The overall IoT medical devices market is expected to grow from USD 20.59 billion in 2018 to USD 63.43 billion by 2023 at a CAGR of 25.2%. The increasing 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, and growing focus on patient safety are the major factors driving the growth of the IoT medical devices market.
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IoT (Internet of Things) medical devices are smart healthcare devices that are connected via sensors, actuators, and network communication technologies to interconnect patients, doctors, and clinicians. These devices also help streamline medical/clinical operations & information flow, and enable real-time monitoring of patients.
IOT medical devices come with several connectivity options such as Wi-Fi, Bluetooth, ZigBee and other connectivity technologies, where the IoT medical devices embedded with Wi-Fi connectivity dominated the market during the forecast period.
Wi-Fi
Wi-Fi offers wireless connectivity over a range of ~120 feet indoors and 300 feet outdoors. In healthcare settings, Wi-Fi-enabled devices provide greater flexibility to caregivers in terms of sharing EMRs as well as in patient monitoring and device management. For instance, a Wi-Fi network-connected device can be monitored from a central room. This enables caregivers to monitor the EHR of multiple patients at any given point of time without constantly having to move from one room to another. There are a number of vendors offering Wi-Fi enabled IoT medical devices, and are focusing on new product launches to expand their portfolio.
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Bluetooth
The Bluetooth technology offers wireless connectivity to transfer data between different electronic devices over a short range. Bluetooth Low Energy (BLE), an advanced Bluetooth connectivity technology, offers advantages such as low power consumption and low cost. Owing to these advantages, BLE is increasingly being embedded in medical devices. Bluetooth has significant applications in IoT as it can seamlessly connect with gateways and other wireless devices, smartphones, or tablets. It has significantly helped healthcare service providers in location-based services to track patient biometrics from remote locations. In the last few years, several healthcare industry players have launched new IoT medical devices embedded with Bluetooth connectivity to tap the growth opportunities offered by this market segment.
ZigBee
Developed by ZigBee Alliance, the ZigBee connectivity technology is a low-cost and low-power technology that covers Personal Area Network (PAN) communications. ZigBee follows an IEEE 802.15 standard and is perfect for transmission distances from 10 to 100 meters (line-of-sight). It supports a variety of devices used in healthcare, such as sensors and asset tracking tags. ZigBee Alliance is continuously working on overcoming the interoperability issues related to various connected devices and internet protocols, promising a high future potential for the ZigBee technology. The advantages offered by devices embedded with ZigBee technology over other devices include longer battery life, no requirement of a central controller, easy monitoring, and remote control.
Other Connectivity Technology
Several other technologies, such as NFC, cellular, and satellite connectivity can be used to integrate medical devices in healthcare organizations as well as connect patients in remote locations with their caregivers.
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