January 12, 2021
According to the research report titled ‘Global IoT Medical Devices Market Analysis, 2020‘, available with Market Study Report LLC, global IoT medical devices market is expected to record a y-o-y growth rate of 25% during 2020-2025
Rising deployment of high-speed network, patient preferences for self-health monitoring, and extensive adoption of smart wearables in healthcare services are fueling the growth of global IoT medical devices market. Further, favorable regulations by government for e-health and electronic health record (EHR) integration as well as growing usage of connected devices are contributing to the industry growth.
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Moreover, several countries are leveraging digital health monitoring with growing cases of chronic diseases such as cancer, diabetes, cardiovascular diseases, and arthritis, which is propelling the market expansion. In addition, individual preference for remote monitoring through real-time analysis, and emphasis on cost containment in healthcare delivery are positively impacting the global IoT medical devices market forecast.
With respect to end user terrain, global IoT medical devices industry is bifurcated into long-term care centers, assisted living facilities, nursing homes, hospitals & clinics, and others. As per the report, long-term care centers, assisted living facilities, and nursing homes segment is poised to amass significant gains in the coming years, owing to high cost of hospitals beds, need for prolong treatment for severe diseases, and growing number of assisted living homes.
Based on connectivity type, worldwide IoT medical devices market is segmented into Bluetooth, WI-FI, ZigBee and others. Among these, Bluetooth segment held substantial industry share in 2019 and is expected to witness swift growth through 2025, owing to benefits like low power consumption, and reduction in deployment cost, along with rising efforts by OEMs for developing Bluetooth-enabled medical devices.
From a regional frame of reference, North America IoT medical devices industry currently leading the revenue graph, followed by Europe region. The growth is attributed to high disposable income, escalating adoption of technology, and preference for remote monitoring among patients.
Major players influencing global IoT medical devices industry trends are Johnson & Johnson, Medtronic plc, Koninklijke Philips N.V., Stanley Healthcare, BioTelemetry Inc., Omron Corporation, GE Healthcare, AgaMatrix Inc., Siemens AG, and iHealth Lab Inc.