The “Medical Device Market by Device Type, Function, Durability, Therapeutic Segment, Risk Classification, Manufacture Method, Delivery/Acquisition, Operational Support Model, Connectivity and Region 2019 – 2024” report has been added to ResearchAndMarkets.com’s offering.
This medical device market report evaluates the market for both traditional and connected healthcare devices. Analysis includes medical device market sizing with a wide variety of segmentation including medical device type, solution, location/usage area, medical device function, medical device durability, medical device usage by therapeutic segment, medical device risk classification, manufacture method (traditional or 3D printed), method of medical device delivery or acquisition, medical device operational support model, and medical device connectivity method.
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 devices are increasingly becoming the norm with significant improvements in ICT as a whole, coupled with the 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.
In terms of medical device market adoption, there are a few factors that inhibit usage. One of the foremost is concerns over security/privacy at both the end-user as well as the corporate level. This is especially true with connected medical devices, which may be prone to malware and hacking. In terms of 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.
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 model 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 at 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 the 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.