IoT Medical Devices Market is projected to reach USD 94.2 billion by 2026 from USD 26.5 billion in 2021, at a CAGR of 28.9% during the forecast period. The growth of this market is majorly attributed to the need for cost-containment in healthcare delivery, and rising focus on active patient engagement & patient-centric care delivery. Also, the government initiatives to promote digital health are expected to drive demand growth in the IoT medical devices market during the forecast period.
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Key Market:
The major players in the global IoT medical devices market are Medtronic (US), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands). Other prominent players in the market include Honeywell Life Care Solutions (US), BIOTRONIK (Germany) are the leading players in the market. Other players include Boston Scientific Corporation (US), Johnson & Johnson Services, Inc. (US), Siemens AG (Germany), Omron Healthcare, Inc. (Japan), BioTelemetry, Inc. (US), AliveCor, Inc. (US), iHealth Lab, Inc. (US), AgaMatrix (US), Abbott Laboratories (US), Stanley Healthcare (US), and Hillrom-Welch Allyn (US).
Driver: Growing need for cost-containment in healthcare delivery
The overall cost of healthcare delivery has grown at a double-digit rate in the last few decades. Increasing health insurance premiums, the growing demand for quality healthcare services, the rising geriatric population, and the growing incidence of chronic disorders across the globe are the major factors responsible for the significant rise in healthcare costs. Other major factors contributing to this trend are the high dependency on traditional and technologically outdated clinical devices that increase patient readmission, medical errors, and administration costs.
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Restraint: High deployment cost of connected medical devices and the associated infrastructure
The cost of interoperability and connectivity solutions for different medical devices is considerably high. Moreover, IT support and maintenance services, which include modifying and upgrading software as per changing user requirements and maintaining an efficient IT infrastructure, represent a recurring expenditure. This accounts for a large share of the total cost of ownership. Also, post-sale custom interface development for device integration requires additional verification and validation to ensure solution accuracy and completeness. This further increases the total cost of ownership for healthcare providers. As a result of the high costs involved, small healthcare facilities, especially in emerging countries, are reluctant to replace their legacy systems with advanced IoT-enabled devices.
Opportunity: Low doctor-to-patient ratio leading to increased dependency on self-operated eHealth platforms
The doctor-to-patient ratio is low in many countries across the globe. According to the World Health Statistics report 2017, around 40% of countries have less than one physician per 1,000 people and less than 18 hospital beds per 10,000 people. Also, there is a significant disparity between the developed and developing markets in terms of healthcare access for citizens. For instance, developing countries in the APAC and Africa have a significantly lower density of hospital beds, physicians, nurses, and midwives per 10,000 people than developed countries in North America and Europe.
Challenge: Data security issues
The increased use of automated technologies such as EHRs, healthcare integration, and health information exchanges have helped expand the healthcare privacy and security landscape. The electronic exchange of patient data offers greater reach and efficiency in healthcare delivery but has high-security risks due to the broader access. Concerns over the security of proprietary data and applications form a major challenge to the growth of the IoT medical devices market.
North America dominates the IoT medical devices market during the forecast period.
North America accounted for the largest share of the IoT medical devices market in 2020. The high penetration of smartphones, tablets, and other mobile platforms; increasing utilization of connected devices to manage chronic diseases; the development and adoption of EHRs in healthcare organizations; and rising government initiatives for digitizing healthcare are some of the factors driving the growth of the IoT medical devices market in this region.
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