Connected health devices market to reach USD 52.1 billion by 2027

Amid the COVID-19 crisis, the global market for connected health devices estimated at USD 16.3 billion in the year 2020, is projected to reach a revised size of USD 52.1 billion by 2027, growing at a CAGR of 18.1 percent over the period 2020-2027, ResearchAndMarkets. Personal medical devices is projected to record 20.5 percent CAGR and expected to reach USD 33.3 billion by 2027. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the wellness devices segment is readjusted to a revised 14.6 percent CAGR for the next 7-year period.

The connected health devices market in the US is estimated at USD 4.9 billion in the year 2020. China, the world’s second largest economy, is forecast to reach a projected market size of USD 9.1 billion by the year 2027 trailing a CAGR of 17.6 percent over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 16.4 percent and 14.9 percent respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 12.2 percent CAGR.