IoT (Internet of Things) medical devices are smart healthcare devices that are connected via sensors, actuators, and network communication technologies to interconnect patients, doctors, and clinicians. These devices also help streamline medical/clinical operations & information flow and enable real-time monitoring of patients.
What the Market Looks Like?
Predicted to grow at a CAGR of 25.2% during the forecast period, the global IoT Medical Devices market is estimated to reach USD 63.43 Billion by the end of 2023. APAC is expected to grow at the highest CAGR during the forecast period. Asia Pacific countries, particularly China and India, offer significant growth opportunities for players. Middle East & Africa is expected to grow at the highest CAGR during the forecast period. Middle East & Africa is expected to offer lucrative growth opportunities to market players.
Use of IoT medical devices in hospitals and clinics drives the global IoT medical devices market
The growing incidence of chronic diseases like diabetes, cardiovascular disease, arthritis, and cancer adds to the ever-increasing burden on hospitals and clinics. Due to the large amount of data generated during diagnosis and treatment, every patient entry increases the burden on medical devices as well as hospital staff. The need to manage increasing patient data along with the urgent need to improve patient outcomes, improve data accessibility & interoperability, and meet regulatory requirements regarding patient data and safety is driving the adoption of IoT medical devices in hospitals and clinics.
IoT medical devices offer several advantages, such as seamless transfer of EHR, reduces medical errors, enhances patient safety, allows patient engagement and helps in patient centric care delivery. The market is expanding with the evolution of high speed networking technologies and increasing penetration of smartphones, tablets, and other mobile platforms in healthcare.
The IoT medical devices market has been segmented, on the basis of product, into imaging systems, vital signs monitoring devices, implantable cardiac devices, patient monitors, respiratory devices, infusion pumps, neurological devices, hearing devices, anesthesia machines, fetal monitoring devices, ventilators, and other IoT medical devices (such as medication management devices, activity trackers, fall management devices, weighing scales, body composition, and thermometers). The vital signs monitoring devices segment is expected to grow at the highest CAGR of 32.7% during the forecast period. This is mainly due to the growing prevalence of hypertension, unhealthy lifestyles, growing obese population, and the increasing preference for self-health management.
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What Drives the Market?
The growth of the global market for IoT Medical Devices is primarily influenced by the following factors:
- Government Initiatives for Promoting Digital Health
- Growing Need for Cost-Containment in Healthcare Delivery
- Rising Focus on Active Patient Engagement and Patient-Centric Care Delivery
- Evolution of High-Speed Networking Technologies and Increasing Penetration of Smartphones, Tablets, and Other Mobile Platforms in Healthcare
- Growing Focus on Patient Safety
Geographical growth scenario of IoT Medical Devices Market
Geographically, the IoT Medical Devices market has been studied for Asia Pacific countries, particularly China and India, offer significant growth opportunities for players in the market and the market in Middle East & Africa is expected to grow at the highest CAGR during the forecast period. Middle East & Africa is expected to offer lucrative growth opportunities to market players owing to the growing government initiatives for the promotion of eHealth, rising medical tourism, growing awareness among patients about self-health management, and the growing demand for quality healthcare.
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Leading market players and strategies adopted
GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Medtronic Plc (US), Honeywell LifeCare Solutions (US), BIOTRONIK (Germany), Boston Scientific Corporation (US), Johnson & Johnson Services, Inc. (US), Siemens AG (Germany), Omron Healthcare, Inc. (Japan), BioTelemetry, Inc. (US), AliveCor, Inc. (US), iHealth Lab, Inc. (US), AgaMatrix (US), Abbott Laboratories (US), STANLEY Healthcare (US), and Welch Allyn (US) are the prominent players operating in the market.
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