IoT Medical Devices Market Worth $94.2 Billion by 2026

According to a market research report, “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,” the global market is projected to reach $94.2 billion by 2026 from $26.5 billion in 2021, at a compound annual growth rate (CAGR) of 28.9 percent during the forecast period.
 
The growth of this market is majorly attributed to the need for cost-containment in healthcare delivery, and rising focus on active patient engagement and patient-centric care delivery, according to the report, published by MarketsandMarkets. Also, the government initiatives to promote digital health are expected to drive demand growth in the IoT medical devices market during the forecast period.
 
Among the product, segment, the vital signs monitors segment is expected to grow at the highest CAGR during the forecast period. The vital signs monitors segment is estimated to grow highest due to the increasing prevalence of hypertension, growing obese population, and increasing preference for self-health management.
 
The stationary medical devices segment accounted for the largest share of the global market in 2020. The implementation of government regulations mandating the use of EHR and the advantages offered by these devices are driving the growth of this segment.
 
The Wi-Fi based medical devices segment accounted for the largest share of the global market in 2020. The large share of this segment can be attributed to the advantages of Wi-Fi connectivity, such as its long range (~120 feet indoors and ~300 feet outdoors) and high speed data transmission.
 
Based on end user, the market is segmented into hospitals and clinics, nursing homes, assisted living facilities, long term care centers and home care settings. The growing need to manage an increasing volume of patient data and the increasing demand for data accessibility and interoperability in hospitals and clinics are the major factor driving the growth of this segment.
 
North America accounted for the largest share of the medical devices market in 2020. The high penetration of smartphones, tablets, and other mobile platforms; increasing utilization of connected devices to manage chronic diseases; the development and adoption of EHRs in healthcare organizations; and rising government initiatives for digitizing healthcare are some of the factors driving the growth of the market in this region.
 
Medtronic plc, GE Healthcare, and Koninklijke Philips N.V. are the leading players in the IoT medical devices market. Other players include Honeywell Life Care Solutions, BIOTRONIK, Boston Scientific Corporation, Johnson & Johnson Services Inc., Siemens AG, Omron Healthcare Inc., BioTelemetry Inc., AliveCor Inc., iHealth Lab Inc., AgaMatrix, Abbott Laboratories, Stanley Healthcare, and Hillrom-Welch Allyn.