Big Growth (10.8% CAGR) Ahead in Connected Medical

Wellesley, Mass., Aug. 08, 2017 (GLOBE NEWSWIRE) --

Growing from nearly $5 billion in 2016 to $8.3 billion in 2021 at a 10.68% 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.

Research Highlights

• Despite its early stage, connected medical devices already provide a robust market for underlying 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 processor market segment, where multiple microprocessors and microcontrollers are used by system integrators, and original equipment and device 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," 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.”

About BCC Research

BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.

Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.