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.
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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).
By product, segment, the vital signs monitors segment is expected to grow at the highest growth rate during the forecast period
Among the product, segment, the vital signs monitors segment is expected to grow at the highest CAGR during the forecast period. The vital signs monitors segment is estimated to grow highest due to the increasing prevalence of hypertension, growing obese population, and increasing preference for self-health management.
By type, the stationary medical devices segment is expected to account for the largest share of the IoT medical devices market
The stationary medical devices segment accounted for the largest share of the global IoT medical devices market in 2020. The implementation of government regulations mandating the use of EHR and the advantages offered by these devices are driving the growth of this segment.
By connectivity technology, the Wi-Fi based medical devices segment is expected to account for the largest share of the IoT medical devices market
The Wi-Fi based medical devices segment accounted for the largest share of the global IoT medical devices market in 2020. 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) and high speed data transmission.
By end user, the hospitals and clinics segment is expected to account for the largest share of the IoT medical devices market
Based on end user, the IoT medical devices market is segmented into hospitals & clinics, nursing homes, assisted living facilities, long term care centers and home care settings. The growing need to manage an increasing volume of patient data and the increasing demand for data accessibility and interoperability in hospitals and clinics are the major factor driving the growth of this segment.
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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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