Overview

IoT Medical Devices Market is estimated to value over USD 95 billion by 2027 end and register a CAGR of over 25% during the forecast period 2020 to 2027.

Growing investments for implementing digital technologies in healthcare organizations, emergence of connected care and increased adoption of wearable technology are the crucial factors accelerating the market growth. Advancements in technology and increasing ageing population along with growing presence of persistent diseases are positively influencing the expansion of the market size.

As per the research undertaken by a network provider company based in Aruba, over 85% of the healthcare institutions around the world will integrate IoT services in their systems by 2019. This study determines that healthcare organizations have initiated the usage of IoT for reducing costs, fostering innovations and improvements in patient monitoring.

Reduced emergency room stay times has further propelled its adoption in healthcare management. Major players are initiating innovative and novel software programs in order to address different issues related to healthcare. For example, to address the issue of the wait times of emergency rooms, GE Healthcare designed AutoBed, a software program which aided in reducing wait times for over 48% of the patients that needed in-hospital beds.

Wide utilization of connected technology in healthcare systems for management of clinical tasks and operational workflows is one of the key drivers of the market growth. It has allowed firms to design a platform that helps in notifying downtime of the system in the near future by giving out an automatic alert. Philips, by collaborating with Open Market, has designed an award-winning mobile messaging remote sensor technology, called e-Alert, that gives out notification regarding the potential MRI system issue before it goes into downtime. Such innovative programs have assisted in accelerating the growth of the market.

Key market players included in the IoT medical devices industry are:
Medtronic, GE Healthcare, Philips, Siemens, Abbott Laboratories, Boston Scientific, Honeywell Life Care Solutions, Biotronik, Johnson & Johnson, Omron, Biotechnology, Alivecor, Agamatrix, Ihealth Lab, Stanley Healthcare, Welch Allyn.

IoT Medical Devices Market Segmentation:

By Product

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
Pacemakers
Ventilators
Imaging Systems
Infusion Pumps
Other Products

By Type

Stationary Medical Devices
Implantable Medical Devices
Wearable Medical Devices
Other

By Connectivity

Wi-Fi
Bluetooth
ZigBee
Other Connectivity Technologies

By End User

Hospitals & Clinics
Nursing homes
Assisted Living Facilities
Long-Term Care Centres
Home Care Settings
Other End Users

By Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

FutureWise Key Takeaways:

Growth prospects
SWOT analysis
Key trends
Key data-points affecting market growth

Objectives of the Study:

To provide with an exhaustive analysis on the market by product, by type, by connectivity, by end user and by region
To cater comprehensive information on factors impacting market growth (drivers, restraints, industry-specific restraints and opportunities)
To forecast and evaluate micro-markets and the overall market
To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and Middle East & Africa
To record, evaluate and analyse competitive landscape mapping- technological advancements, product launches, expansions and mergers

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