Currently, the world is witnessing a surge in the incidence of chronic illnesses like diabetes, stroke, cancer, heart diseases, and respiratory ailments, mainly on account of lifestyle changes and lack of access to preventive care, especially in emerging economies. According to the Global Cancer Observatory (GLOBOCAN), the world recorded 19.3 million new cancer cases and 10 million cancer deaths in 2020. Further, the World Health Organization (WHO) estimates that nearly 17.9 million lives are lost due to cardiovascular diseases (CVDs) each year.
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Owing to the substantial rise in cases of chronic diseases will boost the usage of network connected medical devices, as these devices are used to monitor and manage the occurrence of such diseases. Moreover, improvement in healthcare infrastructure has also increased the penetration of such devices, worldwide. Due to such reasons, the network connected medical devices market will progress at a CAGR of 23.5% during 2019–2024. According to P&S Intelligence, the market was valued at $19.5 billion in 2018 and it is expected to reach $66.6 billion by 2024.

Globally, healthcare facilities are primarily focusing on the adoption of patient monitoring devices to monitor temperature, weight, blood flow, heart vitals, nervous system, and respiratory organs. Other network connected medical devices like X-ray imaging systems, insulin pumps, continuous positive airway pressure (CPAP) machines, glucose monitors, ingestible sensors, dialysis machines, computed tomography (CT) scanners, infusion pumps, oxygen tanks, ventilators, blood processing devices, defibrillators, smart beds, coagulation testing devices are also being incorporated in large numbers in clinics and hospitals to offer better treatment to patients.

Moreover, increasing participation of government associations and market players in the form of funding and promotion will boost the penetration of network connected medical devices in the coming years. For example, Caretaker Medical LLC, in May 2018, announced the completion of an investment of $3.4 million to accelerate the commercialization activities of wireless continuous non-invasive blood pressure (CNIBP) and vital signs monitors, which are approved by the Food and Drug Administration (FDA). Additionally, the surging number of collaborations and partnerships among key market players will also fuel the adoption of such devices, globally.

The growing prevalence of chronic diseases and amplifying support from governments have encouraged market players like Proteus Digital Health Inc., General Electric Company, OxyGo LLC, Medtronic plc, NuvoAir AB, OMRON Corporation, and PhysIQ Inc. to launch new products for healthcare system, globally. For instance, OxyGo LLC introduced OxyGo FIT Connect, in February 2019, to improve patient outcomes using Bluetooth-low energy (BLE) technology. This platform comprises a mobile application and a dashboard, which provide real-time monitoring to aid health checkups, troubleshooting, geo-locating of patient’s point of contact (POC), and preventive maintenance.

Geographically, the North American network connected medical devices market will witness the highest growth rate in the foreseeable future. This will be due to the continuous technological developments and high adoption of technologically improved medical products in the region. Moreover, the growth of the medical devices industry, on account of increasing research activities, will accelerate the sales of network connected medical devices in the coming years. Besides, huge funding from private and government entities will also boost the usage of such devices in North America.

Thus, the surging cases of cancer, CVDs, diabetes, and respiratory diseases will accelerate the procurement of network connected medical devices in the coming years.

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