Introduction of global IoT Medical Devices Market:
The intangible facts surrounding the key restraints, opportunities, & risks that are anticipated to affect the industry's development during the forecast period are investigated in the IoT Medical Devices Market report (2022-2026). Other assessments, like supply & demand, imports & exports, distribution networks, consumption, and production capacity, are all important in giving business owners, stakeholders, & field marketers a competitive edge over competitors in the same arena. Furthermore, the research evaluates the IoT Medical Devices Market competitors' flaws & strengths in several categories. For business owners to establish real business plans, they must analyse previous & future major trends which are actively contributing to the growth of the IoT Medical Devices industry.
A complete analysis of the global IoT Medical Devices industry, as well as market segmentation by product type, applications, end-use, & region, is included in the report. The report includes a historical market dynamics analysis from 2022 to 2026, which will help readers compare past trends to current market scenarios, as well as key player contributions.
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Key Market Players
Prominent players in the IoT Medical Devices Market include Smith & Nephew (UK), B. Braun Melsungen AG (Germany), Coloplast (Denmark), ConvaTec (UK), Mölnlycke Healthcare (Sweden), Lohmann & Rauscher (Germany), Integra Lifesciences (US), Arobella Medical, LLC (US), Advancis Medical (UK), RLS Global (Sweden), DeRoyal Industries (US), Sanara MedTech Inc. (US), and EZ Debride (US).
Driver: Growing need for cost-containment in healthcare delivery
The overall cost of healthcare delivery has grown at a double-digit rate in the last few decades. Increasing health insurance premiums, the growing demand for quality healthcare services, the rising geriatric population, and the growing incidence of chronic disorders across the globe are the major factors responsible for the significant rise in healthcare costs. Other major factors contributing to this trend are the high dependency on traditional and technologically outdated clinical devices that increase patient readmission, medical errors, and administration costs.
Restraint: High deployment cost of connected medical devices and the associated infrastructure
The cost of interoperability and connectivity solutions for different medical devices is considerably high. Moreover, IT support and maintenance services, which include modifying and upgrading software as per changing user requirements and maintaining an efficient IT infrastructure, represent a recurring expenditure. This accounts for a large share of the total cost of ownership. Also, post-sale custom interface development for device integration requires additional verification and validation to ensure solution accuracy and completeness. This further increases the total cost of ownership for healthcare providers. As a result of the high costs involved, small healthcare facilities, especially in emerging countries, are reluctant to replace their legacy systems with advanced IoT-enabled devices.
Opportunity: Low doctor-to-patient ratio leading to increased dependency on self-operated eHealth platforms
The doctor-to-patient ratio is low in many countries across the globe. According to the World Health Statistics report 2017, around 40% of countries have less than one physician per 1,000 people and less than 18 hospital beds per 10,000 people. Also, there is a significant disparity between the developed and developing markets in terms of healthcare access for citizens. For instance, developing countries in the APAC and Africa have a significantly lower density of hospital beds, physicians, nurses, and midwives per 10,000 people than developed countries in North America and Europe.
Challenge: Data security issues
The increased use of automated technologies such as EHRs, healthcare integration, and health information exchanges have helped expand the healthcare privacy and security landscape. The electronic exchange of patient data offers greater reach and efficiency in healthcare delivery but has high-security risks due to the broader access. Concerns over the security of proprietary data and applications form a major challenge to the growth of the IoT medical devices market.
COVID-19 Impact on IoT Medical Devices Market:
In the IoT Medical Devices Market, the research also reveals exclusive choices, difficult situations, & problematic scenarios. A series of concepts will aid readers in making decisions & strategizing for their future chances. Our challenges, adversity, and market concerns let our readers realise how businesses might save them. The novel coronavirus illness (COVID-19) problem is wreaking havoc on all service & manufacturing businesses due to severe declines in demand. The majority of workforces in this arena are at risk. As an outcome, a considerable number of originalities have shut down.
The global crisis has impacted every industry. COVID-19's market impact has been closely monitored by our analysts. A separate section of the report focuses on the setbacks which happened throughout the crisis.
Regional Insights on IoT Medical Devices Market:
The several sections on regional segmentation provide information on the regional characteristics of the global IoT Medical Devices Market. This chapter discusses the regulatory environment that will have an impact on the global market. It highlights the market's political landscape & anticipates its impact on the worldwide IoT Medical Devices industry. Global brands' presence and availability, as well as the problems they face from fierce competition from local & domestic brands, the influence of domestic tariffs, and trade channels, are all considered. The IoT Medical Devices report examines the five areas & their distribution by country:
North America - (U.S., Canada, and Mexico)
Europe - (U.K., Germany, France, Spain, Italy, Sweden, CIS Countries, and Rest of Europe)
Asia Pacific - (China, India, Japan, South Korea, Australia, ASEAN, and Rest of APAC)
Middle East & Africa - (South Africa, GCC Countries, Nigeria, Egypt, and Rest of ME&A)
South America - (Brazil, Argentina, Colombia, and Rest of South America)
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In 2017, Merit Medical Systems held the leading position in the IoT Medical Devicess market. The company operates through two business segments, namely, Cardiovascular and Endoscopy. The company’s strong brand recognition and extensive product portfolio in the IoT Medical Devicess market is its key strength. Merit Medical markets its products across the US, Canada, Africa, Europe, the Middle East, Asia, South and Central America, and Oceania. The company recorded positive growth in its revenue in 2017, as compared to 2016. Moreover, Merit Medical generated 96.3% of revenue through its Cardiovascular segment.
Global IoT Medical Devices Marketresearch report offers:
The global IoT Medical Devices Marketis defined, along with an analysis of several influencing factors like drivers, constraints, opportunities, & challenges.
Market risk analysis & industry trend analysis are also included in the IoT Medical Devices Market.
The market competition landscape is defined, characterised, & analysed using Porter's Five Force Analysis & SWOT analysis, with a focus on global primary manufacturers.
Identification and analysis of micro and macro aspects that influence & will influence market growth in the global IoT Medical Devices competitive landscape.
A comprehensive list of key market participants in the global IoT Medical Devices business.
It gives a descriptive assessment of demand-supply side analysis in the worldwide IoT Medical Devices Market.
A statistical analysis of certain major economic indicators
The market is described using figures, charts, graphs, & drawings.