Introduction: Navigating the Competitive Landscape of Connected Medical Devices
The connected medical devices market is characterized by a strong competitive momentum. The market is characterized by rapid technological developments, changes in regulatory frameworks, and a growing demand for personal health care. Competition between the various players is therefore high. Various players, such as manufacturers, IT service companies, and IoT suppliers, compete with each other in terms of advanced capabilities, such as artificial intelligence, automation, and IoT integration. These technologically driven differentiators not only improve the performance of the devices, but also change the market share of the players. Interoperability and data security are increasingly becoming the priority for companies. Competition is also increasing in North America and Asia-Pacific. Strategic deployment trends are aimed at improving patient engagement and streamlining care delivery. These competitive dynamics are crucial for C-level managers and strategic planners who want to exploit the potential of connected medical devices.
Competitive Positioning
Full-Suite Integrators
Those companies supply total solutions, which include various medical devices and data management systems.
| Vendor | Competitive Edge | Solution Focus | Regional Focus |
|---|
| Cerner Corporation |
Robust EHR integration capabilities |
Electronic Health Records (EHR) |
North America, Europe |
| GE Healthcare |
Wide range of medical imaging solutions |
Medical imaging and monitoring |
Global |
| Koninklijke Philips N.V. |
Strong focus on patient-centric solutions |
Health technology and connected devices |
Global |
| Medtronic plc |
Leadership in chronic disease management |
Chronic disease management devices |
Global |
Specialized Technology Vendors
These companies are specialized in enhancing certain aspects of the connected medical devices.
| Vendor | Competitive Edge | Solution Focus | Regional Focus |
|---|
| Masimo Corporation |
Innovative non-invasive monitoring solutions |
Patient monitoring technologies |
Global |
| iHealth Labs |
Consumer-friendly health monitoring devices |
Personal health monitoring |
North America, Asia |
| Digi International Inc. |
Strong IoT connectivity solutions |
IoT connectivity for medical devices |
North America, Europe |
Infrastructure & Equipment Providers
The supplying vendors provide the necessary equipment and services to support the medical devices.
| Vendor | Competitive Edge | Solution Focus | Regional Focus |
|---|
| Cisco Systems, Inc. |
Leading networking solutions for healthcare |
Network infrastructure for healthcare |
Global |
| Hill-Rom Technologies Inc. |
Innovative patient care solutions |
Patient care equipment |
North America, Europe |
| Lantronix Inc. |
Secure remote access solutions |
Remote access and management |
North America, Europe |
| Capsule Technologies, Inc. |
Comprehensive device connectivity solutions |
Device connectivity and data integration |
North America, Europe |
| True Process |
Focus on process improvement in healthcare |
Healthcare process optimization |
North America |
Consulting and IT Services
These suppliers provide the IT and consulting services to support the implementation and management of connected medical devices.
| Vendor | Competitive Edge | Solution Focus | Regional Focus |
|---|
| Infosys Limited |
Expertise in digital transformation |
IT services and consulting |
Global |
Emerging Players & Regional Champions
- BioTelemetry (United States): A specialist in remote patient monitoring and mobile health, it has just teamed up with several major health care organisations to provide telehealth services. In so doing, it complements the established suppliers by offering more flexible and patient-centred solutions.
- Qardio, Inc. (USA): A company that offers a range of connected health devices for monitoring the heart, the company recently launched a new product line aimed at home health care. Its products are aimed at consumers and it is taking on the established medical device industry with its emphasis on easy-to-use interfaces and direct-to-consumer sales.
- Withings (France): Known for its smart health products, weighing scales and blood pressure monitors, Withings has recently added sleep-tracking devices to its range, thus completing the range of established competitors by integrating the data into a comprehensive app environment.
- DarioHealth (Israel): Provides a digital health platform for chronic disease management. Recently signed agreements with health insurance companies to offer their solution to patients. Challenging established players by focusing on individualised health management.
- Tactio Health Group (Canada): Provides a connected health platform that integrates different medical devices and applications. The company has recently installed its solution in a number of Canadian hospitals, where it complements the products of well-known manufacturers by facilitating interoperability and data exchange.
Regional Trends: In 2024, a notable increase in the use of connected medical devices will be observed in North America and Europe, in response to the growing demand for telehealth and remote patient monitoring. The Asia-Pacific region is also emerging as a significant market, especially for mobile health applications and wearable devices. However, the specialization of medical devices is changing in favor of interoperability and data integration, as health care professionals seek a comprehensive solution that connects devices and platforms.
Collaborations & M&A Movements
- Medtronic and IBM Watson Health entered into a partnership to develop and apply artificial intelligence to diabetes management. The aim of the collaboration is to enhance patient outcomes and strengthen the companies’ position in the chronic disease management market.
- In early 2024, Philips bought BioTelemetry, Inc. to strengthen its remote patient monitoring, to increase its share of the telehealth market and to meet the growing demand for telemedicine.
- Amazon Web Services and Siemens Healthineers are collaborating to develop cloud-based solutions for medical imaging, enhancing the efficiency of hospitals and making both companies leaders in the digital health transformation.
Competitive Summary Table
| Capability | Leading Players | Remarks |
|---|
| Biometric Self-Boarding |
Philips, Medtronic |
Biometric identification is integrated into Philips’ connected devices, thereby enhancing patient identification and security. Biometric data is used in Medtronic’s devices for patient-centered treatment plans, enabling them to be widely used in the management of chronic diseases. |
| AI-Powered Ops Mgmt |
IBM Watson Health, GE Healthcare |
IBM Watson Health uses AI to optimize device performance and to predict maintenance, which reduces downtime. Case studies in hospitals have proven the effectiveness of GE Healthcare’s AI-based device management system. |
| Data Interoperability |
Cerner, Epic Systems |
In Cerner's connected devices, the EHR is easily integrated and can be shared in real time. Epic has developed a strong device-to-device platform that improves care across platforms. |
| Remote Patient Monitoring |
Apple, Fitbit |
HealthKit is a complete remote-monitoring system, which allows users to monitor their vital signs and share them with their doctors. Among the devices for chronic disease management, the Fitbit has shown high acceptance and strong engagement. |
| Sustainability |
Siemens Healthineers, Philips |
This is why we at Siemens Healthineers are concentrating on eco-friendly device manufacturing processes to reduce our impact on the environment. We have also developed a new concept for the entire life cycle of our products, from energy-efficient devices to a comprehensive recycling program. |
| Patient Experience |
Samsung Health, Withings |
The patient experience is enhanced by a friendly and intuitive UI and a comprehensive health monitoring system. Withings devices offer a wealth of information, and the quality of the information is such that the user is motivated to take action, thereby increasing his satisfaction. |
Conclusion: Navigating the Connected Medical Devices Landscape
The Connected Medical Devices Market is characterized by intense competition and significant fragmentation. Both established and new players are vying for market share. Regional trends point to a growing focus on personalized medical devices, which have forced vendors to rethink their strategies. As a result, established companies are relying on their established reputations and wide distribution networks, while newcomers are concentrating on developing new, disruptive technology and focusing on niche markets. The ability to integrate advanced capabilities such as artificial intelligence, automation, and flexibility will be crucial to establishing leadership. These capabilities will help vendors meet the changing needs of consumers and remain competitive in the fast-moving market.
| Report Attribute/Metric |
Details |
| Base Year For Estimation |
2021 Forecast Period 2023-2032 Historical Data 2020 Forecast Units Value (USD Million) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors and Trends Segments Covered Product, device, application and end user Geographies Covered North America, Europe, Asia-Pacific and Rest of the World (RoW) Key Vendors GE Healthcare, Inc., Medtronic Plc, OMRON Corporation, Philips Healthcare, McKesson Corporation, Fitbit, Inc., Johnson & Johnson, Boston Scientific Corporation, St. Jude Medical, Inc. (Abbott), AgaMatrix, Inc., Dexcom, F. Hoffmann-La Roche, Polar Electro, iHealth Labs (subsidiary of Andon Health) and Aerotel Medical Systems Ltd Key Market Opportunities· Increasing occurrence of chronic diseases· Cost-effective and reliable patient monitoring systems· Increasing adoption of IT\r\nResearch and development \r\n Key Market Drivers· Increasing occurrence of chronic diseases· Cost-effective and reliable patient monitoring systems· Increasing adoption of IT |
| Historical Data |
2020 Forecast Units Value (USD Million) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors and Trends Segments Covered Product, device, application and end user Geographies Covered North America, Europe, Asia-Pacific and Rest of the World (RoW) Key Vendors GE Healthcare, Inc., Medtronic Plc, OMRON Corporation, Philips Healthcare, McKesson Corporation, Fitbit, Inc., Johnson & Johnson, Boston Scientific Corporation, St. Jude Medical, Inc. (Abbott), AgaMatrix, Inc., Dexcom, F. Hoffmann-La Roche, Polar Electro, iHealth Labs (subsidiary of Andon Health) and Aerotel Medical Systems Ltd Key Market Opportunities· Increasing occurrence of chronic diseases· Cost-effective and reliable patient monitoring systems· Increasing adoption of IT\r\nResearch and development \r\n Key Market Drivers· Increasing occurrence of chronic diseases· Cost-effective and reliable patient monitoring systems· Increasing adoption of IT |
| Forecast Period |
2023-2032 Historical Data 2020 Forecast Units Value (USD Million) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors and Trends Segments Covered Product, device, application and end user Geographies Covered North America, Europe, Asia-Pacific and Rest of the World (RoW) Key Vendors GE Healthcare, Inc., Medtronic Plc, OMRON Corporation, Philips Healthcare, McKesson Corporation, Fitbit, Inc., Johnson & Johnson, Boston Scientific Corporation, St. Jude Medical, Inc. (Abbott), AgaMatrix, Inc., Dexcom, F. Hoffmann-La Roche, Polar Electro, iHealth Labs (subsidiary of Andon Health) and Aerotel Medical Systems Ltd Key Market Opportunities· Increasing occurrence of chronic diseases· Cost-effective and reliable patient monitoring systems· Increasing adoption of IT\r\nResearch and development \r\n Key Market Drivers· Increasing occurrence of chronic diseases· Cost-effective and reliable patient monitoring systems· Increasing adoption of IT |
| Growth Rate |
5.8% Base Year 2021 Forecast Period 2023-2032 Historical Data 2020 Forecast Units Value (USD Million Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors and Trends Segments Covered Product, device, application and end user Geographies Covered North America, Europe, Asia-Pacific and Rest of the World (RoW) Key Vendors GE Healthcare, Inc., Medtronic Plc, OMRON Corporation, Philips Healthcare, McKesson Corporation, Fitbit, Inc., Johnson & Johnson, Boston Scientific Corporation, St. Jude Medical, Inc. (Abbott), AgaMatrix, Inc., Dexcom, F. Hoffmann-La Roche, Polar Electro, iHealth Labs (subsidiary of Andon Health) and Aerotel Medical Systems Ltd Key Market Opportunities· Increasing occurrence of chronic diseases· Cost-effective and reliable patient monitoring systems· Increasing adoption of IT\r\nResearch and development \r\n Key Market Drivers· Increasing occurrence of chronic diseases· Cost-effective and reliable patient monitoring systems· Increasing adoption of IT |
