Iot Medical Devices Market
IoT Medical Devices Market Forecasts to 2030 - Global Analysis By Product ( Vital Signs Monitoring System, Imaging Systems, Implantable Cardiac Devices, Patient Monitors, Respiratory Devices, Infusion Pumps and Other Products), Type ( Wearable, Implantable Device, Stationary Medical Device and Other Types), Connectivity Technology ( Wifi, Bluetooth, Zigbee and Other Connectivity Technology), Application (Telemedicine, Medication Management, Patient Monitoring and Other Applications), End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $50.1 BN |
|
Projected Year Value (2030) |
US $274.1 BN |
|
CAGR (2023 - 2030) |
27.5% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global IoT Medical Devices Market is accounted for $50.1 billion in 2023 and is expected to reach $274.1 billion by 2030 growing at a CAGR of 27.5% during the forecast period. The IoT Medical Devices Market in the healthcare industry is focused on the development and utilization of interconnected medical devices that leverage Internet of Things (IoT) technology. These devices, including wearable health trackers, remote monitoring systems, and smart medical equipment, enable the collection, transmission, and analysis of real-time patient data.
According to the Global System for Mobile Communications (GSMA), global smartphone adoption, as a percentage of mobile connections, reached 67% by the end of 2020 and is projected to reach 70% by 2025. By the end of 2022, global mobile service subscriptions surpassed 5.4 billion, with 4.4 billion individuals using mobile internet.
Market Dynamics:
Driver:
Government initiatives to promote digital health
Many governments worldwide are recognizing the potential of IoT medical devices to improve healthcare accessibility, reduce costs, and enhance patient outcomes. They are implementing policies, regulations, and funding programs to incentivize the adoption of these devices in healthcare systems. This support includes reimbursement schemes, telemedicine regulations, and initiatives for interoperability and data security. As a result, IoT medical device manufacturers and healthcare providers are increasingly encouraged to invest in and adopt these technologies.
Restraint:
High deployment cost of connected medical devices
Integrating IoT technology into healthcare infrastructure requires substantial investment in device procurement, data management, and cybersecurity measures. These costs can be a barrier, especially for smaller healthcare facilities and resource-constrained regions. Additionally, ongoing maintenance and updates further increase the total cost of ownership. While IoT medical devices offer substantial benefits, including improved patient care and reduced healthcare expenses in the long term, the initial financial burden can impede their widespread adoption.
Opportunity:
Evolution of high-speed networking technologies
Advancements like 5G and low-latency, high-bandwidth networks enable seamless and real-time communication between medical devices and healthcare systems. This opens up new possibilities for remote patient monitoring, telemedicine, and data-intensive applications in healthcare. Healthcare providers can access patient data rapidly and accurately, enhancing diagnostic precision and treatment planning. Moreover, high-speed networking facilitates the secure and efficient transfer of medical data, ensuring patient privacy and regulatory compliance.
Threat:
Concerns related to data management and interoperability
Developing user-friendly and ergonomic PCUs that seamlessly integrate with the seat actuation system is a complex task. Ensuring intuitive controls, safety features, and compatibility with the overall cabin design demands significant engineering expertise. Additionally, strict aviation regulations and certification processes further challenge manufacturers. Overcoming these restraints requires investments in research and development to create efficient and reliable PCUs that enhance the overall passenger experience without compromising safety and compliance standards.
Covid-19 Impact:
The healthcare industry is directly impacted by COVID-19 since it is at the forefront of this unprecedented worldwide pandemic issue. The COVID-19 outbreak has caused the demand for IoMT devices to expand rapidly, which has therefore had an effect on the global market. Due to the increase of applications and opportunities, the pandemic is acting as a catalyst for digital transformation. Government agencies, healthcare providers, and people all had to adjust or modify their priorities as a result. Despite the limitations presented by the epidemic, linked gadgets have allowed people to monitor their health, receive virtual diagnoses, and manage it more effectively.
The vital signs monitoring system segment is expected to be the largest during the forecast period
The vital signs monitoring system segment is expected to have lucrative growth, offering real-time tracking and analysis of essential physiological parameters like heart rate, blood pressure, temperature, and oxygen levels. These IoT devices enable continuous remote monitoring of patients, both in clinical settings and at home, providing healthcare professionals with immediate access to crucial data. They play a pivotal role in early disease detection, chronic condition management, and post-operative care, enhancing patient outcomes and reducing hospital readmissions.
The stationary medical device segment is expected to have the highest CAGR during the forecast period
The stationary medical device segment is anticipated to witness the fastest CAGR growth during the forecast period. These devices, integrated with IoT technology, enable real-time monitoring, data collection, and remote management of patient information. Examples include IoT-connected MRI machines, X-ray equipment, and laboratory analyzers. They streamline data transmission, enhance diagnostic accuracy, and enable healthcare professionals to monitor patients more efficiently. Stationary medical devices offer advantages such as improved treatment precision and reduced human error, contributing to better patient outcomes and the overall efficiency of healthcare delivery within institutional settings.
Region with largest share:
North America holds a significant share in the IoT Medical Devices Market, driven by its advanced healthcare infrastructure, strong research and development capabilities, and supportive regulatory environment. The region boasts a high adoption rate of IoT-enabled medical devices, including wearable health trackers and remote monitoring systems, as healthcare providers seek to improve patient care and outcomes. North America's investment in telemedicine and data-driven healthcare, along with its focus on patient-centric care models, positions it as a frontrunner in leveraging IoT technology to transform and enhance the delivery of healthcare services.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, fuelled by expanding population, increasing healthcare needs, and growing adoption of digital technologies. With the support of government initiatives and a growing tech-savvy consumer base, IoT medical devices are rapidly gaining acceptance. In addition to improving patient care, they address challenges like remote patient monitoring in rural areas. Asia Pacific's vast market potential, coupled with its commitment to healthcare innovation, positions it as a significant player in the global IoT Medical Devices Market, fostering transformative advancements in healthcare delivery.
Key players in the market
Some of the key players in IoT Medical Devices Market include Honeywell Life Care Solutions, IBM Corporation, iHealth Lab, Cerner Corporation, Cisco Inc, GE Healthcare, Stanley Healthcare, Welch Allyn, Abbott Laboratories, AdhereTech, AgaMatrix, AliveCor, BioTelemetry, Biotronik, Boston Scientific, Capsule Technologies, Inc, Siemens, Medtronic, Meru Health, Omron, Philips, SAP affiliate company, Johnson & Johnson, Koninklijke Philips N.V. and LifeFuels Inc.
Key Developments:
In May 2023, Medtronic (Ireland) acquired EOFlow Co. Ltd. (South Korea) to expand the company’s ability to treat patients with diabetes.
In April 2023, Koninklijke Philips N.V. (Netherlands) and Northwell Health (US) partnered to assist the health system in standardizing patient monitoring, improving patient care, and improving patient outcomes while promoting interoperability and data innovation.
In March 2023, Abbott (US) acquired Cardiovascular Systems, Inc. (CSI) (US) to gains a complementary treatment option for vascular illness. The most advanced atherectomy technology from CSI prepares vessels for angioplasty or stenting to restore blood flow.
Products Covered:
• Vital Signs Monitoring System
• Imaging Systems
• Implantable Cardiac Devices
• Patient Monitors
• Respiratory Devices
• Infusion Pumps
• Fetal Monitoring Devices
• Neurological Devices
• Ventilators
• Anesthesia Machines
• Hearing Devices
• Other Products
Types Covered:
• Wearable
• Implantable Device
• Stationary Medical Device
• Other Types
Connectivity Technologies Covered:
• Wifi
• Bluetooth
• Zigbee
• Other Connectivity Technologies
Applications Covered:
• Telemedicine
• Medication Management
• Patient Monitoring
• Other Applications
End Users Covered:
• Healthcare Providers
• Government Authorities
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Technnology Analysis
3.8 Application Analysis
3.9 End User Analysis
3.10 Emerging Markets
3.11 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global IoT Medical Devices Market, By Product
5.1 Introduction
5.2 Vital Signs Monitoring System
5.2.1 Blood Pressure Monitors
5.2.2 Blood Glucose Monitors
5.2.3 ECG/Heart Rate Monitors
5.2.4 Oximeters
5.2.5 Multiparameter Monitors
5.3 Imaging Systems
5.4 Implantable Cardiac Devices
5.4.1 Implantable Cardioverter Defibrillators
5.4.2 Implantable Cardiac Monitors
5.5 Patient Monitors
5.6 Respiratory Devices
5.7 Infusion Pumps
5.8 Fetal Monitoring Devices
5.9 Neurological Devices
5.10 Ventilators
5.11 Anesthesia Machines
5.12 Hearing Devices
5.13 Other Products
6 Global IoT Medical Devices Market, By Type
6.1 Introduction
6.2 Wearable
6.3 Implantable Device
6.4 Stationary Medical Device
6.5 Other Types
7 Global IoT Medical Devices Market, By Connectivity Technology
7.1 Introduction
7.2 Wifi
7.3 Bluetooth
7.4 Zigbee
7.5 Other Connectivity Technologies
8 Global IoT Medical Devices Market, By Application
8.1 Introduction
8.2 Telemedicine
8.3 Medication Management
8.4 Patient Monitoring
8.5 Other Applications
9 Global IoT Medical Devices Market, By End User
9.1 Introduction
9.2 Healthcare Providers
9.3 Government Authorities
9.4 Other End Users
10 Global IoT Medical Devices Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Honeywell Life Care Solutions
12.2 IBM Corporation
12.3 iHealth Lab
12.4 Cerner Corporation
12.5 Cisco Inc
12.6 GE Healthcare
12.7 Stanley Healthcare
12.8 Welch Allyn
12.9 Abbott Laboratories
12.10 AdhereTech
12.11 AgaMatrix
12.12 AliveCor
12.13 BioTelemetry
12.14 Biotronik
12.15 Boston Scientific
12.16 Capsule Technologies, Inc
12.17 Siemens
12.18 Medtronic
12.19 Meru Health
12.20 Omron
12.21 Philips
12.22 SAP affiliate company
12.23 Johnson & Johnson
12.24 Koninklijke Philips N.V.
12.25 LifeFuels Inc
List of Tables
1 Global IoT Medical Devices Market Outlook, By Region (2021-2030) ($MN)
2 Global IoT Medical Devices Market Outlook, By Product (2021-2030) ($MN)
3 Global IoT Medical Devices Market Outlook, By Vital Signs Monitoring System (2021-2030) ($MN)
4 Global IoT Medical Devices Market Outlook, By Blood Pressure Monitors (2021-2030) ($MN)
5 Global IoT Medical Devices Market Outlook, By Blood Glucose Monitors (2021-2030) ($MN)
6 Global IoT Medical Devices Market Outlook, By ECG/Heart Rate Monitors (2021-2030) ($MN)
7 Global IoT Medical Devices Market Outlook, By Oximeters (2021-2030) ($MN)
8 Global IoT Medical Devices Market Outlook, By Multiparameter Monitors (2021-2030) ($MN)
9 Global IoT Medical Devices Market Outlook, By Imaging Systems (2021-2030) ($MN)
10 Global IoT Medical Devices Market Outlook, By Implantable Cardiac Devices (2021-2030) ($MN)
11 Global IoT Medical Devices Market Outlook, By Implantable Cardioverter Defibrillators (2021-2030) ($MN)
12 Global IoT Medical Devices Market Outlook, By Implantable Cardiac Monitors (2021-2030) ($MN)
13 Global IoT Medical Devices Market Outlook, By Patient Monitors (2021-2030) ($MN)
14 Global IoT Medical Devices Market Outlook, By Respiratory Devices (2021-2030) ($MN)
15 Global IoT Medical Devices Market Outlook, By Infusion Pumps (2021-2030) ($MN)
16 Global IoT Medical Devices Market Outlook, By Fetal Monitoring Devices (2021-2030) ($MN)
17 Global IoT Medical Devices Market Outlook, By Neurological Devices (2021-2030) ($MN)
18 Global IoT Medical Devices Market Outlook, By Ventilators (2021-2030) ($MN)
19 Global IoT Medical Devices Market Outlook, By Anesthesia Machines (2021-2030) ($MN)
20 Global IoT Medical Devices Market Outlook, By Hearing Devices (2021-2030) ($MN)
21 Global IoT Medical Devices Market Outlook, By Other Products (2021-2030) ($MN)
22 Global IoT Medical Devices Market Outlook, By Type (2021-2030) ($MN)
23 Global IoT Medical Devices Market Outlook, By Wearable (2021-2030) ($MN)
24 Global IoT Medical Devices Market Outlook, By Implantable Device (2021-2030) ($MN)
25 Global IoT Medical Devices Market Outlook, By Stationary Medical Device (2021-2030) ($MN)
26 Global IoT Medical Devices Market Outlook, By Other Types (2021-2030) ($MN)
27 Global IoT Medical Devices Market Outlook, By Connectivity Technology (2021-2030) ($MN)
28 Global IoT Medical Devices Market Outlook, By Wifi (2021-2030) ($MN)
29 Global IoT Medical Devices Market Outlook, By Bluetooth (2021-2030) ($MN)
30 Global IoT Medical Devices Market Outlook, By Zigbee (2021-2030) ($MN)
31 Global IoT Medical Devices Market Outlook, By Other Connectivity Technologies (2021-2030) ($MN)
32 Global IoT Medical Devices Market Outlook, By Application (2021-2030) ($MN)
33 Global IoT Medical Devices Market Outlook, By Telemedicine (2021-2030) ($MN)
34 Global IoT Medical Devices Market Outlook, By Medication Management (2021-2030) ($MN)
35 Global IoT Medical Devices Market Outlook, By Patient Monitoring (2021-2030) ($MN)
36 Global IoT Medical Devices Market Outlook, By Other Applications (2021-2030) ($MN)
37 Global IoT Medical Devices Market Outlook, By End User (2021-2030) ($MN)
38 Global IoT Medical Devices Market Outlook, By Healthcare Providers (2021-2030) ($MN)
39 Global IoT Medical Devices Market Outlook, By Government Authorities (2021-2030) ($MN)
40 Global IoT Medical Devices Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
Figure 1 Global IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 2 North America IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 3 US IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 4 Canada IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 5 Mexico IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 6 Europe IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 7 Germany IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 8 UK IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 9 Italy IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 10 France IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 11 Spain IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 12 Rest of Europe IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 13 Asia Pacific IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 14 Japan IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 15 China IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 16 India IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 17 Australia IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 18 New Zealand IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 19 South Korea IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 20 Rest of Asia Pacific IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 21 South America IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 22 Argentina IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 23 Brazil IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 24 Chile IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 25 Rest of South America IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 26 Middle East & Africa IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 27 Saudi Arabia IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 28 UAE IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 29 Qatar IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 30 South Africa IoT Medical Devices Market Outlook (2021-2030) ($MN)
Figure 31 Rest of Middle East & Africa IoT Medical Devices Market Outlook (2021-2030) ($MN)
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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