Growing “Smart Medical Devices’ Market”
Our expert's opinion
"The “Internet of Things”, or IoT, is one of the hottest IT topics at the moment. It consists of making an object able to communicate with (at least) an other one, transforming into “a connected object” or more commonly “a smart object” (think SmartPhone, SmartWatch, etc). One of the newest applications for the IoT is in the Healthcare industry. More and more medical devices are now connected and gathering and sharing data through applications. From cardiac monitoring to respiratory alarm systems, the use for this technology is endless. Some smart medical devices work just as well from your home than the hospital, thanks to the high speed internet connection being more frequent and stable at home.
What do you think about this IoT application ? I’m honestly thrilled by the next devices that could come up over the next years to make our life easier and our illnesses more bearable."
- Antoine Desprez, Associate Consultant
IoT Medical Devices Market to Deliver Positive Growth Results until 2026
The global IoT market is anticipated to rise at a notable rate owing to the government initiatives in order to promote digital health. IoT services are used for emergency notification systems and remote health monitoring. Also known as smart healthcare, internet if things in the field of healthcare has turned up to be a boon in terms of connecting medical devices and providing better medical help to people with the help of technology, under the guidance of both human skills and artificial intelligence.
There are different variations of the global IoT medical devices market with respect to product, type, connectivity technology, and end-user. Based on product, the IoT medical device market is classified into vital signs monitoring devices, imaging systems, respiratory devices, implantable cardiac devices, infusion devices, anesthesia machines, neurological devices, hearing devices, fetal monitoring devices, and ventilators. The vital signs monitoring devices category is sub-categorized into oximeters, multiparameter monitors, blood pressure monitors, ECG or heart rate monitors and blood glucose monitors. Sub-division of implantable cardiac devices are implantable cardiac monitors, pacemakers, and implantable cardioverter defibrillators.
Based on categorization by device type, the global IoT medical devices market is divided into wearable medical devices, implantable medical devices, and stationary medical devices. Based on segmentation by connectivity technology, the market could be segmented into zigbee, Bluetooth, and wi-fi connections. With regard to categorization by end-user, the market is classified into home care centers, long-term care centers, assisted living facilities and nursing homes.
Major factors to propel the global IoT medical devices market are the growing need for cost efficient services in healthcare and medical sector for patients. Besides the surge in cases of chronic diseases like arthritis, cancer, diabetes and cardiovascular diseases are increasing the burden of hospitals and clinics by the day. The increase in the number of new hospital and medical center set-ups are also creating more opportunities of growth in the years to come.
Apart from that patient care and patient engagement is now given more importance which in a way, is adding more boost to the market as more and more people are opting for IoT medical devices for their family member’s proper hospital care. The rise in focus on safety of patients is expected to open new doors of opportunity to the overall market.
The introduction and usage of high speed internet and networking technology along with the rise in usage of tablets, smartphones, and other mobile programs are also anticipated to propel the market for IoT medical device market in the years to come.
Important players of the global IoT medical devices market are Siemens AG (Germany), Welch Allyn (US), Boston Scientific Corporation (US), Koninklijke Philips N.V. (Netherlands), and Johnson & Johnson Services, Inc. (US).
Source: New Daily Herald