The IoT Medical Devices Market Size was valued at USD 46.34 billion in 2023, and expected to reach USD 309.71 billion by 2031, and grow at a CAGR of 26.81 % over the forecast period 2024-2031.
The internet of things (IoT) is a type of integrated computing equipment having unique identifiers (UIDs) and the ability to transfer data across a network without the need for human-to-human or human-to-computer contact. IoT Medical Devices communicate a portion of a patient's most delicate individual data. For emergency information systems and remote health monitoring, IoT services are used. The internet of things in the field of healthcare, also known as smart healthcare, has proven to be beneficial in terms of merging medical devices and providing better medical assistance to individuals with the use of technology, under the guidance of both human talents and artificial intelligence.
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Medical IoT devices are also required in the increasingly distributed nature of health and healthcare; in an increasing number of circumstances, patients and their doctors no longer require an office to monitor crucial health data, such as an introduction to healthcare. Medical IoT devices give new opportunities for healthcare providers to improve patient care and manage the internal complexity of the healthcare industry through improved data, automation, safety, and other benefits.
DRIVERS
Initiatives by the government to encourage people to use technology to improve their health
In healthcare, there is a growing need for cost-cutting.
Patient-centered care and active patient engagement are becoming increasingly important.
High-speed networking technology is evolving, and mobile platforms are becoming more widely used in healthcare.
Patients' safety is becoming increasingly important.
RESTRAINTS
The expense of deploying connected medical devices and the infrastructure that supports them is high.
Inadequate IoT technological skills across the healthcare industry
OPPORTUNITIES
Due to a low doctor-to-patient ratio, patients are becoming more reliant on self-managed eHealth platforms.
CHALLENGES
Issues with data security
Data management and interoperability issues are major considerations.
Because of the present COVID-19 pandemic, an enormous number of individuals are going to medical care offices consistently. COVID-19 has been reported in about 186 million people across Africa, Asia Pacific, the Americas, Europe, and Oceania as of July 2021. And over 4 million people have died as a result of the infection. Because many cases are asymptomatic and do not undergo testing, the true number of infected people would be significantly greater than the official total. Although most countries' illness progression trends are similar, the flattening of the curve and disease containment are largely determined by the diverse actions implemented by each country.
To combat the disease's spread, countries have implemented a variety of measures, including stringent travel restrictions, city-wide quarantines, curfews, and lockdowns, the construction of speciality hospitals, increased medical help, and increased COVID-19 testing.
By Product Type
The vital signs monitor sector is predicted to develop at the fastest CAGR among the product segments throughout the forecast period. Because of the rising prevalence of hypertension, an ageing population, and a growing inclination for self-health care, the vital signs monitor market is expected to grow the fastest.
By Type
The worldwide IoT medical devices market was dominated by the stationary medical devices segment. The adoption of government rules requiring the use of EHRs, as well as the benefits provided by these devices, are propelling the expansion of this market.
By Connectivity technology
The Wi-Fi-based medical devices category held the greatest proportion of the worldwide IoT medical devices market. The benefits of Wi-Fi connectivity account for a substantial portion of this market.
By End User
Hospitals and clinics, nursing homes, assisted living facilities, long-term care centers, and home care settings are all segments of the IoT medical devices industry. The growing requirement to manage an ever-increasing number of patient data, as well as the expanding need for data accessibility and interoperability in hospitals and clinics, is propelling this market forward.
By Product Type
Vital Signs Monitoring Devices
Imaging Systems
Respiratory Devices
Implantable Cardiac Devices
Patient Monitors
Fetal Monitoring Devices
Neurological Devices
Ventilators
Anesthesia Machines
Hearing Devices
Other Products
By Type
Stationary medical devices
Implantable medical devices
Wearable medical devices
Other medical devices
By Connectivity technology
Bluetooth
Wi-fi
Others
By End User
Hospitals & Clinics
Nursing Homes, Assisted Living Facilities, Long-term Care Centers, & Home Care Settings
Other End Users
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North America, Europe, Asia Pacific, and the Rest of the World make up the Global IoT Medical Devices Market. North America accounted for the highest proportion of the worldwide IoT medical devices market. The United States dominates this regional market and is expected to continue to do so during the foreseeable period. This is owing to technical breakthroughs and inventions, as well as a number of government initiatives that encourage the use of digital platforms in the health sciences business. Due to increased government financing and a greater focus on innovation through R&D activity, Europe held the second-largest share of the IoT medical devices market.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Some of the major key players of IoT Medical Devices Market are as follows: Medtronic, GE Healthcare, Koninklijke Philips N.V., Honeywell Life Care Solutions, BIOTRONIK, Boston Scientific Corporation, Johnson & Johnson Services, Inc., Siemens AG, Omron Healthcare, Inc., Abbott Laboratories and Other Players.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 46.34 Billion |
| Market Size by 2031 | US$ 309.71 Billion |
| CAGR | CAGR of 26.81% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product Type (Vital Signs Monitoring Devices, Imaging Systems, Respiratory Devices, Implantable Cardiac Devices, Patient Monitors, Infusion Pump, Fetal Monitoring Devices, Neurological Devices, Ventilators, Anesthesia Machines, Hearing Devices) • By Type (Stationary medical devices, Implantable medical devices, Wearable medical devices) • By Connectivity technology (Bluetooth, Wi-fi, Zigbee) • By End User (Hospitals & Clinics, Nursing Homes, Assisted Living Facilities, Long-term Care Centers, & Home Care Settings) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | IoT Medical Devices Market are as follows: Medtronic, GE Healthcare, Koninklijke Philips N.V., Honeywell Life Care Solutions, BIOTRONIK, Boston Scientific Corporation, Johnson & Johnson Services, Inc., Siemens AG, Omron Healthcare, Inc., and Abbott Laboratories. |
| DRIVERS | • Initiatives by the government to encourage people to use technology to improve their health • In healthcare, there is a growing need for cost-cutting. • Patient-centered care and active patient engagement are becoming increasingly important. |
| RESTRAINTS | • The expense of deploying connected medical devices and the infrastructure that supports them is high. • Inadequate IoT technological skills across the healthcare industry |
Ans: The IoT Medical Devices Market Size was valued at USD 36.55 billion in 2022.
Ans: The IoT medical devices market size is to grow at a CAGR of 26.5% over the forecast period 2023-2030.
North America accounted for the highest proportion of the worldwide IoT medical devices market.
Yes, this report covers qualitative and quantitative analysis.
Due to a low doctor-to-patient ratio, patients are becoming more reliant on self-managed eHealth platforms, is the opportunities of IoT Medical Devices market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. IoT Medical Devices Market Segmentation, By Product Type
8.1 Vital Signs Monitoring Devices
8.2 Imaging Systems
8.3 Respiratory Devices
8.4 Implantable Cardiac Devices
8.5 Patient Monitors
8.6 Infusion Pump
8.7 Fetal Monitoring Devices
8.8 Neurological Devices
8.9 Ventilators
8.10 Anesthesia Machines
8.11Hearing Devices
9. IoT Medical Devices Market Segmentation, By Type
9.1 Stationary medical devices
9.2 Implantable medical devices
9.3 Wearable medical devices
10. IoT Medical Devices Market Segmentation, By Connectivity technology
10.1 Bluetooth
10.2 Wi-fi
11.3Zigbee
11. IoT Medical Devices Market Segmentation, By End-user
11.1 Hospitals & Clinics
11.2 Nursing Homes, Assisted Living Facilities, Long-term Care Centers, & Home Care Settings
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Medtronic
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 GE Healthcare
13.3 Koninklijke Philips N.V.
13.4 Honeywell Life Care Solutions
13.5 BIOTRONIK
13.6 Boston Scientific Corporation
13.7 Johnson & Johnson Services, Inc.
13.8 Siemens AG
13.9 Omron Healthcare, Inc.
13.10 Abbott Laboratories
14. Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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