With the growing chronic diseases such as Diabetes, cardiovascular diseases, cancer and arthritis, the patient’s information is needed to be stored for the future use. To manage the patient’s data along with the patient outcomes, improving safety and meeting the regulatory standards, the demand for IoT medical devices is soaring in hospitals and clinics.
Moreover, owing to the market expansion with high speed network, increased penetration of tablets and smartphones consisting of apps for patient monitoring is stimulating the global IoT medical devices market.
Wearable Monitoring Solutions: Emerging Opportunity
Stationery Medical Devices dominated the market amassing largest market share in 2019 owing to the advantages offered such as accessibility and interoperability. However, with the increasing use of remote monitoring and increasing individuals preferring IoT enabled wearable technology to constantly monitor the health conditions are also surging at an exponential rate. Wearable Monitoring devices are gaining pace with the healthcare industry with the continuous expansion and launch of new apps connected to the wearable bands or watches such as Fitbit’s Smartwatches and Wearable monitors.
The wearable technology is integrated with IoT with the help of application and hardware such as a band or watch that the individual wears. For instance, Apple launched the apple heart study app in 2017. Wearable monitoring solutions can provide adequate data about the health condition. The information connected s stored on the cloud. The devices are connected to the hospitals and concerned persons notifying about the health of patient. Remote monitoring is available as wearable technology and can be carried anywhere. FitBit Flex was a wearable technology for patients. Thus, the demand for wearable technology is projected to rise at a rapid pace during the forecast period as revealed by MarkNtel Advisors’ in their research report, “Global IoT Medical Devices Market Analysis, 2020”.
North America followed by Europe are at the forefront of adoption of IoT medical devices due to the increasing patients interest towards self-health monitoring and increasing number of smartphone users is further estimated to drive the market of IoT medical devices in forthcoming years. Total number of IoT enabled device installations in Healthcare industry estimated to be around 125 million as compared to 101 million in 2018.
Imaging Systems segment grabbed the largest market share in 2019 and is leading the market of IoT medical devices with the increasing investments in by medical device companies and improved patient outcomes.
Stationary medical devices are the largest segment contribution to the growth of IoT medical devices. The government made mandatory the use of Electronic Health Record (EHR), eHealth and data accessibility fueling the growth of stationery medical devices segment.
According to the MarkNtel Advisors the major leading players are Medtronic, GE Healthcare, Siemens, Biotelemetry, Philips Healthcare, Johnson and Johnson, Omron, Agamatrix, Stanley Healthcare and Ihealth Lab among others.
“Global IoT Medical Devices Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and opportunities and challenges available for automotive ventilation seats providers across the globe. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.
1. By Product (Imaging systems, Blood Glucose Monitors, Vital Signs Monitoring Devices, ECG/Heart Rate Monitoring Devices, Blood Pressure monitors, Multipara meter monitors, Implantable Cardiac Devices, Oximeters, Implantable Cardioverter Defibrillators, Pacemakers, Patient Monitors, Respiratory Devices, Infusion Pumps, Anesthesia Machines, Neurological Devices, Hearing Devices, Fetal Monitoring Devices, Ventilators, Other Product)
2. By Connectivity Type (Wi-Fi, Bluetooth, ZigBee and other connectivity Devices)
3. By End-User (Hospitals and Clinics, Nursing Homes, Assisted Living Facilities, Long term Care centers, Home care Settings, Other End Users)
4. By Type (Stationary Medical Devices, Implantable Medical Devices, Wearable Medical Devices, Other IoT Medical Devices)
5. By Region (North America, Latin America, Europe, Middle East and Africa and Asia-Pacific)
6. By Country (United States, Canada, Mexico, Brazil, Argentina, Germany, Italy, United Kingdom, Spain, France, UAE, Saudi Arabia, China, India, Japan, Australia)
7. By Company (Medtronic, GE Healthcare, Siemens, Biotelemetry, Philips Healthcare, Johnson and Johnson, Omron, Agamatrix, Stanley Healthcare, Ihealth Lab)
Key questions answered in the study:
1. What are the current and future trends of the global IoT Medical Devices market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the global IoT Medical Devices industry?
6. What are the customer orientation, purchase behavior, and expectations from global IoT Medical Devices suppliers across various regions?