August 08, 2017
Wellesley, Mass., Aug 8, 2017 – Growing from nearly $5 billion in 2016 to $8.3 billion in 2021 at a 10.8% CAGR, connected medical devices represents a rich market segment, says a new BCC Research report. This nascent market currently totals about 5% of the medical device market, but will grow to capture more than 25% of that $484 billion market over the next few years.
Platforms represent the nascent aspect of the market. Far fewer platforms are required than processors or sensors as the platforms represent aggregation points for data gathered from network endpoints, according to Connected Medical Device Technologies: Global Markets for Sensors, Platforms and Processors. However, as on-premise and cloud solutions multiply for collecting and analyzing device data, the importance and value of platforms also increases.
The Internet of Things (IoT) certainly benefits healthcare, especially the connected medical devices market where new opportunities will abound for existing medical device manufacturers and connectivity specialists. Sensor, platform and processor suppliers are partnering with device manufacturers and service providers to address burgeoning demand for clinical devices. Also, changing regulatory regimes by the FDA and other agencies are creating new opportunities and requirements for device manufacturers.
“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," says Michael Sullivan, BCC Research senior editor and author of the report. “These combined factors will drive a $4 billion market toward $5.5 billion in 2021, with a 6.2% CAGR.”
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Connected Medical Device Technologies: Global Markets for Sensors, Platforms and Processors( IFT136A )
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