The global IoT medical devices market is projected to reach USD 63.43 billion by 2023 from USD 20.59 billion in 2018, at a CAGR of 25.2% during the forecast period. IoT medical devices offer several advantages, such as seamless transfer of EHR, reduces medical errors, enhances patient safety, allows patient engagement and helps in patient centric care delivery. The IoT medical devices market is expanding with the evolution of high speed networking technologies and increasing penetration of smartphones, tablets, and other mobile platforms in healthcare. The base year considered for the study is 2017, and the forecast has been provided for the period between 2018 and 2023.
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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