According to a new market report published by Lucintel, 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 $36.1 billion by 2023 and is forecast to grow at a CAGR of 21.1% from 2018 to 2023. The major drivers for growth of connected health device market are increasing adoption of IT in healthcare, increasing healthcare costs, need of easy and reliable patient monitoring systems for chronic diseases, and the growing awareness for health and fitness.
In this market, the main segments by product type are personal medical devices and wellness devices. The personal medical device includes BP monitors, insulin pump, personal emergency response system, and glucose monitor. The wellness device includes digital pedometers, body analyzers, GPS sports watches, heart rate monitors, and others. On the basis of comprehensive research, 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 hospital/clinic and home monitoring. The hospitals/clinic segment is expected to remain the largest segment 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 a rapidly growing aging population with chronic diseases, rising disposable income, and increased adoption of smart phones.
Emerging trends, which have a direct impact on the dynamics of the industry, include adoption of cloud technology for interconnected healthcare devices, and the adoption of telemedicine. Some of the major suppliers of the connected health device market are Apple Inc., Medtronics, Fitbit, Omron, and Philips Healthcare Company.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global connected health device market by product type, end use, and region, and compiled a comprehensive research report entitled “Global Connected Health Device Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global connected health device market by type, product type, end use and region as follows:
By Product Type [Value ($ Million) from 2012 to 2023]:
o Connected Health Personal Medical Devices
• Insulin Pumps
• BP Monitors
• Portable GPS PERS
• Glucose Monitors
• Personal Plus Oximeters
o Connected Health Wellness Devices
• Digital Pedometers
• Body Analyzers
• GPS Sports Watches
• Heart Rate Monitors
By End Use [Value ($ Million) from 2012 to 2023]:
o Home Monitoring
By Region [Value ($ Million) from 2012 to 2023]:
• North America
− United Kingdom
• Asia Pacific (APAC)
• The Rest of the World (ROW)
This 208 page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or firstname.lastname@example.org. Lucintel offerings include medical market analysis, medical market research, commercial due diligence report, business strategy consulting and market research reports online.
This report addresses the following key questions:
Q. 1. What are some of the most promising, high growth opportunities for the global connected health market by product type, (BP monitors, insulin pumps, personal emergency response systems, glucose monitors, 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 this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market and which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are being taken by key companies for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by product substitution?
Q. 11. What M&A activity has occurred in the last 5 years?