Network Connected Medical Devices Market Set for Prosperity in Future

The technology of connected medical devices, or the internet of medical things (IoMT), produces trillions of data through the connection of medical devices with the internet via several access networks. Devices such as temperature monitoring systems, oxygen tanks, dialysis machines, capnographs, coagulation testing devices, and wei monitoring equipment are connected via Bluetooth or Wi-Fi for real-time health monitoring. This is immensely useful for physicians, as through this technology they are able to monitor patients without any hospital visits.

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In 2018, the global network connected medical devices market reached a value of $19.5 billion and is further predicted to register a CAGR of 23.5% in the coming years. Several products make use of this technology: ingestible sensors, insulin pumps, patient monitoring devices, X-ray imaging systems, blood processing devices, glucose monitors, computed tomography (CT) scanners, dialysis machines, defibrillators, coagulation testing devices, continuous positive airway pressure (CPAP) machines, oxygen tanks, infusion pumps, smart beds, and ventilators. The highest demand during the time period 2014-2018 was created for patient monitoring devices. Further types of patient monitoring devices are weight, multi-parameter,

However, it is expected that in the coming years, the healthcare infrastructure in emerging economies will improve; in fact, the process has already started, which will open up a wide scope for organizations operating in this domain. Both the public and private sectors in these countries are increasingly investing for the betterment of healthcare facilities. Moreover, now that the disposable income of people in developing countries is increasing, they will be able to afford advanced treatments. These factors are expected to drive the demand for network-connected medical devices in the near future.