The global IoT in medical devices market is estimated to surge at a significant rate during the forecasted period. The rise in investments for the adoption of IoT solutions across the healthcare segment is one of the major aspects propelling the market. The augmenting penetration of connected devices in wide-ranging healthcare institutes and the implementation of IoT systems & software solutions in healthcare activities are also the key aspects enhancing market growth. The rising preference for real-time data tracking from the healthcare practitioners to administer chronic diseases is likely to impel the demand for IoT network. The integration of analytics, mobile platforms, and remote monitoring has reduced the readmission rate of patients having diabetes, congestive heart failure, and blood pressure.
Moreover, the developments in communication technologies, like real-time data transmission has certainly impacted the patients in treating chronic diseases & medication doses, which has further advanced the market growth. For example, connected wheelchairs facilitate people having disabilities to communicate health notifications to care teams and engage with care providers. The increasing number of IoT platform setups for improved and early diagnosis & disease monitoring is also adding up to the market growth. Also, the rising demand for digital technologies to treat diseases, like diabetes, insomnia, heart disease, asthma, and autism is expected to stimulate market growth.
Some of the key factors to expand the global IoT medical devices market are the amplifying need for inexpensive services in the medical and healthcare sector for patients. Moreover, the sharp increase in cases of chronic diseases such as cancer, diabetes, arthritis, and cardiovascular diseases are augmenting the burden of clinics and hospitals by the day. The augment in the number of a new medical center and hospital establishment are also generating more prospects of growth in the upcoming years.
Apart from that patient engagement & patient care is now given more relevance which in a way, is contributing to the market since more and more people are choosing IoT medical devices for their family member’s right medical care. The pitch in focus on the safety of patients is likely to open new avenues to the global market. The introduction and use of high-speed internet & networking technology coupled with the surge in the use of smartphones, tablets, and other mobile programs are also expected to impel the IoT medical device market in the future.
The administrations of different countries are also taking more programs and investing more funds for improving their medical healthcare delivery and health infrastructure. Other than that, the high deployment charges of connected medical equipment and the related infrastructure is also expected to draw more profit in the market.
Prominent players in the information technology industry now develop their operations in the IoT medical devices market through acquisition or collaboration of the healthcare service vendors. For example, in 2015, the technology giant IBM partnered with Medtronic PLC to supply IoT services for Medtronics medical devices data.
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