According to a new report published by Allied Market Research, titled, โIoT Medical Devices Market: Global Opportunity Analysis and Industry Forecast, 2020-2027” IoT Medical Devices is the system which is installed in the medical devices which are interrelated computing devices, digital and mechanical machines, animals, or people that are provided with Unique Identifiers. They are also instilled with the ability to transfer the data over a network without requiring human-computer-human interaction of any sort. The IoT when attached with ordinary medical devices and connected with internet gives data about the symptoms, improvement of the condition and enables remote care and supports the patient to have more control over the lives and the treatment taken. The IoT medical device can give utmost supervision in the conditions such as continuous glucose monitoring, cancer, automated insulin delivery, connected inhalers, connected contact lenses, depression and other medical conditions.
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COVID-19 Scenario Analysis
COVID-19 outbreak has led to an increase in the population of infected population, due to the fact that the medications are unavailable at the time. This has led the increase in the use of the medical devices in order to monitor and manage the disease. The medical devices used include, the oxygen supplies, ventilators and other devices which would help the patient breath with ease. Furthermore, COVID-19 has led to a growth in the demand for the medical supplies which can be used as precautionary measures such as personal protective equipment including gloves, masks, and protective eyeglasses. Both the healthcare professional and the civil population are in need of the medical supplies and devices. The manufacturers of this equipment are anticipated to gain maximum revenue in the current scenario.
The surge in the focus on the patient safety and growing government initiatives for promoting digital health would help the market grow in the coming years. The surge in the need for cost-effective therapies in healthcare sector would help the market. The evolution of the high-speed networking technologies would boost the market during the forecast period. Furthermore, there was a steep rise in the penetration and availability of tablets, smartphones, smart watches and other digital means, which is anticipated to help the market gain maximum shares in the healthcare industry. However, the lack of expertise of the professionals in the healthcare and networking and digital technology sector may hinder the growth of the industry.
The major players in the industry are keen to invest on the advancement in the technology and are focusing to design the products according to the need of the hour. The new products are launched to support the healthcare professional and assist with the ease for the treatment of a condition or disease. For instance, in November 2017, Medtronic announced that it has received CE mark for its new product namely, Intellis. Intellis acts as a platform for both Peripheral Nerve Stimulation and Spinal Cord Stimulation to support in the certain types of chronic pain.
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The key players profiled in this report include Philips, GE Healthcare, Abbott Laboratories, Stanley Healthcare, Johnson and Johnson, Boston Scientific, Siemens, Medtronic and Honey Well Life Care Solutions.
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- This study presents the analytical depiction of the global IoT Medical Devices industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global IoT Medical Devices market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global Medical Devices market growth scenario.
- Porterโs five forces analysis illustrates the potency of buyers & suppliers in the Medical Devices market.
- The report provides a detailed global market analysis based on competitive intensity and how the competition will take shape in coming years.
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