Rapid rise in remote patient monitoring amid the COVID-19 pandemic, increasing use of wearable medical devices for efficient monitoring and provision of timely treatment, and availability of cost-effective IoT healthcare devices are some key factors expected to drive market growth.
Rapid rise in remote patient monitoring amid the COVID-19 pandemic, increasing use of wearable medical devices for efficient monitoring and provision of timely treatment, and availability of cost-effective IoT healthcare devices are some key factors expected to drive market growth
According to Emergen Research, the global healthcare cloud computing market size was USD 25.98 billion in 2019 and is expected to reach USD 161.73 billion in 2027 and is expected to register a revenue CAGR of 25.6% during the forecast period, 2020-2027.
Market Dynamics:
IoT healthcare devices and wearable technology gather crucial patient data that enable doctors and physicians to monitor patients with high accuracy and precision and provide better, informed, and quick treatment. IoT technology enables patients to be better connected to doctors through remote monitoring and virtual visits, helps hospital efficiently track staff and patients, facilitate care of chronic diseases, and automate patient care workflow. Increasing use of werable medical devices, growing need to reduce medical error and inconsistences, and rising awareness regarding benefits of IoT-enabled medical devices among healthcare professionals and organizations are some key factors expected to drive market revenue growth over the forecast period.
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IoT medical devices can quickly analyze and distribute crucial medical data to enable seamless communication between different departments, reduce healthcare costs by streamlining overall procedures, and optimize drug dosage and administration through tracking of drug effectiveness. These are some other factors that can boost adoption of IoT medical devices and drive market revenue growth going ahead. IoT medical devices available in the market today include those that provide remote monitoring of temperature for vaccines, medical-data transferring tools, monitoring of vital parameters, remote care biometric scanners, and sleep monitors, among others. IoT-enabled devices improve patient outcomes and reduce costs by leveraging connected devices with IoT sensors to offer continuous stream of real-time health data of patients. Increasing collaborative research and development activities, rising trend of patient care at home, and growing number of product launches are some other factors expected to contribute to revenue growth of the market going ahead.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Wearable Medical Devices Segment to Account for a Significantly Large Revenue Share:
Wearable medical devices segment is expected to account for a significantly large revenue share in the global market over the forecast period attributable increasing use of wearable IoT devices in hospital settings for better monitoring of patient health, rising popularity of electronic health devices such as smartwatches that measure vital signs, and rapid advancements in wearable IoT devices. Wearable devices measure parameters such as steps taken, hours slept, blood pressure, blood oxygen levels, and heart rate, among others.
Near Field Communication (NFC) Segment to Register Significant Revenue Growth:
Near field communication (NF) segment is expected to register significant revenue growth over the forecast period attributable to increasing ability of NFC to enable secure exchange of portable medical records, reduce healthcare frauds, track medication adherence, monitor fitness and wellness activities of the patients, and access to emergency medical information. NFC enables caregivers and caretakers to connect with each other through wireless data-tracking bands that monitor overall health of the patients. Near-field communication-based systems speeds up processes in the hospitals and provides accuracy and efficiency in healthcare processes and this is another factor expected to drive revenue growth of the segment going ahead.
Asia Pacific to Lead in Terms of Revenue CAGR:
Asia Pacific is expected to account for robust revenue CAGR over the forecast period attributable to increasing investment to advance healthcare facilities, rising adoption of advanced medical devices and increasing penetration of IoT in healthcare facilities, and growing trend of wearable devices such as smartwatches to monitor vital signs. In addition, growing network of hospital and clinics in the region, rising penetration of internet and smart devices in healthcare facilities, utilization of cloud-based systems, and rapid technological advancements are some other factors expected to drive market growth in the region over the coming years.
Major Companies in the Market Include:
- GE Healthcare
- Medtronic
- Abbott Laboratories
- Siemens
- Johnson & Johnson
- Boston Scientific
- Philips Healthcare
- Honeywell Life Care Solutions
- Omron
- Biotronik
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For the purpose of this report, Emergen Research has segmented into the global IoT Medical Devices Market on the basis of product, type, connectivity technology, end-user, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Vital Signs Monitoring Devices
- Blood Pressure Monitors
- Blood Glucose Monitors
- ECG/Heart Rate Monitors
- Oximeters
- Multiparameter Monitors
- Respiratory Devices
- Fetal Monitoring Devices
- Neurological Devices
- Implantable Cardiac Devices
- Implantable Cardioverter Defibrillators
- Implantable Cardiac Monitors
- Pacemakers
- Hearing Devices
- Anesthesia Machines
- Patient Monitors
- Ventilators
- Imaging Systems
- Infusion Pumps
- Other Products
Type Outlook (Revenue, USD Billion; 2017-2027)
- Wearable Medical Devices
- Implantable Medical Devices
- Stationary Medical Devices
- Other IoT Medical Devices
Connectivity Technology Outlook (Revenue, USD Billion; 2017-2027)
- Bluetooth
- Wi-Fi
- ZigBee
- Near Field Communication (NFC)
- Other Connectivity Technologies
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals & Clinics
- Nursing Homes
- Assisted Living Facilities
- Long-term Care Centers
- Home Care Settings
- Others
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
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