IoT Medical Devices to Reach USD 58.33 Billion by 2027 at a CAGR of 19.85% | Valuates Reports

Major factors driving the growth of the IoT Medical Devices market are:

Factors such as growing focus on patient-centric care delivery, and an increase in the penetration of smartphones and high-speed networking and connectivity solutions, an increase in the number of digital health initiatives from governments around the world, and a growing need to reduce healthcare costs are driving the growth of the IoT Medical Devices Market.

Furthermore, demand for IoT networks in healthcare facilities is expected to increase as a result of a growing preference among healthcare practitioners for real-time data monitoring to treat chronic diseases. This, in turn, is expected to fuel the growth of the IoT medical devices market.

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TRENDS INFLUENCING THE GROWTH OF IoT MEDICAL DEVICES MARKET

The IoT medical devices in healthcare institutions are expected to increase as a result of a growing preference among healthcare practitioners for real-time data monitoring to manage chronic diseases. Advances in communication technologies, such as real-time data transmission, have improved patients' ability to manage chronic diseases and medication dosage, thereby fueling IoT medical devices' market growth. In addition, the market is benefiting from an increase in the number of IoT platform installations for better and earlier disease diagnosis and tracking.

Furthermore, the IoT medical devices market is expanding as a result of a greater emphasis on patient-centered care delivery. The healthcare industry is moving away from institution-centric care delivery and toward patient-centered care delivery. This is driving the development of a number of technologies that assist caregivers and patients in engaging more effectively while also obtaining critical health data for treatment decisions. Patients are expecting an increasing number of tools and platforms that give them access to their own health data and enable them to communicate effectively with caregivers about health-related issues. This is driving the adoption of connected medical devices and wearables, which enable providers to collect vital medical data and deliver tailored health solutions.

Moreover, government initiatives to encourage IoT platforms, improvements in healthcare infrastructure in developing countries, and significant R&D spending are all expected to drive the growth of the IoT medical devices market.

However, the expansion of the IoT medical devices market is expected to be hampered by high costs associated with IoT infrastructure development, data privacy, and security concerns, a lack of awareness among the general public in emerging countries, and a lack of technical skills.

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IoT MEDICAL DEVICES MARKET SHARE ANALYSIS

Based on type, the Cardiac Monitor segment is expected to grow at the fastest rate during the forecast period. One of the systems that use IoT to identify the cardiac patient's condition and monitor the situation in an emergency is the cardiac monitor. It monitors the heart rate of patients suffering from long-term cardiovascular disease.

Based on application, The Hospital segment is estimated to witness the highest CAGR for the forecast period. The increasing incidence of chronic diseases like diabetes, cardiovascular disease, arthritis, and cancer adds to the ever-increasing burden on hospitals. Moreover, the necessity to manage growing patient data along with the critical need to enhance patient outcomes, better data accessibility & interoperability, and meet administrative requirements concerning patient data and safety is encouraging the adoption of IoT medical devices in hospitals.

The Asia Pacific market is expected to grow at the fastest CAGR during the forecast period. The rapid growth in this regional market can be attributed to government initiatives to promote eHealth, rising medical tourism, increased awareness, and increased demand for high-quality healthcare.

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