IoT Medical Devices Market Size And Forecast
IoT Medical Devices Market size was valued at USD 12.38 Billion in 2020 and is projected to reach USD 157.16 Billion by 2028, growing at a CAGR of 37.14%from 2021 to 2028.
The global IoT medical devices market has witnessed strong growth owing to the increasing government initiatives to promote digital health, growing need for cost-containment in healthcare delivery, and Rising focus on active patient engagement and patient-centric care delivery. The Global IoT Medical Devices Market report provides a holistic evaluation of the market. The report offers comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global IoT Medical Devices Market Definition
The internet of things (IoT) is basically an integrated computing device that is implemented with unique identifiers (UIDs) and the capability to shift data over a network without needing human-to-human or human-to-computer communication. IoT medical devices communicate some of the most delicate personal information of patients. IoT services are used for emergency information systems and remote health monitoring. Also recognized as smart healthcare, the internet of things in the field of healthcare has directed up to be a benefit in terms of combining medical devices and implementing better medical help to people with the help of technology, under the direction of both human skills and artificial intelligence.
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Medical IoT devices are also necessary in the increasingly dispersed nature of health and healthcare; in a growing number of cases, patients and their doctors no longer need an office to observe vital health data, for example, an introduction to healthcare. For healthcare providers, medical IoT devices offer new possibilities to enhance patient care and to manage the internal complexity of the healthcare business via enhanced data, automation, safety, and other gains.
Global IoT Medical Devices Market Overview
The global IoT medical devices market is principally driven by increasing government initiatives to promote digital health. The government of various countries is investing more funds to improve their health infrastructure and medical healthcare delivery. IoT services are utilized for emergency notification systems and remote health monitoring. The growing need for cost-containment in healthcare delivery is also adding fuel to the market growth. Rising focus on active patient engagement and patient-centric care delivery is fostering the market growth.
The development of high-speed networking technologies and increasing penetration of smartphones, tablets, and other mobile platforms in healthcare is also anticipated to boost market growth during the forecast period. Growing focus on patient safety is further driving the market growth. Furthermore, the installation and usage of high-speed internet and networking technology, coupled with the rise in usage of tablets, smartphones, and other mobile applications are also supposed to drive the market for IoT medical device market in the coming years.
However, the high deployment cost of connected medical devices and associated infrastructure is the major factor restraining market growth. Also, insufficient IoT technology skills across healthcare organizations are limiting the market growth. Moreover, issues related to data security, data management, and interoperability are the major challenges in the market growth. Nevertheless, low doctor-to-patient ratio leading to increased dependency on self-operated eHealth platforms. This will create new opportunities for the market during the forecast period.
Global IoT Medical Devices Market: Segmentation Analysis
The Global IoT Medical Devices Market is Segmented based on Product, Application and Geography.
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IoT Medical Devices Market, By Product
• Blood Pressure Monitor
• Glucometer
• Cardiac Monitor
• Pulse Oximeter
• Infusion Pump
Based on Product, the market is bifurcated into Blood Pressure Monitor, Glucometer, Cardiac Monitor, Pulse Oximeter, and Infusion Pump. The Cardiac Monitor segment is estimated to witness the highest CAGR for the forecast period. The cardiac monitor is one of the systems using IoT to identify the cardiac patient’s condition and monitor the situation in emergencies. It observes the heart rate of the case with long-term cardiovascular disease.
IoT Medical Devices Market, By Application
• Hospital
• Clinic
Based on Application, the market is bifurcated into Hospital and Clinic. The Hospital segment is estimated to witness the highest CAGR for the forecast period. The increasing incidence of chronic diseases like diabetes, cardiovascular disease, arthritis, and cancer adds to the ever-increasing burden on hospitals. Moreover, the necessity to manage growing patient data along with the critical need to enhance patient outcomes, better data accessibility & interoperability, and meet administrative requirements concerning patient data and safety is encouraging the adoption of IoT medical devices in hospitals and clinics.
IoT Medical Devices Market, By Geography
• North America
• Europe
• Asia Pacific
• Rest of the world.
Based on regional analysis, the Global IoT Medical Devices Market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America contributed the largest market share to the global IoT medical devices market in 2018. The U.S. holds the major position in this regional market and is anticipated to dominate during the forecasted period. This is due to technological advancements and innovations and several government initiatives encouraging the adoption of digital platforms in the life sciences industry. Europe held the second-largest share for IoT medical devices market owing to the increasing government funding and growing focus on innovation through R&D activity in this region.
Key Players
The “Global IoT Medical Devices Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Abbott Laboratories, Alivecor, Biotronik, GE Healthcare, Johnson & Johnson, Omron, Medtronic, Philips, Siemens, Boston Scientific, Honeywell Life Care Solutions, Biotelemetry, Agamatrix, Ihealth Lab, Stanley Healthcare and Welch Allyn.
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