GCC Connected Medical Devices and Wearables market is projected to grow at a CAGR of around 20.19% during the forecast period, 2022-27, says MarkNtel Advisors in their recent research report. With the increasing disposable income & growing trend for remote patient monitoring, a substantial rise has been witnessed in the market growth of connected medical devices & wearables. In addition, the growing traction towards health consciousness among the individuals, changing lifestyles, trends, as well as the rising inclination toward home care services are some of the key factors contributing to the growth of connected medical devices in the GCC countries.
In addition, the sales of connected medical devices such as insulin pumps for diabetes monitoring, pulse oximeter, ECG monitor, sleep monitor, smartwatches, etc., soared as hospitals & clinics started their remote patient monitoring as well as telehealth services to reduce the risk of infection, during the pandemic. Further, the increasing number of healthcare startups such as SaayaHealth, Meddy, Cura, and HeyDoc, among others would impact the positive growth of medical devices & wearables in the Gulf region.
Additionally, rising government support & initiatives toward digitalization in healthcare are fueling the growth of connected medical devices in GCC. For instance, Saudi Arabia Vision 2030 aims to develop the healthcare sector through privatization. Furthermore, the introduction of smart monitors & Artificial assisted medical devices for remote monitoring & telemedicine would create a demand for wearables & connected medical devices.
Diagnostic Devices to Hold a Significant Market Share in the Forecast Years
Based on the device type, the market divides into Diagnostic Devices & Therapeutic Devices. Among them, the Diagnostic Devices hold a prominent market share in the GCC Connected Medical Devices and Wearables Market, owing to the rising diabetic population, increasing health consciousness, and the hybrid operating model of hospitals in the GCC countries. Moreover, the growing adoption of remote patient monitoring and personalized healthcare solutions is propelling the growth of diagnostic devices, as continuous data tracking could be done & shared over the cloud easily. Therefore, the demand for connected medical devices is expected to grow over the next few years.
Fitness Monitoring & Remote Patient Monitoring to Dominate the Market Growth
Based on the application type, the market bifurcates into Fitness Monitoring, Remote Patient Monitoring, Diabetes/Obesity Care, Cardiac Health, and Others. Of them, Fitness Monitoring & Remote Patient Monitoring dominated the GCC Connected Medical Devices and Wearables market during 2017-2021 & would also be dominant in the forecasted years. The rising adoption of fitness monitoring devices by the millennials of the country has been propelling the market growth for the last few years. Moreover, growing government support & initiatives towards the deployment of remote patient monitoring devices to promote the real-time tracking of vitals & other health parameters for the prevention of certain chronic & lifestyle-related diseases such as obesity, diabetes, etc., would escalate the market growth in the coming years.
The UAE to Acquire a Significant Share in the GCC Connected Medical Devices and Wearables Market
Geographically, the UAE is a dominant player in the wearables and connected medical devices market, owing to greater adoption of wearable technology, high-speed internet, rising government initiatives, and a growing inclination toward home fitness centers. Moreover, the rapid integration of artificial intelligence services & smart medical devices in hospitals is fueling the growth of connected medical devices in the country. For instance, in 2020, Aster Hospital in the UAE was equipped with IoT devices & deploy software-defined network management systems.
Furthermore, the rising investments in the medical technology sector & strategic collaborations of companies to promote continuous health monitoring and clinical intelligence are some of the major attributes contributing to the growth of connected medical devices across the UAE, reveals MarkNtel Advisors in their research report, "GCC Connected Medical Devices and Wearables Market Analysis, 2022-2027."
According to MarkNtel Advisors, the leading players in the GCC Connected Medical Devices and Wearables Market are FitBit Inc., Abbott Laboratories, Medtronic, Omron Healthcare Inc., Dexcom, Withings SAS, Vital connect, Polar Electro, Apple Inc., Garmin.
Key Questions Answered in the Study