In May 2023, Medtronic (Ireland) acquired EOFlow Co. Ltd. (South Korea) to expand the company’s ability to treat patients with diabetes.
Northbrook, IL 60062 -- (SBWIRE) -- 09/20/2023 -- The report "IoT Medical Devices Market is expected to experience substantial growth, with a projected value of USD 166.5 billion by 2028, up from USD 41.5 billion in 2023. This growth is anticipated to occur at an impressive CAGR of 32.1% during the forecast period. The healthcare industry is undergoing a gradual transformation, leading to more predictable outcomes and improved care quality. This transformation has driven the increased adoption of various IT systems within healthcare organizations.
Several key factors are propelling the market's growth in this sector. Government initiatives aimed at promoting digital health, the growing need for cost-effective healthcare delivery, an increased emphasis on active patient engagement and patient-centric healthcare, advancements in high-speed networking technologies, and the widespread integration of mobile platforms into healthcare are all significant driving forces. Furthermore, there is a growing focus on patient safety, which is expected to contribute to market expansion throughout the forecast period.
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the global IoT medical devices market is poised for substantial growth, attributed to factors like cost-containment initiatives, patient-centric care focus, and governmental support for digital health. However, the challenges of significant investment requirements and a dearth of skilled personnel may slow down the rate of adoption, particularly in smaller healthcare organizations in the years to come.
The major players in the global IoT medical devices market are Medtronic (US), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands). Other prominent players in the market include 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).
One significant driver of this market's expansion is the demand for cost-containment in healthcare. With rising healthcare costs, IoT medical devices offer opportunities for remote patient monitoring, early detection of diseases, and preventive care. By leveraging IoT technology, healthcare providers can optimize resource utilization and streamline patient care, ultimately leading to cost savings.
Another factor fueling market growth is the increasing emphasis on active patient engagement and patient-centric care delivery. IoT medical devices empower patients by allowing them to actively participate in their healthcare management. These devices enable real-time monitoring of vital signs, medication adherence, and lifestyle choices, enabling personalized care and improved patient outcomes.
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Driver: Growing need for cost-containment in healthcare delivery
The demand for cost-containment in healthcare delivery has become increasingly urgent as healthcare costs have experienced a substantial double-digit growth over the past few decades. Several factors have contributed to this surge, including the rise in health insurance premiums, the growing need for high-quality healthcare services, the aging population worldwide, and the escalating prevalence of chronic diseases.
In light of these challenges, the healthcare industry is recognizing the critical importance of finding effective ways to contain costs while maintaining the quality of care. This has spurred a growing interest in adopting innovative technologies like IoT medical devices, which have the potential to optimize healthcare processes, enhance patient outcomes, and streamline operations, ultimately contributing to cost reduction in the healthcare delivery ecosystem.
During the forecast period, the vital signs monitors segment is projected to experience the highest growth rate among the product segments in the IoT medical devices market. This growth can be attributed to several factors. Firstly, there is an increasing prevalence of hypertension and other chronic diseases, leading to a higher demand for continuous monitoring of vital signs such as blood pressure, heart rate, and respiratory rate. Secondly, the growing obese population is also driving the need for regular monitoring of vital signs to manage health conditions effectively. Lastly, there is a rising preference for self-health management among individuals, and vital signs monitors provide convenient and accessible tools for monitoring and tracking health parameters.
In terms of type, the stationary medical devices segment held the largest share of the global IoT medical devices market. This segment is expected to maintain its dominance during the forecast period. The primary reason for this is the implementation of government regulations mandating the use of Electronic Health Records (EHR) in healthcare facilities. Stationary medical devices play a crucial role in collecting and transmitting patient data to EHR systems, enabling healthcare providers to access and analyze comprehensive patient information. Moreover, stationary devices offer advantages such as robust data storage capabilities, advanced connectivity options, and high-quality sensors, making them a preferred choice for healthcare professionals in various clinical settings.
Overall, the vital signs monitors segment is anticipated to witness significant growth, driven by the increasing prevalence of chronic diseases and the growing demand for self-health management. Additionally, the stationary medical devices segment is expected to continue dominating the IoT medical devices market due to the implementation of EHR regulations and the benefits associated with these devices in terms of data integration and accessibility.
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Wearable medical devices segment was the fastest growing segment of the IoT medical devices market, By type.
Based on the type, the IoT medical devices market has been segmented into wearable medical devices, implantable medical devices, stationary medical devices, and others (medication management devices, thermometers, infusion pumps, coagulation monitors, digital skin sensors, pedometers, and body composition monitors). In 2022, the wearable medical devices market is expected to grow at the highest CAGR during the forecast period. The high growth of wearable IoT medical devices is attributed to the growing use of home healthcare and remote patient monitoring technologies. The increasing preference for preventive care and engagement in self-health management are expected to boost the demand for wearable IoT medical devices.
The vital signs monitoring devices segment accounted for the largest share in the IoT medical devices market by product.
Based on product, the IoT medical devices market has been segmented 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 others (such as medication management devices, activity trackers, fall management devices, weighing scales, body composition, tags, probes, and thermometers). In 2022, the vital signs monitoring devices segment accounted for the largest share. This can be attributed to the operational and maintenance advantages that connected imaging systems offer, the growing investments by top imaging device companies, and the rising prevalence of chronic diseases & the need for improved patient outcomes.
North America dominates the IoT medical devices market during the forecast period.
North America accounted for the largest share of the IoT medical devices market in 2020. 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; and rising government initiatives for digitizing healthcare are some of the factors driving the growth of the IoT medical devices market in this region.
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