REPORT HIGHLIGHT
IoT Medical Devices Market size was valued at USD 37,908.1 Million in 2022, expanding at a CAGR of 35.7% from 2023 to 2030.
The Internet of Things (IoT) is essentially a network of interconnected computing devices that may transfer data across a network without the need for human-to-human or human-to-computer contact due to the use of unique identifiers (UIDs) and other security features. Some of the most sensitive personal data of patients is transmitted via IoT medical devices. The Internet of Things is utilized for remote health monitoring and emergency information systems.
IoT Medical Devices Market - Market Dynamics:
- Growing preference for digital healthcare solutions drives the market growth
- Digital technologies are being quickly adopted by the healthcare industry to raise patient care standards and save expenses. IoT and artificial intelligence (AI)-enabled technologies are revolutionizing the healthcare industry, particularly in the wake of the COVID-19 epidemic. The adoption of digital solutions is driven by the creation of new medical products, cost reductions, and elevated patient involvement. Health information technology (health IT/HIT), electronic interchange, and the utilization of health information is essential to the worldwide healthcare sector's ability to run practices effectively, maintain compliance, and provide patients with improved treatment. Thus, this is expected to fuel the market growth over the forecast period.
IoT Medical Devices Market - Key Insights:
- As per the analysis shared by our research analyst, the global IoT Medical Devices market is estimated to grow annually at a CAGR of around 35.7% over the forecast period (2023-2030)
- The IoT Medical Devices industry is projected to grow at a significant rate owing to the increasing prevalence of chronic disease.
- Based on the product, the blood pressure monitor segment is expected to dominate the market during the forecast period.
- Based on the type, the wearable segment is expected to grow at the highest CAGR over the forecast period.
- Based on region, North America is expected to dominate the market during the forecast period
IoT Medical Devices Market- Segmentation Analysis:
- The Global IoT Medical Devices Market is segmented based on product, type, connectivity technology and Region.
- Based on the product, the global IoT Medical Devices market is segmented into respiratory devices, glucometer, blood pressure monitors, neurological devices, ventilators, cardiac monitors, infusion pumps and others. The blood pressure monitor segment is expected to dominate the market during the forecast period. These devices may be connected to the internet, making it possible for patients and medical professionals to obtain and monitor blood pressure data from a distance. Patients with ongoing diseases, the elderly, and individuals who require frequent blood pressure checks will find this remote monitoring option to be very helpful. Thereby, driving the market growth over the forecast period.
- Based on the type, the global industry is segmented into implantable, wearable and others. The wearable segment is expected to grow at the highest CAGR during the forecast period. IoT-based healthcare solutions, particularly wearable technology, can aid medical professionals in observing IoT trends in healthcare and improving remote monitoring services for consumers. Healthcare professionals may automate routine analytical operations using IoT in the healthcare sector and devote more time to the crucial tasks that need human intervention.
- Large volumes of data are collected by wearables, which aid doctors in finding connections between various health issues so they may be effectively treated. The analysis and monitoring of fitness data via wearable trackers has benefited heart disease therapy. With the use of this technology, doctors may rapidly enter patient data on electronic health records and internet databases while also keeping track of their patient's daily caloric intake, exercise, and consumption. These tools can support remote collaboration among healthcare institutions, streamlining and enhancing healthcare procedures. Thereby, driving the segment growth.
IoT Medical Devices Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market over the forecast period. The market growth in the region is owing to the advanced healthcare infrastructure and the increasing investment in sophisticated technology.
Moreover, the growing prevalence of chronic disease especially in the US is another important factor that propels the market growth in North America. For instance, according to the American College of Cardiology, all four CV risk factors are anticipated to rise in prevalence among the general U.S. population between 2025 and 2060, with diabetes showing the biggest percentage increase (a rise to 55 million people from 39.3%), followed by dyslipidemia (a rise to 126 million from 27.6%), hypertension (a rise to 162 million from 25.1%), and obesity (18.3%) to 126 million. The researchers discovered that the two cardiovascular illnesses with the biggest anticipated rate increases were heart failure (33.4% to 13M) and stroke (33.8% to 15M). Ischemic heart disease (30.7% to 29M) and heart attack (16.9% to 16M) were the next highest expected rate increases. Thus, the aforementioned facts drive the market growth in the region.
IoT Medical Devices Market- Competitive Landscape:
The key players operating in the market are: GENERAL ELECTRIC, Cisco Inc, Medtronic, IBM Corporation, Capsule Technologies, Inc, STANLEY Healthcare, Koninklijke Philips N.V., Microsoft, AdhereTech, SAP, Cerner Corporation, PhysIQ, Abbott, Keriton and Qualcomm Technologies, Inc.
Recent Developments:
In December 2022, the Internet of Medical Things (IoMT) and operational technology (OT) was originally covered by Palo Alto Networks' IoT product, which was spun off to just address medical devices.
Key features of the study:
- This proposed research study on IoT Medical Devices market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
- The report provides the client the latest up-to-date and trending insights about the IoT Medical Devices market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for IoT Medical Devices market
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the IoT Medical Devices market
- Impact of COVID-19 on IoT Medical Devices market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on IoT Medical Devices market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the IoT Medical Devices market, we have also included competitive landscape and key innovator analysis for the IoT Medical Devices market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the IoT Medical Devices market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global IoT Medical Devices market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL IOT MEDICAL DEVICES MARKET KEY PLAYERS
- GENERAL ELECTRIC
- Cisco Inc
- Medtronic
- IBM Corporation
- Capsule Technologies, Inc
- STANLEY Healthcare
- Koninklijke Philips N.V.
- Microsoft
- AdhereTech
- SAP
- Cerner Corporation
- PhysIQ
- Abbott
- Keriton
- Qualcomm Technologies, Inc.
GLOBAL IOT MEDICAL DEVICES MARKET, BY PRODUCT
- Respiratory Devices
- Glucometer
- Blood Pressure Monitor
- Neurological Devices
- Ventilators
- Cardiac Monitor
- Infusion Pumps
- Others
GLOBAL IOT MEDICAL DEVICES MARKET, BY TYPE
- Implantable
- Wearable
- Others
GLOBAL IOT MEDICAL DEVICES MARKET, BY CONNECTIVITY TECHNOLOGY
GLOBAL IOT MEDICAL DEVICES MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA