IoT Medical Devices Market Size Will Achieve USD 161.73 Billion By 2027 - Data Analysis by Emergen Research

The global IoT Medical Devices Market is forecasted to be worth USD 161.73 Billion by 2027, according to a current analysis by Emergen Research.

One of the major drivers of the IoT Medical Devices Market is the increasing demand for remote patient monitoring devices. These tools make it possible to monitor patients away from clinics and hospitals, which eliminates the need for in-person visits. The need for remote monitoring tools has grown as a result of the COVID-19 pandemic as it has become more crucial to keep patients out of hospitals as much as possible. This has led to a huge growth in the deployment of IoT medical devices by healthcare practitioners.

Another driver of the market is the growing prevalence of chronic diseases. Chronic diseases such as diabetes, cardiovascular disease, and respiratory diseases require continuous monitoring, which can be facilitated by IoT medical devices. These devices enable for continuous monitoring of vital signs and other health parameters, enabling healthcare personnel to spot possible concerns and treat early, improving patient outcomes.

However, there are also some significant restraints to the IoT Medical Devices Market. One of the most significant restraints is concerns around data privacy and security. IoT medical devices collect sensitive personal health data, and there is a risk that this data could be compromised by hackers. Healthcare providers and device manufacturers need to ensure that proper security measures are in place to protect patient data.

The high price of IoT medical devices is another barrier to market growth. These gadgets are often more expensive than standard medical devices, which can limit their adoption by healthcare providers and patients. The use of these devices may also be constrained by the fact that certain healthcare providers do not have the means to adequately train their employees on how to utilise them.

Despite these restrictions, there are various key factors driving the IoT Medical Devices Market. The growing use of telemedicine is one of these factors. The ability to diagnose and treat patients remotely through telemedicine has become more crucial as a result of the COVID-19 pandemic. In telemedicine, Internet of Things (IoT) medical devices are essential because they enable remote monitoring of patient health data.

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Another growth factor is the increasing availability of wearable IoT medical devices. Smartwatches and fitness trackers are two examples of wearable technology that are gaining popularity and have potential medical applications. For people with cardiac issues, some smartwatches, for instance, can track heart rate and identify anomalies.

Finally, several figures from government organizations illustrate the importance of the IoT Medical Devices Market. 6 out of 10 adults in the United States have a chronic disease, and 4 out of 10 adults have two or more chronic diseases, according to the Centres for Disease Control and Prevention (CDC). Additionally, the National Institutes of Health (NIH) estimates that the cost of chronic disease treatment accounts for 86% of the nation's healthcare expenditures.

Major Companies and Competitive Landscape:

Key participants include GE Healthcare, Medtronic, Abbott Laboratories, Siemens, Johnson & Johnson, Boston Scientific, Philips Healthcare, Honeywell Life Care Solutions, Omron, and Biotronik, among others.

One of the key players in the IoT Medical Devices Market is Medtronic plc. Medtronic is a global medical device company that produces a wide range of products, including IoT-enabled devices. In 2020, the company launched the Medtronic Care Management Services (MCMS) platform, which allows for remote monitoring of patients with chronic diseases.

Another major player in the market is Koninklijke Philips N.V. Philips is a Dutch multinational conglomerate that produces a wide range of products, including healthcare technology. The company has a strong presence in the IoT Medical Devices Market, with products such as its HealthSuite Digital Platform and the Philips eICU program.

General Electric (GE) is also a significant player in the IoT Medical Devices Market. GE produces a range of medical devices, including IoT-enabled products such as the CARESCAPE ONE monitor, which allows for continuous monitoring of patient health metrics.

Other notable players in the market include Cisco Systems, Inc., IBM Corporation, Abbott Laboratories, and Honeywell International Inc. These companies offer a range of IoT-enabled medical devices and related services, including remote monitoring platforms, telemedicine solutions, and data analytics tools.

In addition to these established players, there are also a large number of startups and smaller companies operating in the IoT Medical Devices Market. These companies are often focused on developing innovative, niche products that address specific healthcare needs. For example, startup Biofourmis has developed an IoT-enabled wearable device that monitors patients with heart failure.

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IoT Medical Devices Market Segmentation :

According to a report by Emergen Research, the global IoT Medical Devices Market has been segmented based on product, type, connectivity technology, end-user, and region. In terms of product, the market has been segmented into vital signs monitoring devices, blood pressure monitors, blood glucose monitors, ECG/heart rate monitors, oximeters, multiparameter monitors, respiratory devices, fetal monitoring devices, neurological devices, implantable cardiac devices, implantable cardioverter defibrillators, implantable cardiac monitors, pacemakers, hearing devices, anesthesia machines, patient monitors, imaging systems, infusion pumps, and other products.

The market has also been segmented based on type, including wearable medical devices, implantable medical devices, stationary medical devices, and other IoT medical devices. Based on connectivity technology, the market has been segmented into Bluetooth, Wi-Fi, ZigBee, Near Field Communication (NFC), and other connectivity technologies.

The end-user segments of the IoT Medical Devices Market include hospitals and clinics, nursing homes, assisted living facilities, long-term care centers, home care settings, and other end users. Finally, the market has been segmented based on region, with regions including North America (U.S. and Canada), Europe (Germany, UK, France, BENELUX, and Rest of Europe), Asia Pacific (China, Japan, South Korea, and Rest of APAC), Latin America (Brazil and Rest of LATAM), and the Middle East and Africa (Saudi Arabia, UAE, and Rest of MEA).

The report provides revenue estimates for each of the segments from 2017 to 2027. The vital signs monitoring devices segment is expected to account for the largest share of the market, while the wearable medical devices segment is expected to grow at the fastest rate during the forecast period.

In terms of region, North America is expected to dominate the market, followed by Europe and the Asia Pacific region. The report notes that factors such as the increasing prevalence of chronic diseases, the growing demand for remote patient monitoring, and the increasing adoption of IoT technology in the healthcare industry are driving the growth of the IoT Medical Devices Market.

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