BANGALORE, India, Jan. 4, 2022
BANGALORE, India, Jan. 4, 2022 /PRNewswire/ -- The IoT Medical Devices Market is Segmented by Type (Blood Pressure Monitor, Glucometer, Cardiac Monitor, Pulse Oximeter, Infusion Pump), by Application (Hospital, Clinic): Global Opportunity Analysis and Industry Forecast, 2021–2030. It is published in Valuates Reports under the Health Category.
Global revenue for IoT Medical Devices was valued at USD 16.25 Billion in 2020 and is expected to generate revenue of USD 58.33 Billion by end of 2027, growing at a CAGR of 19.85% between 2021 and 2027.
Major factors driving the growth of the IoT Medical Devices market are:
Factors such as growing focus on patient-centric care delivery, and an increase in the penetration of smartphones and high-speed networking and connectivity solutions, an increase in the number of digital health initiatives from governments around the world, and a growing need to reduce healthcare costs are driving the growth of the IoT Medical Devices Market.
Furthermore, demand for IoT networks in healthcare facilities is expected to increase as a result of a growing preference among healthcare practitioners for real-time data monitoring to treat chronic diseases. This, in turn, is expected to fuel the growth of the IoT medical devices market.
TRENDS INFLUENCING THE GROWTH OF IoT MEDICAL DEVICES MARKET
The IoT medical devices in healthcare institutions are expected to increase as a result of a growing preference among healthcare practitioners for real-time data monitoring to manage chronic diseases. Advances in communication technologies, such as real-time data transmission, have improved patients' ability to manage chronic diseases and medication dosage, thereby fueling IoT medical devices' market growth. In addition, the market is benefiting from an increase in the number of IoT platform installations for better and earlier disease diagnosis and tracking.
Furthermore, the IoT medical devices market is expanding as a result of a greater emphasis on patient-centered care delivery. The healthcare industry is moving away from institution-centric care delivery and toward patient-centered care delivery. This is driving the development of a number of technologies that assist caregivers and patients in engaging more effectively while also obtaining critical health data for treatment decisions. Patients are expecting an increasing number of tools and platforms that give them access to their own health data and enable them to communicate effectively with caregivers about health-related issues. This is driving the adoption of connected medical devices and wearables, which enable providers to collect vital medical data and deliver tailored health solutions.
Moreover, government initiatives to encourage IoT platforms, improvements in healthcare infrastructure in developing countries, and significant R&D spending are all expected to drive the growth of the IoT medical devices market.
However, the expansion of the IoT medical devices market is expected to be hampered by high costs associated with IoT infrastructure development, data privacy, and security concerns, a lack of awareness among the general public in emerging countries, and a lack of technical skills.
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IoT MEDICAL DEVICES MARKET SHARE ANALYSIS
Based on type, the Cardiac Monitor segment is expected to grow at the fastest rate during the forecast period. One of the systems that use IoT to identify the cardiac patient's condition and monitor the situation in an emergency is the cardiac monitor. It monitors the heart rate of patients suffering from long-term cardiovascular disease.
Based on application, The Hospital segment is estimated to witness the highest CAGR for the forecast period. The increasing incidence of chronic diseases like diabetes, cardiovascular disease, arthritis, and cancer adds to the ever-increasing burden on hospitals. Moreover, the necessity to manage growing patient data along with the critical need to enhance patient outcomes, better data accessibility & interoperability, and meet administrative requirements concerning patient data and safety is encouraging the adoption of IoT medical devices in hospitals.
The Asia Pacific market is expected to grow at the fastest CAGR during the forecast period. The rapid growth in this regional market can be attributed to government initiatives to promote eHealth, rising medical tourism, increased awareness, and increased demand for high-quality healthcare.
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- The global Medical Device Connectivity market size is projected to reach USD 19570 Million by 2026, from USD 4080.7 Million in 2019, at a CAGR of 25.1% during 2021-2026.
- The global IoT Healthcare market size is projected to reach USD 222260 Million by 2027, from USD 53340 Million in 2020, at a CAGR of 22.1% during 2021-2027.
- The global Continuous glucose monitoring systems (CGMS) market size was valued at USD 1,774.2 Million in 2019, and is projected to reach USD 8,844.9 Million by 2027, registering a CAGR of 22.0% during the forecast period.
- The global Remote Patient Monitoring Devices market size is projected to reach USD 1688 Million by 2026, from USD 920 Million in 2020, at a CAGR of 10.64% during 2020-2026.
- The global Medical Supplies market size is projected to reach USD 305490 Million by 2027, from USD 183930 million in 2020, at a CAGR of 7.1% during 2021-2027.
- In 2020, the global Pluggable Cardiac Monitor market size was USD 718 Million and it is expected to reach USD 1179.4 Million by the end of 2027, with a CAGR of 7.0% during 2021-2027.
- The Global Home Medical Equipment Market Size was valued at USD 30,545.34 Million in 2019, and is estimated to reach USD 56,457.87 Million by 2027, registering a CAGR of 6.1% from 2020 to 2027.
- The global Medical display market was valued at USD 2,052.77 Million in 2019, and is projected to reach USD 3,194.72 Million by 2027, registering a CAGR of 4.90% from 2020 to 2027.
- In 2020, the global Heart Rate Monitors market size was USD 13030 Million and it is expected to reach USD 17970 Million by the end of 2027, with a CAGR of 4.7% during 2021-2027.
- The global Infusion Pump market size is projected to reach USD 852.8 Million by 2027, from USD 627.7 Million in 2020, at a CAGR of 4.0% during 2021-2027.
- The global Medical Electronics market size is projected to reach USD 5256.6 Million by 2027, from USD 4506.3 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 2.6% during 2021-2027.
- The global Medical Device market size is projected to reach USD 371530 Million by 2026, from USD 319410 Million in 2020, at a CAGR of 2.6% during 2021-2026.
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