Global IoT Medical Devices Market is estimated to value over USD 56.6 billion by 2026 end and register a CAGR of over 25% during the forecast period 2019 to 2026.
Factors, for instance, government initiatives undertaken by both developing and developed nations in order to promote digital health, the meteoric rise in usage of high-speed technologies for networking applications and increased market penetration of tablets, smartphones and other mobile platforms in healthcare service sector are predicted to steer the global IoT medical devices market growth over the forecast period.
The Wearable Medical Devices Are Predicted to Dominate the Global Market
The wearable medical devices segment is expected to grow at the highest CAGR owing to rising awareness regarding healthcare, prioritizing preventive care, growing necessity for prolonged home health patient monitoring due to the increasing ageing population and presence of persistent diseases are making wearable devices to be widely used, especially in home care settings.
The blood glucose monitoring devices accounted for the largest IoT medical devices market share in 2018. Changing lifestyle and the increased adoption of smartphones have swayed the momentum of the market towards wearable glucose monitoring devices integrated with IoT technology since device-linked applications allow transfer of crucial data to physicians for efficient patient diagnosis.
The assisted living facilities, home care settings, nursing homes segment is predicted to proliferate at a high value of CAGR over the forecast period. The high segment growth rate can be credited to the necessity for prolonged treatment of certain persistent diseases, long-term care centers, assisted living facilities, increased priority for preventive and participatory patient care, high costs of hospital accommodation and the rising number of nursing homes. The increased preference towards management of self-health has further accelerated the usage of medical devices enabled by IoT for monitoring patients.
The Asia Pacific region is projected to augment with the highest growth rate over the forecast time frame. Asia Pacific nations, India and China in particular, provide lucrative opportunities for key players in the market due to the rising medical tourism, increased initiatives by the government for promoting eHealth, growing patient awareness pertaining to the management of self-health and the growing insistence for provision of quality healthcare services.
Key market players included in the global IoT medical devices industry are Medtronic, GE Healthcare, Philips, Siemens, Abbott Laboratories, Boston Scientific, Honeywell Life Care Solutions, Biotronik, Johnson & Johnson, Omron, Biotechnology, Alivecor, Agamatrix, Ihealth Lab, Stanley Healthcare, Welch Allyn.
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Global IoT Medical Devices Market Segmentation:
By Product
• Imaging Systems
• Vital Signs Monitoring Devices
• Implantable Cardiac Devices
• Patient Monitors
• Respiratory Devices
• Infusion Pumps
• Anaesthesia Machines
• Neurological Devices
• Hearing Devices
• Fetal Monitoring devices
• Ventilators
• Other Products
By Type
• Stationary Medical Devices
• Implantable Medical Devices
• Wearable Medical Devices
• Other IoT Medical Devices
By Connectivity
• Wi-Fi
• Bluetooth
• ZigBee
• Other Connectivity Technologies
By End User
• Hospitals & Clinics
• Nursing homes
• Assisted Living Facilities
• Long-Term Care Centres
• Home Care Settings
• Other End Users
By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
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FutureWise Key Takeaways:
• Growth prospects
• SWOT analysis
• Key trends
• Key data-points affecting market growth
Objectives of the Study:
• To provide with an exhaustive analysis on the global IoT medical devices market by product, by type, by connectivity, by end user and by region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, industry-specific restraints and opportunities)
• To forecast and evaluate micro-markets and the overall market
• To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and Middle East & Africa
• To record, evaluate and analyse competitive landscape mapping- technological advancements, product launches, expansions and mergers
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