IoT Enabled Healthcare Equipment Market Definition
The IoT enabled healthcare equipment market consists of manufacturers’ sales of healthcare devices that use IoT enabled technology. IoT is defined as a network of physical objects supported by technology and sensors for electronic data communication. IoT healthcare devices are medical devices which are equipped with IoT enabled technology such as wireless technology to assess and monitor patient’s health.
IoT Enabled Healthcare Equipment Market Size
The market for IoT medical devices reached a value of nearly $18.8 billion in 2018, having grown at a compound annual growth rate (CAGR) of 22.7% from 2014, and is expected to grow at a CAGR of 29.9% to nearly $69.7 billion by 2023.Growth is mainly due to increasing access to these devices through online platforms and a rapid decline in their prices owing to manufacturers passing on a significant drop in the prices of components. Increasing awareness of the benefits of these devices will also contribute to explosive growth. Skills shortages, high costs associated with the development of IoT healthcare devices and regulatory hurdles are potential threats.
IoT Enabled Healthcare Equipment Market Drivers
The Key drivers of the IoT enabled healthcare equipment market include:
Technological Advances-Advances in wireless technology and miniaturization (which refers to designing smaller components for medical devices) drove innovation in IoT healthcare devices. For instance, Dexcom and Verily Life Sciences collaborated in August 2015 to develop miniature continuous glucose monitoring (CGM) systems for type II diabetes patients. Verily developed miniature sensor electronics on an adhesive patch for continuous monitoring. Mobile applications, advanced sensors and embedded software also created new opportunities for medical technology companies.
IoT Enabled Healthcare Equipment Market Restraints
The Key restraint on the IoT enabled healthcare equipment market include:
Ethical and Privacy Concerns - The IoT healthcare devices market is expected to be affected by rising privacy and security concerns relating to IoT healthcare devices. IoT healthcare devices use wireless technology for data transmission, thus making these devices vulnerable to hacking, leading to a potential data breach. For instance, in 2018, a data breach at Florida-based Health First exposed the personal information of around 42,000 patients. According to a survey conducted by Unisys security survey in 2017, 41% of respondents do not want healthcare providers to collect data through medical devices, and 22% of respondents were concerned about the security of health data collected from medical devices. In consequence, the U.S. Federal Drug Administration (FDA) has provided guidance for managing cyber security in medical devices. These concerns regarding privacy and data security are likely to limit the growth of the market during the forecast period.
IoT Enabled Healthcare Equipment Market Trends
Major trends influencing the IoT enabled healthcare equipment market include:
Focus on Bluetooth Enabled Medical Devices - Medical devices and diagnostic companies are increasingly integrating Bluetooth wireless technology with medical devices. Bluetooth connectivity technology is being used for glucose monitoring, coagulation monitoring, implants or inhalers. These devices are used as insulin delivery systems to monitor glucose levels and dose adjustments.
Insulet’s Omnipod Dash system, bluetooth enabled insulin pump was approved by the US’s FDA in 2018. It consists of a new and improved touchscreen handheld (PDM) and a Bluetooth-enabled tubeless pod.
Companion Medical ‘s InPen was approved by the FDA in 2016. The system includes an insulin pen and a smartphone app and bolus advisor using Bluetooth technology. It has been commercially available for iOS users since December 2017 and is the only FDA-cleared, smart insulin pen paired with an integrated diabetes management app.
Medical Body Area Network (MBAN) To Monitor Physiological Parameters - Technological advances in electronics and wireless communications have enabled the development of small, intelligent and cost-effective medical sensor nodes. These nodes are strategically placed on a patient`s body to create a wireless medical body area network (MBAN). In some cases, sensors may be swallowed for short-term monitoring or placed in the body during surgery for monitoring physical parameters during and after the healing period. This network can continuously monitor various physiological signs and provide real-time feedback to the user and medical staff through SMS/E-mail. MBAN are particularly useful in large-scale in-field medical and behavioral studies and for patient monitoring.
Opportunities And Recommendations In The IoT Enabled Healthcare Equipment Market
Opportunities – The top opportunities in the global IoT enabled healthcare equipment market will arise in the wearable devices segment which will gain $19.6 billion of global annual sales by 2023. The IoT enabled healthcare equipment market size will gain the most in the USA at $15.78 billion. IoT enabled healthcare equipment market-trend-based strategies include engaging in partnerships and collaborations with technology companies, undertaking mergers and acquisitions and investing in MBAN devices to benefit from their increasing popularity and to gain share in the market. Player-adopted strategies in the IoT enabled healthcare equipment industry include investing in expanding manufacturing operations, improving infrastructure and in acquisitions and mergers to strengthen product and service offerings.
Recommendations – The top opportunities in the global IoT enabled healthcare equipment market will arise in the wearable devices segment which will gain $19.6 billion of global annual sales by 2023. The IoT enabled healthcare equipment market size will gain the most in the USA at $15.78 billion. IoT enabled healthcare equipment market-trend-based strategies include engaging in partnerships and collaborations with technology companies, undertaking mergers and acquisitions and investing in MBAN devices to benefit from their increasing popularity and to gain share in the market. Player-adopted strategies in the nursing care industry include investing in expanding manufacturing operations, improving infrastructure and in acquisitions and mergers to strengthen their product and service offerings.
IoT Enabled Healthcare Equipment Market Segmentation
The IoT enabled healthcare equipment market is segmented by type, and by geography.
By Type -
The IoT enabled healthcare equipment market is segmented by type into
Wearable devices had the highest growth rate of nearly 32.2% during the historic period. The fastest growth in the historic period can be attributed to increased awareness and access to these devices. Significant decreases in wearable device prices also contributed to this growth.
- a) Diagnostic Equipment
- b) Implanted Devices
- c) Wearable Devices
By Geography - The IoT enabled healthcare equipment market is segmented into
North America is the largest market for IoT enabled healthcare equipment, accounting for 35.2% of the global market. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, Asia-Pacific, South America will be the fastest growing regions in this market.
- o North America
- o Western Europe
- o Asia Pacific
- o Eastern Europe
- o South America
- o Middle East
- o Africa
IoT enabled healthcare equipment Competitive Landscape
Major Competitors are:
Other Competitors Include:
- • Medtronic plc
- • General Electric Company
- • Koninklijke Philips N.V.
- • Siemens Healthineers AG
- • Fujifilm Holdings Corporation
- • Shimadzu Corporation
- • Hitachi, Ltd.
- • Onex Corporation
- • Hologic, Inc.
- • Konica Minolta, Inc.