Global Connected Medical Device Technologies markets 2015-2021
The connected medical devices market is estimated to grow from US$5 billion in 2016 to US$8.3 billion in 2021, with a CAGR of 10.68% during that time period.
The growth in the market is promising and currently accounts for ~5% of the medical device market, and is anticipated to capture more than 25% market over the next few years. Platforms are the budding part of the connected medical devices market. Few platforms are needed when compared to processors or sensors, the platforms represent aggregation points for data gathered from network endpoints.
However, as the number of on-premise and cloud solutions for collecting and analyzing device data increase so does the importance and value of platforms. The Internet of Things (IoT) is beneficial for the Connected Medical Devices market where new opportunities are abundant for current medical device manufacturers and connectivity specialists. Suppliers of sensors, platforms and processors are partnering with device manufacturers and service providers to address escalating demand for clinical devices. Also, regulatory reforms by the FDA and other agencies are creating new opportunities for device manufacturers.
Despite its early stage, Connected Medical Devices market provides a sturdy base for other enabling technologies- connecting new and existing devices with either embedded processors or radio technologies, or external connectivity gateways. Connected Medical Devices should benefit the Embedded Processors market segment, where multiple microprocessors and microcontrollers are used by system integrators and OEM manufacturers. The sensor segment is expanding rapidly (24.9% CAGR) as new applications are deployed across device segments. In addition to the diversity of applications and participants in the Embedded Processors marketplace, chipset manufacturers provide multiple processor configurations, each adaptable to multiple designs for connected medical devices.