intelligence