IoT Medical Devices Market in terms of revenue was estimated to be worth $41.5 billion in 2023 and is poised to reach $166.5 billion by 2028, growing at a CAGR of 32.1% from 2023 to 2028 according to a new report by MarketsandMarkets™.
The market for IoT medical devices is driven by factors such as the increasing prevalence of chronic diseases, the need for efficient and cost-effective healthcare solutions, the rising adoption of telemedicine and remote patient monitoring, and advancements in sensor technology, connectivity, and data analytics. However, interoperability & transparency issues, the high setup and operational costs, and data privacy concerns in IoT medical devices market are expected to restrain market growth to a certain extent.
Wearable medical devices segment was the fastest growing segment of the IoT medical devices market, By type.
Based on the type, the IoT medical devices market has been segmented into wearable medical devices, implantable medical devices, stationary medical devices, and others (medication management devices, thermometers, infusion pumps, coagulation monitors, digital skin sensors, pedometers, and body composition monitors). In 2022, the wearable medical devices market is expected to grow at the highest CAGR during the forecast period. The high growth of wearable IoT medical devices is attributed to the growing use of home healthcare and remote patient monitoring technologies. The increasing preference for preventive care and engagement in self-health management are expected to boost the demand for wearable IoT medical devices.
The vital signs monitoring devices segment accounted for the largest share in the IoT medical devices market by product.
Based on product, the IoT medical devices market has been segmented into imaging systems, vital signs monitoring devices, implantable cardiac devices, patient monitors, respiratory devices, infusion pumps, neurological devices, hearing devices, anesthesia machines, fetal monitoring devices, ventilators, and others (such as medication management devices, activity trackers, fall management devices, weighing scales, body composition, tags, probes, and thermometers). In 2022, the vital signs monitoring devices segment accounted for the largest share. This can be attributed to the operational and maintenance advantages that connected imaging systems offer, the growing investments by top imaging device companies, and the rising prevalence of chronic diseases & the need for improved patient outcomes.
North America dominated the IoT medical devices market in 2022.
The global market has been segmented based on region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest share of the IoT medical devices market in 2022. The large share of the North American IoT medical devices market can be attributed to the increasing penetration of smartphones, rising prevalence of chronic and lifestyle disorders, increasing healthcare costs, increasing demand for better healthcare services, government initiatives to promote digital health, the robust penetration of 3G and 4G networks, and rising awareness about self-health management.
IoT Medical Devices Market Dynamics:
Drivers:
1. The advancement of high-speed networking technologies and the growing prevalence of mobile platforms in the healthcare industry
Restraints:
1. Lack of adequate IoT technology expertise within healthcare organizations
Opportunities:
1. Increased reliance on self-operated eHealth platforms due to low doctor-to-patient ratio
Challenges:
1. Concerns regarding data management and interoperability
Key Market Players:
The key players functioning in the IoT medical devices market include Medtronic (Ireland), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Abbott (US), Boston Scientific Corporation (US), OMRON Corporation (Japan), Baxter International Inc. (US), BIOTRONIK (Germany), Johnson & Johnson Private Limited (US), NIHON KOHDEN CORPORATION (Japan), Siemens Healthineers AG (Germany), Honeywell International Inc. (US), AliveCor, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), Nonin (US), AMD Global Telemedicine (US), iHealth Labs Inc (US), Aerotel Medical Systems (1998) Ltd. (Israel), i-SENS, Inc. (Korea), Huntleigh Healthcare Limited (UK), ResMed (US), Masimo (US), Infinium Medical (US), ICU Medical, Inc. (US), and Hamilton Medical (Switzerland).
Recent 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 April 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.
- In March 2023, Advantus Health Partners (US) and GE HealthCare (US) partnered to sign multi-year contract to expand access to Healthcare Technology Management Services.
- In February 2022, Boston Scientific Corporation (US) acquired Baylis Medical Company Inc. (Canada), a provider of innovative transseptal access solutions as well as guidewires, sheaths, and dilators used in catheter-based left-heart surgeries.
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