How is Adoption of Internet of Things Technology Driving Network Connected Medical Devices Market?
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In this scenario, it is only fair that the medical devices industry is also making use of IoT. Medical devices which make use of IoT are referred to as network connected medical devices. Connected devices, such as infusion pumps and implantable pacemakers, aid healthcare professionals and patients in numerous tasks, such as enhancing diagnostics, monitoring vitals, and regulating dosages. Due to these various advantages of connected devices, the network connected medical devices market, reaching $19.5 billion in 2018, is expected to generate a revenue of $66.6 billion by 2024, advancing at a 23.5% CAGR during the forecast period (2019–2024).
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These devices are connected to internet by using different technologies, namely ZigBee, satellite, cellular, near field communication, Wi-Fi, and Bluetooth-Low energy (BLE). BLE technology was used the most in the past primarily because it consumes less energy and provides high-signal efficiency in comparison to other wireless connectivity technologies. It is further expected that the technology will be adopted extensively by healthcare providers and hospitals in the coming years as well. Due to the rising adoption of this technology, several companies are also making use of BLE in their devices. For example, OxyGo LLC launched OxyGo FIT Connect, with the aim of enhancing patient outcomes by using BLE technology, in February 2019.
North America is projected to create considerable growth for network connected medical devices in the coming years, which is primarily attributed to the developed healthcare infrastructure in the region. Because of an advanced healthcare infrastructure, the adoption of technologically innovative is growing in North America. Moreover, people are able to afford these services in the region. Other than this, technological advancements and increasing research activities is further predicted to drive the growth of the network connected medical devices market in the coming years.
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