Global Statistics Representing IoT Medical Devices Market Scenario
IoT medical devices are used for the diagnosis and treatment of cardiopulmonary diseases to manage artificial airways and mechanical ventilation systems, and administer aerosol-based medications. Increasing prevalence of respiratory diseases such as COPD, sleep apnea, asthma, infectious diseases, and lung cancer has been propelling the demand for IoT medical devices on account of the growing geriatric population and changing lifestyle. Additionally, growing demand for advanced care devices around the globe is also expected to fuel market growth in coming years.
During the last few years, the global IoT medical devices market has witnessed significant growth, and it is likely to retain the same growth momentum during the forecast period, 2019–2026. This can largely be attributed to the increasing incidences of respiratory diseases such as chronic obstructive pulmonary disorder (COPD), sleep apnea, and asthma. According World Health Organization (WHO), 251 million cases of COPD were diagnosed globally in 2016. Additionally, the rising air population around the globe is also projected to propel market growth in the coming years.
The increasing prevalence of smoking and rising geriatric population, which is more susceptible to respiratory disorders, are expected to be the key factors propelling market growth during the forecast period. Apart from this, significant demand for enhanced portable devices, rising urbanization, increasing incidences of preterm births, and changing lifestyle have been resulting in significant growth in the demand for IoT medical devices. On the flip side, the high cost of these devices is expected to hinder market growth to an extent.
The global IoT medical devices market accounted for over USD 2,189.5 million in 2017 and is expected to grow at a CAGR of 23.1% during the forecast period, 2019–2026.
The global IoT medical devices market has been segmented by product, type, connectivity technology, end user and region.
On the basis of product, the 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/heart rate, monitors, oximeters, and multipara-meter monitors. The implantable cardiac devices segment has been further sub-segmented into implantable cardioverter defibrillators, and implantable cardiac monitors.
On the basis of type, the IoT medical devices 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 projected to grow at the highest CAGR during the forecast period, owing to the availability of a wide range of applications in a single device with increasing popularity among the youth around the globe.
Based on connectivity technology, the IoT Medical devices market has been segmented into Bluetooth, Wi-Fi, ZigBee, and other connectivity technologies. The Bluetooth segment is projected to dominate the market during the forecast period while the Wi-Fi segment is expected to exhibit the fastest growth with increasing connectivity.
Based on end user, the IoT medical devices market has been segmented into hospitals, clinics, and ambulatory centers.
In terms of region, the global IoT medical devices market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America is expected to dominate the IoT medical devices market during the forecast period, owing to the increasing prevalence of respiratory diseases such as COPD and asthma, chronic obstructive pulmonary disease (COPD), pulmonary fibrosis, pneumonia, and lung cancer. According the World Bank Group, in the U.S., 35.11% of the total population were former e-cigarette users in 2016.
Increasing prevalence of smoking is a key factor contributing to the increasing incidences of lung diseases. Additionally, changing lifestyle, modernization, and other environmental factors such as increasing pollution are some of the other factors responsible for increasing incidences of respiratory disorders. Highly advanced healthcare infrastructure and the large number of healthcare facilities in North America are other factors expected to boost the growth of the IoT Medical devices market during the forecast period.
Europe is the second largest IoT medical devices market, owing to the region’s large patient pool suffering from respiratory diseases, increasing investments in the healthcare sector, and the growing geriatric population. The increasing demand for IoT medical devices in countries across Europe is expected to boost market growth.
Asia Pacific is expected to observe significant growth in the global IoT medical devices market, owing to the increasing prevalence of respiratory diseases such as asthma, COPD, rhinosinusitis, and high prevalence of smoking. According to the World Bank Group, 20.6% of India’s population were smokers in 2016.
The LAMEA IoT medical devices market is expected to witness sluggish growth in the global market during the forecast period, 2019–2026, owing to the poor healthcare infrastructure in Africa. However, growing urbanization, improving healthcare infrastructure, and high disposable income in Middle Eastern countries such as UAE, Saudi Arabia, and Kuwait, among others are projected to drive market growth to some extent.
Some of the key players in the global IoT Medical devices market include ResMed. (U.S.), Koninklijke Philips N.V (Netherlands), Masimo(U.S.), BD. (U.S.), Chart Industries (U.S.), Medtronic (Ireland), Drägerwerk AG & Co. KGaA (Germany), Fisher and Paykel Healthcare Limited (New Zealand), and Hamilton Medical (Switzerland).
IoT Medical Devices Market Segmentation
By Connectivity Technology
By End User