Global IoT Medical Devices Market by Product (Blood Pressure Monitor, Glucometer, Cardiac Monitor, Pulse Oximeter, Infusion Pump), Type (Wearable, Implantable, Stationary), Connectivity Technology (Bluetooth, Wifi), End User (Hospital) - Global Forecast to 2027
The global IoT medical devices market is expected to grow at a CAGR of ~26.7% from 2020 to reach ~107.8 billion by 2027. The growth is primarily attributed to 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.
By Product: The vital signs monitor segment to grow at highest CAGR
Based on product type, the IoT medical devices market is segmented into vital signs monitoring devices, imaging systems, respiratory devices, implantable cardiac devices, patient monitors, infusion pumps, fetal monitoring devices, neurological devices, ventilators, anesthesia machines, hearing devices and other products. The vital signs monitor segment is expected to grow at the highest rate during the forecast period. The growth can be mainly attributed to 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
Stationary medical devices segment accounted for the largest market share of the IoT medical devices market, by type in 2020. The large market share is mainly attributed to government regulations to promote the use of EHR and advantages of these solutions.
By Connectivity technology: Wi-Fi based medical devices expected to hold largest share in the IoT medical devices market
By connectivity technology, IoT medical devices market is segmented into Bluetooth, Wi-Fi, Zigbee and others. Wi-Fi based medical devices accounted for largest market share in the IoT medical devices market by connectivity technology in 2020. The large share of this segment can be attributed to long range offered by Wi-Fi connectivity along with other advantages.
By End User: Hospitals & clinics to dominate the IoT medical devices market
Hospitals & clinics segment accounted for largest share of the IoT medical devices market, by end user in 2020. The large share is mainly attributed to rising volume of patient data in hospitals & clinics and growing demand for data accessibility and interoperability.
By Region: North America expected to dominate the regional market
North America is expected to dominate the IoT medical devices market by region. The large share is primarily 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 register highest CAGR. The growth can be attributed to promotions of eHealth through government initiatives in Asian countries, rising medical tourism & awareness and growing demand for quality healthcare.
Key players operating in this market are
GE Healthcare (US)
Koninklijke Philips N.V. (Netherlands)
Honeywell Life Care Solutions (US)
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)
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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