The global 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, rising focus on active patient engagement & patient-centric care delivery and the increasing government initiatives to promote digital health. However, the deployment of connected medical devices and the associated infrastructure requires significant investments, owing to which the adoption of IoT is low among small healthcare organizations. This, along with a dearth of skilled personnel, is expected to challenge market growth in the coming years.
Medtronic (US), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands) are the leading players in the market. Other players include Honeywell Life Care Solutions (US), BIOTRONIK (Germany) 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).
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Medtronic (US) held the leading position in the IoT medical devices market in 2020. The company has a strong product portfolio of wearable, implantable, and stationary medical devices that are IoT-enabled. Medtronic focuses on designing and manufacturing devices to address cardiac care, neurological & spinal conditions, and diabetes. The company is focusing on inorganic growth strategies such as acquisitions, partnerships, and collaborations for its growth. It has partnered with top brands in the IoT space, such as IBM, Fitbit, Qualcomm Life, and Samsung, to offer its customers the most advanced healthcare technology.
GE Healthcare (US) held the second position in the IoT medical devices market in 2020. The company has a comprehensive portfolio of wearable and stationary IoT-enabled medical devices. GE Healthcare focuses on developing innovative products that cater to the evolving trends in the market and help clinicians provide advanced care to patients. The company has a significant focus on upgrading its existing products. The company also focuses on inorganic growth strategies like collaborations, partnerships, agreements, and acquisitions. The company collaborated with governments of emerging nations to digitalize the healthcare sector. GE Healthcare’s strong presence in 140 countries also helps it market its products across the globe.
IoT Medical Devices Market by Product (Blood Pressure Monitor, Glucometer, Cardiac Monitor, Pulse Oximeter, Infusion Pump), Type (Wearable, Implantable, Stationary), Connectivity Technology (Bluetooth, Wifi), End User (Hospital) - Global Forecast to 2026
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