IoT Medical Devices Market - Global Forecast to 2027





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IoT Medical Devices Market - Global Forecast to 2027


IoT Medical Devices Market - Global Forecast to 2027

 Category : Medical Devices

 Published: Sep-2021
 Author: SPER Analyst
IoT Medical Devices Market is projected to be worth $107.8 Billion by 2027

The global IoT medical devices market is expected to grow at a CAGR of ~26.7% from 2021 to reach ~107.8 billion by 2027. The growth of this market is primarily attributed government initiatives, rising awareness for digital health, growing focus on patient centric healthcare delivery and need for reducing healthcare expenses. However, high cost of interoperability, IT support and maintenance services is expected to hinder the growth of the market. High security risk of patient data also offers significant challenge. Whereas, low doctor-to-patient ratio in many countries across the globe can provide with growth opportunities owing to increased dependency on self-operated eHealth platforms.

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The global IoT medical devices market study provides market data for-by product (vital signs monitoring devices, imaging systems, respiratory devices, implantable cardiac devices, patient monitors, infusion pump, fetal monitoring devices, neurological devices, ventilators, anesthesia machines, hearing devices and other products), by type (stationary medical devices, implantable medical devices, wearable medical devices), by connectivity technology (bluetooth, wi-fi, zigbee and others), by end user (hospitals & clinics; nursing homes, assisted living facilities, long term care centers & home care setting; other end users). The study also evaluates industry competitors and analyses the market at a regional and country level.

By product, vital signs monitor segment accounted for highest CAGR in the forecast period. The high growth is mainly driven by rising prevalence of hypertension, rising obesity and growing demand for self-health management solutions. The vital signs monitoring is further bifurcated into blood glucose monitors, ECGs/ Heart rate monitors, blood pressure monitors, multiparameter monitors and oximeters. The ECGs/ Heart rate monitors are estimated to witness highest CAGR during the forecast period due to the prevalence of cardiac disorders.

By type, stationary medical devices segment accounted for the largest market share in 2020. The large share of this segment is mainly due to government regulations to promote the use of EHR and advantages of these solutions.

Based on connectivity technology, Wi-Fi based medical devices segment held largest market share of the IoT medical devices market. The large share of this segment is mainly driven by long range offered by Wi-Fi connectivity along with other advantages. 

By end users, hospitals & clinics segment dominated the IoT medical devices market in 2020. The large share of this segment is mainly attributed to rising volume of patient data in hospitals & clinics and growing demand for data accessibility and interoperability. 

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This research report analyses major geographies and provides a comprehensive analysis of North America (US, Canada), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, and RoAPAC), Rest of the world (Latin America, and Middle East & Africa). North America commanded largest market share of IoT medical devices market, by region. The largest share is attributed to rising adoption of EHR in healthcare, government initiatives, presence of global leader companies, high penetration of smartphones & other mobile devices and utilization of connected devices for the management of chronic diseases. APAC is expected to exhibit highest CAGR in the forecast period. The growth of this regional market is mainly driven by promotions of eHealth through government initiatives in Asian countries, rising medical tourism & awareness and growing demand for quality healthcare. 

The key players operating in the IoT medical devices market are 
  • Medtronic (US)
  • GE Healthcare (US)
  • Koninklijke Philips N.V. (Netherlands)
  • Honeywell Life Care Solutions (US)
  • BIOTRONIK (Germany)
  • 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)
  • Apple Inc. (US)
  • Cisco Systems Inc. (US)
  • Google (Alphabet) (US)
  • International Business Machines Corporation (US)
  • Microsoft Corporation (US)
  • Proteus Digital Health (US)
  • QUALCOMM Incorporated (US)
  • Aerotel Medical Systems (Israel)
  • Amd Global Telemedicine (US)

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