The Europe IoT Medical Devices Market would witness market growth of 29.3% CAGR during the forecast period (2023-2030).
In-patient monitoring is a process that entails continuous monitoring of a patient's physiological functions to guide management decisions and therapeutic interventions. The increasing emphasis on deploying innovations like IoT, AI, and robotics to reduce workforce for cost savings and to minimize physical contact will drive the clinical research organizations segment of the market to grow significantly during the forecast period. Clinical research organizations are employing IoT-based technologies to collect more data, manage clinical trials more efficiently, and monitor patients more effectively. In addition, IoT enables quicker analysis and information flow for clinical research organizations, which aids their operations and results.
Moreover, increased consumer interest in monitoring their health drives the expansion of wearable medical technologies. These devices enable the continuous monitoring of physical activities, blood pressure, body temperature, heart rate, and blood oxygen saturation in humans. Near-field communications (NFC) allow healthcare personnel to communicate more effectively and receive real-time updates. It also enables users to interact by touching their devices or bringing them close together. It assists caregivers in monitoring the activities of their patients.
In Germany, new legislation supports the digitization of healthcare. Between 2019 and 2021, seven proposals related to e-health were introduced. The purpose of these measures was to enhance the regulatory framework for the digitization of Germany's healthcare system and accelerate the development of its digital infrastructure. This was to be achieved by encouraging the use of electronic health records and e-prescriptions. Through these measures, Germany has strengthened its e-health foundation and is closing the gap with Europe's e-health pioneers, Scandinavia and the United Kingdom. Owing to the progress of the digital healthcare sector in the region, there are lucrative opportunities for the market in the future.
The Germany market dominated the Europe IoT Medical Devices Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $16,845 million by 2030. The UK market is exhibiting a CAGR of 28.2% during (2023 - 2030). Additionally, The France market would experience a CAGR of 30.2% during (2023 - 2030).
Based on Product, the market is segmented into Vital Sign Monitoring System (ECG/Heart Rate Monitor, Blood Pressure Monitor, Blood Glucose Monitor, Oximeters, and Others), Hearing Devices, Imaging Systems, Implantable Cardiac Monitors, Patient Monitors, Respiratory Devices, Infusion Pumps, Ventilators, Anesthesia Machines, and Others. Based on Connectivity Technology, the market is segmented into WiFi, Bluetooth, and Zigbee & Others. Based on Type, the market is segmented into Stationary Medical Devices, Wearable Medical Devices, Implantable Medical Devices, and Others. Based on End User, the market is segmented into Hospitals & Clinics, Nursing homes, assisted living facilities, long-term care centers & home care settings, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide IoT Medical Devices Market is Projected to reach USD 251.9 Billion by 2030, at a CAGR of 29.5%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Medtronic PLC, GE HealthCare Technologies, Inc., Koninklijke Philips N.V., Abbott Laboratories, Boston Scientific Corporation, Omron Corporation, Baxter International, Inc. (Hill-Rom Holdings, Inc.), Johnson & Johnson, Nihon Kohden Corporation and Siemens Healthineers AG (Siemens AG).
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