DUBLIN–(BUSINESS WIRE)–The “Global IoT Medical Devices Market by Product (Blood Pressure Monitor, Glucometer, Cardiac Monitor, Pulse Oximeter, Infusion Pump), Type (Wearable, Implantable, Stationary), Connectivity Technology (Bluetooth, Wifi), End User (Hospital) – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
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 monitors segment will grow at the highest rate during the forecast period.
Based on product, the IoT medical devices market has been segmented into vital 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.
By connectivity technology, the Wi-fi based medical devices segment 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 share of 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.
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COVID-19 Outbreak and Increasing Government Initiatives for Promoting Digital Health are Driving Market Growth China is Expected to Grow at the Highest CAGR During the Forecast Period Asia-Pacific to Register the Highest Growth Rate During the Forecast Period (2021-2026) Developing Markets to Register Higher Growth During the Study Period Market Dynamics
Drivers
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 Mobile Platforms in Healthcare Growing Focus on Patient Safety Restraints
High Deployment Cost of Connected Medical Devices and the Associated Infrastructure Insufficient IoT Technology Skills Across Healthcare Organizations Opportunities
Low Doctor-To-Patient Ratio Leading to Increased Dependency on Self-Operated Ehealth Platforms Challenges
Data Security Issues Data Management and Interoperability Concerns Pricing Analysis
Patent Analysis
Patent Publication Trends Jurisdiction Analysis: Top Applicants (Countries) for IoT Medical Device Patents Industry Trends
Increasing Number of Product Launches Growing Integration of Cloud Platforms and Saas in the Healthcare Ecosystem Increasing Number of Collaborations to Drive Innovation Companies Mentioned
Abbott Laboratories Aerotel Medical Systems Agamatrix Alivecor Amd Global Telemedicine Biotronik Boston Scientific Dragerwerk AG & Co Ge Healthcare Hill-Rom Holdings, Inc. Honeywell International Huntleigh Ihealth Labs Infinium Medical Johnson & Johnson Masimo Corporation Medtronic Nihon Kohden Corporation Nonin Omron Corporation Other Players Philips Healthcare (Philips) Resmed Siemens Smiths Medical Stanley Healthcare For more information about this report visit https://www.researchandmarkets.com/r/ofp7bt