Advancements in technology have transformed every industry, including healthcare, business, and finance. Amongst all, the healthcare sector remains the fastest to adopt technological changes to revolutionize diagnosis and treatment. Internet of things (IoT) offers benefits such as improved effectiveness and enhanced quality of services by deployment through medical devices. Moreover, a majority of hospitals have introduced smart beds to determine whether a bed is occupied or not. IoT technologies help healthcare organizations by providing health management, personalization of care and improved patient engagement to remain more competitive and attract more customers in an ever-more consumer-driven market. Increasing demand for technologically-advanced IoT-embedded medical devices around the globe has been boosting market growth.
The IoT medical devices market has been segmented by product, type, connectivity technology, end user and geography.
Based on product, the IoT medical devices market has been segmented into vital signs monitoring devices, respiratory devices, fetal monitoring devices, neurological devices, pacemakers, hearing devices, anesthesia machines, and patient monitors ventilators, imaging systems, infusion pumps, and other products. The vital signs monitoring devices segment has been sub-segmented into blood pressure monitors, blood glucose monitors, ECG or heart rate, monitors, oximeters, and multipara-meter monitors. The implantable cardiac devices segment has been sub-segmented into implantable cardioverter defibrillators and implantable cardiac monitors. The inpatient monitoring segment is expected to grow at the highest CAGR during the forecast period, as it involves continuous observation or measurement of patients’ physiological functions for guiding management decision and making therapeutic interventions.
By type, the market has been segmented into wearable medical devices, implantable medical devices, stationary medical devices, and other IOT medical devices. The wearable medical devices segment is expected to account for a major market share, owing to ease of application and cost effectiveness of these devices.
On the basis of connectivity technology, the IoT medical devices market has been segmented into Bluetooth, Wi-Fi, ZigBee, and other connectivity technologies. Bluetooth has considerably assisted healthcare service providers in location-based services to track patient biometrics from remote locations. Wi-Fi enabled devices provide greater flexibility in patient monitoring and device management as they provide wireless connectivity in the range of approximately 120 feet indoors and 300 feet outdoors. ZigBee connectivity technology is a low-power and low-cost technology that covers Personal Area Network (PAN) communications.
On the basis of end user, the IoT medical devices market has been segmented into hospitals, clinics, and ambulatory centers. The hospital segment is expected to gain a substantial share in the IoT medical devices market, owing to the increasing installation of advanced medical devices in hospitals.
By region, the IoT healthcare market has been segmented into North America, Europe, Asia Pacific, and LAMEA.
North America is a leading region in the IoT medical device market, owing to the rising penetration of connected devices in healthcare, evolution of artificial intelligence (AI) technology and reduced cost of patient care. The U.S. government announced an investment of over USD 160 million in federal research and development technology partnerships to create improved smart city services in September 2015, which is expected to drive the IoT healthcare market in this region.
Europe is projected to experience significant growth in the IoT medical device market, due to the rising adoption of IoT enabled healthcare devices. Additionally, market growth in the region is driven by the increasing need to improve both operational efficiency and patient experience. Increasing demand for IoT enabled healthcare service solutions is likely to drive market growth during the forecast period.
Asia Pacific is anticipated to grow at the highest CAGR in the IoT medical device market during the forecast period on account of the increasing disposable income, and growing awareness related to IoT healthcare devices in the region.
The LAMEA region is anticipated to grow at a healthy rate, owing to development in the region’s healthcare sector. The LAMEA healthcare industry has limited well-equipped diagnostic centers to innovate IoT-enabled solutions to improve patient experience and simplify access to care.
Some of the key market players operating in the IoT healthcare market include GE Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), Medtronic Plc (U.S.), Honeywell LifeCare Solutions (U.S.), BIOTRONIK (Germany), Boston Scientific Corporation (U.S.), Johnson & Johnson Services, Inc. (U.S.), Siemens AG (Germany), BioTelemetry, Inc. (U.S.), Omron Healthcare, Inc. (Japan), AliveCor, Inc. (U.S.), iHealth Lab, Inc. (U.S.), AgaMatrix (U.S.), Abbott Laboratories (U.S.), STANLEY Healthcare (U.S.), and Welch Allyn (U.S.).