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Allied Market Research

IoT Medical Devices Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

A11201
Pages: NA
Jul 2021 | 59 Views
 
Author(s) : Onkar Sumant
Tables: NA
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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IoT Medical Devices is the system which is installed in the medical devices which are interrelated computing devices, digital and mechanical machines, animals, or people that are provided with Unique Identifiers. They are also instilled with the ability to transfer the data over a network without requiring human-computer-human interaction of any sort. The IoT when attached with ordinary medical devices and connected with internet gives data about the symptoms, improvement of the condition and enables remote care and supports the patient to have more control over the lives and the treatment taken. The IoT medical device can give utmost supervision in the conditions such as continuous glucose monitoring, cancer, automated insulin delivery, connected inhalers, connected contact lenses, depression and other medical conditions.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2020–2027

  Base year considered

  2019

  Forecast period

  2021–2027

  Forecast units

  Value (USD)

  Segments covered

  Product, Type, Connectivity Technology, End User and Region

  Geographies covered

North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM) and The Middle East and Africa

  Companies covered

Major players analyzed include Philips, GE Healthcare, Abbott Laboratories, Stanley Healthcare, Johnson and Johnson, Boston Scientific, Siemens, Medtronic and Honey Well Life Care Solutions.


COVID-19 scenario analysis:

COVID-19 outbreak has led to an increase in the population of infected population, due to the fact that the medications are unavailable at the time. This has led the increase in the use of the medical devices in order to monitor and manage the disease. The medical devices used include, the oxygen supplies, ventilators and other devices which would help the patient breath with ease.  Furthermore, COVID-19 has led to a growth in the demand for the medical supplies which can be used as precautionary measures such as personal protective equipment including gloves, masks, and protective eyeglasses. Both the healthcare professional and the civil population are in need of the medical supplies and devices. The manufacturers of this equipment are anticipated to gain maximum revenue in the current scenario.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The surge in the focus on the patient safety and growing government initiatives for promoting digital health would help the market grow in the coming years. The surge in the need for cost-effective therapies in healthcare sector would help the market. The evolution of the high-speed networking technologies would boost the market during the forecast period. Furthermore, there was a steep rise in the penetration and availability of tablets, smartphones, smart watches and other digital means, which is anticipated to help the market gain maximum shares in the healthcare industry. However, the lack of expertise of the professionals in the healthcare and networking and digital technology sector may hinder the growth of the industry.

The global IoT medical devices market trends are as follows:

New product launches to flourish the market

The major players in the industry are keen to invest on the advancement in the technology and are focusing to design the products according to the need of the hour. The new products are launched to support the healthcare professional and assist with the ease for the treatment of a condition or disease.  For instance, in November 2017, Medtronic announced that it has received CE mark for its new product namely, Intellis. Intellis acts as a platform for both Peripheral Nerve Stimulation and Spinal Cord Stimulation to support in the certain types of chronic pain.

In addition, in October 2019, UPS announced that it has launched UPS premier, which involves tech-enabled monitoring and sensing systems to support in the tracking, visibility, and management for critical healthcare. The surge in the need of technological advancement in the healthcare sector posed the need for manufacturers to focus on the need of the hour to provide appropriate delivery of the medication and monitor the level of improvement in the condition such as hypertension and abnormality in blood glucose level.

Surge in incidence of diseases to propel the market

The growth in the number of diseases which can be monitored and tracked using IoT medical devices is anticipated to help the market grow in the coming years. The rise in the number of persons suffering from diabetes mellitus needs to be assisted with the medical device which can continuously monitor the level of blood glucose at the crucial time where it expected to either raise or decrease, which is important to keep track.

According to the International Diabetes Federation in 2019, the prevalence of diabetes mellitus was estimated to be 463 million and stated to rise to about 578 million by 2030 and is anticipated to increase to about 700 million by 2045. According to the American Heart Association in January 2018, the estimated number of individuals who are experiencing high blood pressure are about 103 million in the U.S. and is expected to grow in the coming years. The alarming growth of the number of persons having such chronic diseases that need to be monitored throughout their life would help the industry gain maximum shares in the near future.

Key segments covered:

Segments

Sub-segments

  Product

  • Blood Pressure Monitor
  • Glucometer
  • Respiratory Devices
  • Neurological Devices
  • Cardiac Monitor
  • Ventilators
  • Infusion Pumps
  • Others

  Type

  • Implantable
  • Wearable
  • Others

  Connectivity Technology

  • Wi-Fi
  • Bluetooth
  • Others

  End User

  • Hospitals and Clinics
  • Home Care Settings
  • Others

 

Key benefits of the report:

  • This study presents the analytical depiction of the global IoT Medical Devices industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global IoT Medical Devices market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global Medical Devices market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the Medical Devices market.
  • The report provides a detailed global market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the IoT Medical Devices Market research report:

  • Who are the leading market players active in the IoT Medical Devices market?
  • What are the current trends will influence the Medical Devices market in the next few years?
  • What are the driving factors, restraints, and opportunities in the Medical Devices market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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