Market Definition
Connected Medical Devices refer to the devices that can transmit & receive data from one device to another or through the internet. For instance, a heart rate monitor transmits a patient’s heart rate data to a physician or healthcare institutes via connectivity technologies such as Bluetooth, Wi-Fi, etc. Medical wearables refer to a network of smart devices (electronic skin patches, ECG monitors, etc.) used by patients that are equipped with sensors, actuators, and software connected to the cloud that enables the collection, analysis, and transmission of health data in real-time. The growth in the integration of technology in healthcare institutes, growing awareness about physical fitness, and rising penetration of home care services are expected to boost the adoption of connected medical devices & wearables in the GCC region.
Market Insights
The GCC Connected Medical Devices and Wearables Market is projected to grow at a CAGR of around 20.19% during the forecast period, i.e., 2022-27. GCC region has always been at the forefront in accepting new technologies, especially in healthcare & consumer devices. The greater traction towards these devices is led by rising purchasing power, augmentation in the home care services, ascending health consciousness among the individuals, lifestyle trends, etc. Therefore, the double-digit growth in the sales of connected medical devices, and wearables were registered during 2017-21
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) |
20.19% |
| Country Covered | UAE, Saudi Arabia, Oman, Qata,r Kuwait, Bahrain |
| Key Companies Profiled | BASF SE, Sika GCC, MBCC Group, Arkema Middle East DMCC (Bostik), Chryso Group, Mapei S.p.A., Dow Chemical Company, Arkaz Alsharq Building Materials, Don Construction Products Ltd., Fosroc Inc |
| Unit Denominations | USD Million/Billion |
The evolution of homecare has emerged as a new frontier in the connected medical device and wearable industry. The growing trend for remote patient monitoring catalyzed the penetration of connected medical devices. In 2021, around 50% of the hospitals in the UAE were synchronized with advanced IoT-based solutions. In addition, around 90% of the doctors in the country were found to be using technology solutions to monitor their patient's health.
Moreover, the demand for fitness wearables registered an increase on account of the rise in in-house fitness activities, as the fitness centers' operations were suspended due to lockdown. Therefore, with the acceptance of telehealth, connected medical devices, and the wearables market is anticipated to register consistent growth during 2022-27.
Key Trend in the Market
Remote blood pressure monitoring is gradually transforming into a much sought-after feature in the GCC region to measure blood pressure & daily activity, including steps taken & calories burned. With the rising penetration of wearables & consistent growth in cardiac patients, the demand for wearable blood pressure monitoring devices is in its introductory phase in the GCC region. In 2021, according to WHO, around 29% of the UAE population suffered from hypertension, around 40% in Saudi Arabia & more than 25% in Qatar. Consequently, these alarming statistics in the leading countries of the region would gradually pave the way for wearable blood pressure monitoring devices. In 2021, these devices were primarily purchased from Europe & North America. However, the adoption of these devices would soar in the forthcoming years.
Impact of COVID-19 on GCC Connected Medical Devices and Wearables Market
COVID-19 has proven to be a strategic inflection point in the growth & penetration of connected medical devices & wearables. The pandemic has added a new end-user segment in the form of home care & home fitness, which has catalyzed the sales of connected medical devices. The sales of connected diagnostic medical devices such as diagnostic devices insulin pumps for diabetes monitoring, pulse oximeter, ECG monitor, sleep monitors, smartwatches, etc., soared as the healthcare institutes started remote patient monitoring services measuring key vitals of the patients for medical records.
The outbreak of COVID-19 negatively impacted the physical fitness industry. The operational activities of physical fitness service providers were suspended due to the imposition of lockdown. As a result, fitness enthusiasts & patients were forced to opt for home-based fitness techniques & solutions. Further, the increase in the COVID-19 fatalities & hospitalization rate pushed consumers to opt for connected medical devices & wearables to ensure their physical fitness in their homes.
Moreover, the individuals' aggravated concern regarding their vitals such as oxygen saturation, blood pressure, heartbeat, and respiratory rate during & post-pandemic time has expanded the revenue streams for the companies offering connected medical devices such as insulin pumps, and pulse oximeters, smartwatches, wearables ECG, etc. The sales of these connected devices peaked during 2020-21.
