The global connected medical devices market is expected to grow at a compound annual growth rate of 9.24% from 2017 to 2021, according to a new report from market research firm Research and Markets.
According to the analysis, the rising prevalence of chronic diseases is a major driver of market growth. The increasing global prevalence of chronic diseases such as hypertension, diabetes, cardiovascular disease, and their related risk factors such as obesity, sleep apnea, chronic respiratory diseases such as asthma, and chronic pain conditions are estimated to increase the demand for efficient disease management.
Another trend in the market is the increasing number of regulatory approvals for connected medical devices. In July 2016, Medtronic received the CE markl for its Guardian Connect smartphone-enabled continuous glucose monitoring (CGM) system for people using insulin injection therapy for diabetes. In June 2016, Withings—acquired by Nokia—received FDA 510(k) clearance for its Withings Thermo (now known as Thermo), a WiFi-enabled thermometer.
The report goes on to state that one market challenge is the high cost of connected medical devices, for example, imaging equipment such as MRI, CT, and X-ray systems equipped with connectivity features. The cost of installing a simple PACS for a small practice can cost around $4,000–$6,000, while a complex system for a large healthcare facility can cost more than $90,000.
Hospitals adopting connected medical imaging equipment also need to bear several other additional costs, such as maintenance and infrastructural costs.