Web-connected medical devices or IoT medical devices are a network of smart electronic devices that are connected and transfer data to one another without the need for human intervention. This device technology aids doctors and physicians in gaining easier access to real-time patient data as well as remote patient monitoring. Furthermore, this technology is used to track athletes' fitness and physical wellness, as well as provide dose reminders to patients with chronic illnesses. Ongoing technological advancements in medical device technology, the rising emphasis of digital health, and an increase in patient-centric care are expected to drive market growth during the forecast period.
MARKET SCOPE
The "Global Web-Connected Medical Devices Market Analysis to 2028" is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the web-connected medical devices market with detailed market segmentation by product type, modality, and end-user. The report provides key statistics on the market status of the leading web-connected medical devices market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on product type the market is segmented as, vital signs monitoring devices, medication monitoring devices, safety monitoring devices, and activity monitoring devices.
- Based on modality the market is segmented as, wearable web-connected medical devices, non-wearable web-connected medical devices.
- Based on end-user the market is segmented as, hospitals, ambulatory surgical centers, specialty clinics and home care settings.
MARKET DYNAMICS
Drivers:
- Ongoing technological advancements in medical device technology, the rising emphasis on digital health are the key drivers for market growth.
- An increase in patient-centric care delivery is also expected to fuel the market growth during the forecast period.
Restraints:
- Whereas, dearth of skilled professionals along with high deployment cost of web-connected medical devices are likely to hamper market growth.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South and Central America. The web-connected medical devices market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the web-connected medical devices market in these regions.
IMPACT OF COVID-19 ON WEB-CONNECTED MEDICAL DEVICES MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. According to the current market situation, the report further assesses the present and future effects of the COVID-19 pandemic on the overall market, giving more reliable and authentic projections In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the web-connected medical devices market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnerships & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from the web-connected medical devices market are anticipated to have lucrative growth opportunities in the future with the rising demand for web-connected medical devices in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the web-connected medical devices market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Medtronic
- IBM
- ThermoFisher Scientific
- Welch Allyn(Hill-Rom)
- AliveCor, Inc
- General Electric Company
- Koninklijke Philips N.V
- STANLEY Healthcare
- Abbott
- BIOTRONIK