The report "IoT Medical Devices Market is expected to experience substantial growth, with a projected value of USD 94.2 billion by 2026, compared to USD 26.5 billion in 2021, reflecting a robust compound annual growth rate (CAGR) of 28.9% during the forecast period. Several factors contribute to this growth, including the imperative for cost-containment in healthcare delivery, a heightened focus on active patient engagement and patient-centric care delivery, and increased government initiatives to promote digital health.
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Key Market:
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.
Driver: Growing need for cost-containment in healthcare delivery
The overall cost of healthcare delivery has grown at a double-digit rate in the last few decades. Increasing health insurance premiums, the growing demand for quality healthcare services, the rising geriatric population, and the growing incidence of chronic disorders across the globe are the major factors responsible for the significant rise in healthcare costs. Other major factors contributing to this trend are the high dependency on traditional and technologically outdated clinical devices that increase patient readmission, medical errors, and administration costs.
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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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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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