IoT Medical Devices Market, By Product, By Type, By Connectivity Technology, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2023-2030
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
Wi-Fi
Bluetooth
Others
GLOBAL IOT MEDICAL DEVICES MARKET, BY REGION
North America
The U.S.
Canada
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
Table of Contents
1. IoT Medical Devices Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. IoT Medical Devices Market Snippet by Product
2.1.2. IoT Medical Devices Market Snippet by Type
2.1.3. IoT Medical Devices Market Snippet by Connectivity Technology
2.1.4. IoT Medical Devices Market Snippet by Country
2.1.5. IoT Medical Devices Market Snippet by Region
2.2. Competitive Insights
3. IoT Medical Devices Key Market Trends
3.1. IoT Medical Devices Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. IoT Medical Devices Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. IoT Medical Devices Market Opportunities
3.4. IoT Medical Devices Market Future Trends
4. IoT Medical Devices Industry Study
4.1. PEST Analysis
4.2. Porter's Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. IoT Medical Devices Market: COVID-19 Impact Analysis
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top PerformingSegments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. IoT Medical Devices Market Landscape
6.1. IoT Medical Devices Market Share Analysis, 2022
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players' Analysis
6.2.2. Emerging Players' Analysis
7. IoT Medical Devices Market - By Product
7.1. Overview
7.1.1. Segment Share Analysis, By Product, 2022 & 2030 (%)
7.1.2. Respiratory Devices
7.1.3. Glucometer
7.1.4. Blood Pressure Monitor
7.1.5. Neurological Devices
7.1.6. Ventilators
7.1.7. Cardiac Monitor
7.1.8. Infusion Pumps
7.1.9. Others
8. IoT Medical Devices Market - By Type
8.1. Overview
8.1.1. Segment Share Analysis, By Type, 2022 & 2030 (%)
8.1.2. Implantable
8.1.3. Wearable
8.1.4. Others
9. IoT Medical Devices Market - By Connectivity Technology