Global IoT Medical Devices Market Size To Grow At A CAGR Of 24.30% In The Forecast Period Of 2023-2028
IoT Medical Devices Market Report and Forecast 2023-2028
The ‘IoT Medical Devices Global Market, Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global IoT medical devices market, assessing the market on the basis of its segments like product, type, technology, application, andmajor regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
IoT Medical Devices Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 24.30%
The Internet of Things (IoT) of medical devices, comprising of different medical systems, devices, and programming, has had a large positive impact on the healthcare sector overall. This technology has had a significant positive impact on improving patient-doctor interactions, remote clinical monitoring, managing chronic diseases, and tracking fitness.
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The demand for cost-containment in healthcare delivery is on the rise, which is fuelling the IoT medical devices market expansion. Growing emphasis on patient-centred care and active patient participation is further promoting the market expansion. Additionally, it is anticipated that during the forecast period, the development of high-speed networking technologies and the expanding usage of smartphones, tablets, and other mobile platforms in healthcare would accelerate the market expansion.
Chronic conditions like diabetes, cancer, arthritis, and cardiovascular conditions are becoming more common worldwide, and require careful monitoring by patients for long-term care. Usage of IoT medical devices are increasing for such chronic conditions so as to improve clinical outcomes. More opportunities for IoT medical devices market are anticipated in the upcoming years as a result of the rising number of new hospitals and medical institutions.
IoT Medical Devices Industry Definition and Major Segments
The Internet of Things for medical devices, or IoT for medical devices, refers to the usage of IoT technologies for medical devices that can automatically collect data from patients and store in a centralised manner, sharing as needed. This technology has had a significant positive impact on remote clinical monitoring, managing chronic diseases, tracking fitness, and patient-doctor relations.
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Based on product, the market is divided into:
- Vital Signs Monitoring Devices
- Blood Glucose Monitors
- ECG/Heart Rate Monitors
- Blood Pressure Monitors
- Multiparameter Monitors
- Implantable Cardiac Devices
- Implantable Cardioverter-Defibrillators
- Implantable Cardiac Monitors
- Imaging Systems
- Patient Monitors
- Respiratory Devices
- Infusion Pumps
- Foetal Monitoring Devices
- Neurological Devices
- Anaesthesia Machines
- Hearing Devices
- Other Devices
On the basis of type, the market is categorised into:
- Stationary Medical Devices
- Implantable Medical Devices
- Wearable Medical Devices
Based on technology, the market can be segmented into:
On the basis of application, the market is divided into:
- Hospitals and Clinics
- Nursing Homes, Long-Term Care Centres, and Home Care Settings
Based on region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
IoT Medical Devices Market Trends
Hospitals and clinics are adopting IoT medical devices more frequently as a result of the urgent need to handle the expanding volumes of patient data, satisfy regulatory requirements for patient data and safety, and attend to the urgent need to enhance patient outcomes. IoT medical equipment support better data accessibility and interoperability. Additionally, the IoT medical devices market growth is being fuelled by hospitals’ increased spending to promote the use of digital technologies.
People are increasingly choosing IoT medical devices for their loved ones’ appropriate hospital treatment, patient care and engagement, which is driving the market. It is anticipated that the IoT medical devices market will benefit from the increased focus on patient safety.
New technologies in IoT medical devices incorporate artificial intelligence and machine learning, aiding patients in understanding their health status even without medical knowledge, and sounding alerts when needed. The availability of devices with simple usability, high efficacy, greater safety, security, and privacy, as well as industry-standard practises and professional abilities, is fuelling the expansion of the IoT medical devices market.
Key Market Players
The major players in the global IoT medical devices market report are:
- Abbott Laboratories
- General Electric Company
- Koninklijke Philips N.V.
- Siemens AG
- Honeywell International Inc
- Omron Corporation
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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