(EMAILWIRE.COM, October 16, 2018 ) The overall IoT medical devices market is expected to grow from USD 20.59 billion in 2018 to USD 63.43 billion by 2023 at a CAGR of 25.2%. The increasing government initiatives for promoting digital health, growing need for cost-containment in healthcare delivery, rising focus on active patient engagement and patient-centric care delivery, and growing focus on patient safety are the major factors driving the growth of the IoT medical devices market.

IoT (Internet of Things) medical devices are smart healthcare devices that are connected via sensors, actuators, and network communication technologies to interconnect patients, doctors, and clinicians. These devices also help streamline medical/clinical operations & information flow, and enable real-time monitoring of patients.

Market Dynamics

Drivers
-Government initiatives for promoting digital health
-Growing need for cost-containment in healthcare delivery
-Rising focus on active patient engagement and patient-centric care delivery
-Evolution of high-speed networking technologies and increasing
-penetration of smartphones, tablets, and other mobile platforms in healthcare
-Growing focus on patient safety

Restraints
-High deployment cost of connected medical devices and associated infrastructure
-Insufficient IoT technology skills across healthcare organizations

Opportunities
-Low doctor-to-patient ratio leading to increased dependency on self-operated eHealth platforms

Challenges
-Issues related to data security
-Issues related to data managementr and interoperability

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The IoT medical devices market has been segmented, on the basis of product, into imaging systems, vital signs monitoring devices, implantable cardiac devices, patient monitors, respiratory devices, infusion pumps, neurological devices, hearing devices, anesthesia machines, fetal monitoring devices, ventilators, and other IoT medical devices (such as medication management devices, activity trackers, fall management devices, weighing scales, body composition, and thermometers). The vital signs monitoring devices segment is expected to grow at the highest CAGR of 32.7% during the forecast period. This is mainly due to the growing prevalence of hypertension, unhealthy lifestyles, growing obese population, and the increasing preference for self-health management.

The IoT medical devices market in Middle East & Africa is expected to grow at the highest CAGR during the forecast period. Middle East & Africa is expected to offer lucrative growth opportunities to market players majorly due to the implementation of government initiatives for the promotion of eHealth, rising medical tourism, growing awareness among patients about self-health management, and the growing demand for quality healthcare. In addition, the rising prevalence of chronic disorders, increasing per capita income, higher adoption of smartphones, and the growing penetration of advanced connectivity and networks in these countries drives the market in this region.

Use of IoT medical devices in hospitals and clinics drives the global IoT medical devices market

The growing incidence of chronic diseases like diabetes, cardiovascular disease, arthritis, and cancer adds to the ever-increasing burden on hospitals and clinics. Due to the large amount of data generated during diagnosis and treatment, every patient entry increases the burden on medical devices as well as hospital staff. The need to manage increasing patient data along with the urgent need to improve patient outcomes, improve data accessibility & interoperability, and meet regulatory requirements regarding patient data and safety is driving the adoption of IoT medical devices in hospitals and clinics.

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