IoT Medical Devices Market

Report Scope & Overview:

The IoT Medical Devices Market Size was valued at USD 36.55 billion in 2022, and expected to reach USD 239.72 billion by 2030, and grow at a CAGR of 26.5% over the forecast period 2023-2030.

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.

MARKET DYNAMICS

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.

IMPACT OF COVID-19

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.

KEY MARKET SEGMENTATION:

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

• Other Products

By Type

• Stationary medical devices

• Implantable medical devices

• Wearable medical devices

• Other medical devices

By Connectivity technology

• Bluetooth

• Wi-fi

• Zigbee

• 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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REGIONAL ANALYSIS

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

KEY PLAYERS:

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.

Johnson & Johnson Services, Inc-Company Financial Analysis