The global 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. 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 vital signs monitorssegment will grow at the highest rate during the forecast period.”
Based on product, the IoT medical devices market has been segmented intovital signs monitors, imaging systems, implantable cardiac devices, patient monitors, respiratory devices, infusion pumps, neurological devices, anesthesia machines, ventilators, and hearing devices.The vital signs monitoring devices segment accounted for the largest share in the IoT medical devices market. The factors attributing to the largest revenue are increasing prevalence of hypertension, the growing obese population, and the increasing preference for self-health management.
“Byconnectivity technology, the Wi-fi based medical devicessegment accounted for the largest share of the IoT medical devices market in 2020.”
Based on connectivity technology, the global IoT medical devices market is segmented into Bluetooth, Wifi, and Zigbee based medical devices. Wi-Fi based medical devices accounted for the largest share in the IoT medical devices market. 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). Bluetooth is expected to show the highest growth during the forecast period.
“By end-user, the hospitals and clinics segment will grow at the highest rate during the forecast period.”
Based on end user, the IoT medical devices market is segmented into hospitals and clinics, nursing homes, assisted living facilities, long term care centers and home care settings. The hospitals & clinics accounted for the largest share in the IoT medical devices market. The large share of this segment can be attributed to the growing need to manage an increasing volume of patient data and the increasing demand for data accessibility and interoperability in hospitals and clinics.
“The market in Asia Pacific is projected to witness the highest growth rate during the forecast period (2020–2026).”
North America accounted for the largest share of the IoT medical devices market in 2020. The large shareof North America can be attributed to the high penetration of smartphones, tablets, and other mobile platforms; increasing utilization of connected devices to manage chronic diseases; the development and adoption of EHRs in healthcare organizations; rising government initiatives for digitizing healthcare; and the presence of major companies in these regions.The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The high growth in this regional market can be attributed to the due to government initiatives to promote eHealth, rising medical tourism, growing awareness, and the growing demand for quality healthcare.
A breakdown of the primary participants referred to for this report is provided below:
- By Company Type (Supply-side): Tier 1: 45%, Tier 2: 30.5%, and Tier 3: 24.5%
- By Designation: C-level: 45.5%, Director-level: 32%, and Others: 22.5%
- By Region: North America: 43.7%, Asia-Pacific: 26.7%, Europe: 24.8%,Middle East & Africa: 2.9% andLatin America: 1.9%
Medtronic (US), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Honeywell Life Care Solutions (US), BIOTRONIK (Germany) are the leading players in the market. Other players include 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).
The report analyzes the IoT medical devices marketand aims at estimating themarket size and future growth potential of this market based on various segments such as product, application, end user, and region. The report also includes competitive analysis of the key players in this market along with their company profiles, products offered, recent developments, and key market strategies.
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The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would helpthemgarner a greater share. Firms purchasing the report could use one, or a combination of the belowmentioned five strategies.
This report provides insights into the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the IoT medical devices market. The report analyzes the market based on the product, type, connectivity technology, end user, and region.
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the IoT medical devices market.
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various types of IoT medical devicesacross regions.
- Market Diversification: Exhaustive information about products, untapped regions, recent developments, and investments in the IoT medical devices market.
- Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the IoT medical devices market.