Description
Traditionally focused on preventative care, diagnostics, and urgent care, the connected medical device market is increasingly crossing over into the general health and well-being category. This is especially the case with wearable devices used in the sports and fitness category, which may, for example, double as an apparatus for early detection, such as irregular heartbeat. This is important because an arrhythmia can be indicative of more serious problems developing.
Connected Medical Device Market Dynamics
Connected medical devices are increasingly becoming the norm with significant improvements in ICT as a whole, coupled with evolution of microelectronics, display capabilities, and a fast growing medical device market. By definition, a connected medical device is one that can communicate information over a distance and/or be controlled remotely as in a telemedicine scenario.
Connections may be local (via WiFi, Bluetooth, or some proprietary local or personal area wireless) with long distance communication via a gateway device (such as a router) or they may connect directly to a Wide Area Network (WAN) via cellular technologies such as LTE or 5G. The connected medical device market includes both wearable technologies as well as non-wearable devices.
Next generation connected medical devices include smart vitamin analysis devices, which provide information about vitamin and mineral levels as well as nutrient recommendations, smart body analysis devices, which provide an assessment of deficiencies or excesses in the body along with recommendations to bring balance, smart stress management devices, which measure electro-dermal (electricity within the skin) to determine stress response, and smart pills solutions in which ingestible tablets or capsules embedded with sensor, camera, tracker, or microchip are swallowed by a person for purposes of obtaining physiological status and activities.
In terms of medical device market adoption, Mind Commerce sees a few factors that inhibit usage of the connected device market. One of the foremost is concerns for healthcare devices in particular is security/privacy at both the end-user as well as corporate level. This is especially true with connected medical devices, which may be prone to malware and hacking.
Regarding security concerns, unwanted access to medical device software and operating systems could potentially render a device non-functioning and/or under the control of an unauthorized user. In terms of privacy issues, client sensitive data is generated continuously within the connected medical device market as equipment communicates device status, measurements, and patient status via wired and/or wireless connections.
Because of these issues, the medical device market will be heavily reliant upon the IoT device management market to ensure proper authentication and authorization for access and data acquisition. In addition, within the medical device market supply chain, there is a need for efficient device tracking in terms of both care of custody for delivery as well as usage for the traditional product and medical device as a service models respectively.
This is true for a variety of reasons, but most notably because some equipment within the medical device market is very expensive and prone to damage if mishandled. In addition, medical devices in acute care situations are needed in the moment, rendering any incidence in which a device is lacking, missing, or damaged a potential cause of great harm to a patient.
Accordingly, there is a growing need within the asset tracking market for solutions to support the medical device market. This is inherently possible as part of the connected medical device market as equipment is by definition capable of communications locally and/or via a WAN to a centralized monitoring center and/or cloud computing systems.
An increasingly interconnected market, coupled with advanced solutions to protect user privacy and device security, are all factors that we see paving the way for over 25% of developed countries to utilize connected device enabled telemedicine as the primary method of healthcare service delivery by 2030.
Connected Medical Device Market Report
This report covers global leading medical device market suppliers and service providers. The report also assesses medical device market drivers, challenges, and impact of technology convergence. The report also evaluates the issues specific to connected devices such as security and privacy. The report provides medical device market sizing with forecasts from 2021 to 2026 as follows:
- Durability: Durable and Non-durable
- Risk Classification: Class I, Class II, and Class III
- Manufacture Method: Traditional and 3D Printed
- Operational Support Model: Online and Field-based
- Connectivity Method: Bluetooth, 3G, LTE, 5G, Wi-Fi, Other Non-cellular
- Device Type: Wearable, Implanted, Portable-Handheld, Stationary, Peripherals, and Other
- Revenue Model: Sales (direct), Revenue Sharing, Rental, Pay-per-Procedure, Support, and Other
- Region of the World: North America, Asia Pacific, Europe, Middle East and Africa, and Latin America
- Solution: Diagnostics, In-Patient Monitoring, Out Patient Monitoring, Surgical Procedures, and Medical Treatment
- Location/ Usage Area: Hospitals and Urgent Care Facility, Home, Physician’s Office, Clinic or Routine Care Facility, and Body Wearable
- Function: Critical Care Equipment (Life Support and Others), Diagnostic Equipment (In-vitro and others), Dental Equipment and Supplies, Irradiation Apparatuses, Medical Laboratory Equipment, Medical Monitoring Equipment, Organ Transplants, Surgical Instruments and Appliances, Treatment and Therapy Equipment, and Other
- Non-durable Types: Diagnostic, Dialysis, Inhalation, Wound Care, Radiology, Infection Control, Infusion, Intubation and Ventilation, Personal Protection, Hypodermic, Sterilization, and Other
- Delivery/Acquisition (Traditional Device): Purchased and Used by Medical Facility by Patients, Purchased and Used by Consumer, and Purchased by Healthcare Supplier and Leased by Consumer
- Delivery/Acquisition (Connected Device): Total Do-it-Yourself (DIY) by End-user, Pre-integrated Communication/Control with Healthcare Company, Configurable Communication/Control with any Third-party, and Medical Device as a Service (e.g. end to end solution including security/privacy protection)
- Therapeutic Segment: Anesthesia, Respiratory, Audiology, Cardiovascular, Dental, Diabetes, Ear Nose and Throat, Gastroenterology, Neurology, Nephrology, Oncology and Hematology, Ophthalmic, Orthopedic, Pediatric, Skincare (Wound Management, Plastic Surgery, etc.), Urology-Gynecology, and Other
- Industry Sub-sector: Critical Care Devices, Diagnostic Equipment, Drug Delivery Systems, Dental Equipment and Supplies, Electro-medical Equipment, Implants, In-Vitro Diagnostics, Irradiation Apparatuses, Life-support Equipment, Medical Laboratory Equipment, Medical Monitors, Organ Transplant, Peripherals and Medical Supplies, Portable-handheld Devices, Surgical and Medical Instruments, Surgical Appliances and Supplies, Therapy Machines, Treatment Equipment, Wearable Monitoring and Diagnostics, and Other
