IoT Medical Devices Market Overview:
The growth of this market is majorly attributed to the need for cost-containment in healthcare delivery, rising focus on active patient engagement & patient-centric care delivery and the increasing government initiatives to promote digital health. However, the deployment of connected medical devices and the associated infrastructure requires significant investments, owing to which the adoption of IoT is low among small healthcare organizations. This, along with a dearth of skilled personnel, is expected to challenge market growth in the coming years.
The IoT Medical Devices Market is projected to reach USD 94.2 billion by 2026 from USD 26.5 billion in 2021, at a CAGR of 28.9% during the forecast period.
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Covid-19 Impact on the IoT medical devices market
The current COVID-19 pandemic has resulted in a massive number of patients visiting healthcare facilities on a daily basis. As of July 2021, there are more than 186 million reported cases of COVID-19 across Africa, the Asia Pacific, the Americas, Europe, and Oceania. The virus has resulted in more than 4 million deaths. The true number of infected people would be much higher than the official total, as many cases are asymptomatic and do not undergo testing. Disease progression patterns are similar in most countries, but the flattening of the curve and disease containment is largely dependent on the various measures taken by each country. Countries have implemented various measures to control the spread of the disease, such as strict travel restrictions; imposing city-wide quarantines, curfews, and lockdowns; constructing specialty hospitals; increasing medical aid; and ramping up COVID-19 testing.
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By product, segment, the vital signs monitors segment is expected to grow at the highest growth rate during the forecast period
Among the product, segment, the vital signs monitors segment is expected to grow at the highest CAGR during the forecast period. The vital signs monitors segment is estimated to grow highest due to the increasing prevalence of hypertension, growing obese population, and increasing preference for self-health management.
By type, the stationary medical devices segment is expected to account for the largest share of the IoT medical devices market
The stationary medical devices segment accounted for the largest share of the global IoT medical devices market in 2020. The implementation of government regulations mandating the use of EHR and the advantages offered by these devices are driving the growth of this segment.
By connectivity technology, the Wi-Fi based medical devices segment is expected to account for the largest share of the IoT medical devices market
The Wi-Fi based medical devices segment accounted for the largest share of the global IoT medical devices market in 2020. The large share of this segment can be attributed to the advantages of Wi-Fi connectivity, such as its long range (~120 feet indoors and ~300 feet outdoors) and high speed data transmission.
By end user, the hospitals and clinics segment is expected to account for the largest share of the IoT medical devices market
Based on end user, the IoT medical devices market is segmented into hospitals & clinics, nursing homes, assisted living facilities, long term care centers and home care settings. The growing need to manage an increasing volume of patient data and the increasing demand for data accessibility and interoperability in hospitals and clinics are the major factor driving the growth of this segment.
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Medtronic (US), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands) are the leading players in the market. Other players include Honeywell Life Care 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 Hillrom-Welch Allyn (US).
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