Global IoMT Wearable Devices Patent Landscape Report 2024

Global IoMT Wearable Devices Market Size

The IoMT wearable devices market was valued at USD 34.93 billion in 2023. It is expected to grow at a CAGR of 23.0% during the forecast period of 2024-2032 and attain a market value of USD 225.08 billion in 2032.

The market value is impacted by the increasing use of such platforms and ongoing technological advancements in this field. There has been a significant increase in number of patent applications associated with IoMT wearable devices, driven by the functionality and efficiency of IoMT wearable devices improved by ongoing advancements in sensor technology, data analytics, and connectivity.

Patent Landscape Report Coverage

The Global IoMT Wearable Devices Patent Landscape Report provides a comprehensive and in-depth analysis of the patents in this growing industry. The key sections captured in the report for Global IoMT Wearable Devices includes a thorough examination of the patent portfolios of key players, covering aspects such as the number of patents and types of technologies patented. It includes the latest trends, geographical distribution of patents, top IP player profiles, technological segmentation, and patent valuation. The breakdown of patents by technical segments is provided, giving more clarity on the specific areas of innovation within IoMT wearable device technologies.

Mobile applications or companion mobile apps give instant access to users providing health information, and insights. It facilitates easier communication with medical providers. These applications frequently integrate health and wellness services and user-friendly interfaces. Therefore, such technical innovations have a significant impact on the patent landscape.

Global IoMT Wearable Devices Patent Outlook

• The need for health monitoring solutions is heightened by the ageing population since these gadgets aid in the management of chronic illnesses and guarantee prompt medical attention.

• The prevalence of chronic illnesses like heart disease, diabetes, and respiratory conditions calls for continuous monitoring, which can be offered by wearable technologies. This has boosted the patent application for these devices.

• Wearables for health monitoring, fitness tracking, and preventive care are becoming more popular as people become more conscious of their own personal wellness and health, which is expanding the scope of this market.

What are IoMT Wearable Devices?

Wearable medical technology, or IoMT (Internet of Medical Things) involves the use of gadgets with sensors and connectivity capabilities to monitor, gather, and send medical data in real-time. These gadgets monitor a range of health metrics, including blood pressure, glucose levels, and heart rate. They also integrate with healthcare systems to provide complete care and provide real-time alerts, enabling proactive health management and chronic disease monitoring. In addition, they are designed in a way to facilitate easy wearing.

The IoMT wearable devices market continues to evolve, driven by enabling remote patient monitoring. It reduces the need for frequent hospital visits and admissions and can contribute to lower healthcare costs. Also, wearable technology and telemedicine platforms work together to improve patient management, diagnostics, and remote consultations, which increases accessibility and efficiency in healthcare especially in developing regions acting as a driving factor to boost market value in the forecast period.

IoMT Wearable Devices Industry Growth Drivers

Technological Advancements in IoMT Wearable Devices is Expected to Boost the Market Growth

Sensor technology, data analytics, and connectivity are three key areas of technological development that are propelling the IoMT wearable devices market. These developments improve wearable health device’s usability, precision, and effectiveness, increasing their appeal to both patients and healthcare professionals. Constant advancements in artificial intelligence, machine learning, and component miniaturization enable more advanced health monitoring features and improved user experiences.

For instance, in September 2023, Apple released WatchOS 9 with its enhanced heart rate variability tracking, sleep stage monitoring, and an improved ECG app among other advanced health monitoring features. These features make use of developments in data analytics and sensor technology to give users more precise and in-depth health insights.

Rise in Number of Chronic Diseases is Expected to Propel the IoMT Wearable Devices Industry Growth

The IoMT wearable devices market is significantly driven by the rising prevalence of chronic diseases like diabetes, cardiovascular diseases, and respiratory disorders. These devices provide early detection of health issues and continuous monitoring and lead to effective management of chronic conditions. In addition, these devices allow for proactive health management and lessen the strain on healthcare systems leading to an increase in its demand. As a result, the number of patent applications witnessed significant growth in 2023, rising from 18 (in 2022) to 36 (in 2023).

Global IoMT Wearable Devices Patent Segmentation

The report provides an in-depth analysis of the patents in this field by the following segmentation:

Breakup by Product Type

• Fitness Wearables

• Clinical Grade Wearables

• Remote Monitoring Wearables

• Others

Breakup by Modality

• Handheld

• Headband

• Strap/Clip/Bracelet

• Others

IoMT Wearable Devices Patent Segmentation Analysis

The breakup based on product type includes fitness wearables, clinical grade wearables, remote monitoring wearables and others.

Clinical-grade wearables are cutting-edge wearable technologies created to adhere to strict regulatory requirements and deliver extremely accurate and dependable health data fit for medical application. To ensure that the data gathered is of a high enough quality for clinical decision-making and treatment planning, these devices are frequently used in clinical trials, patient monitoring, and chronic disease management.

The detailed technological data will be provided for all specified segments classified in this report.

IoMT Wearable Devices Patent Jurisdiction Analysis

The United States is one of the leading jurisdictions for IoMT Wearable Devices patents, having around 122 patents. The presence of a well-established healthcare infrastructure, a robust legal framework and prominent research institutions engaged in innovations contributes to the patent landscape significantly.

Australia is another vital jurisdiction and is witnessing rapid growth in patent filings. The expanding healthcare landscape in the region contributes to the evolving research capabilities, thereby influencing a surge in patent applications.

Patent Profile of Key Companies

Among the players within IoMT wearable device patent families, new entrants have been identified, which can be either established companies or startups developing their first technology in the field. Some of the major companies mentioned in this report (a non-exhaustive list) are as follows:

Veniam Inc.

A technology company that specializes in intelligent networking solutions that turn infrastructure and cars into Wi-Fi hotspots, Veniam Inc. is a key market player. It holds multiple technologies that can improve connectivity and data transmission in the context of IoMT wearable devices, guaranteeing dependable real-time health monitoring and data sharing. The company's emphasis on cutting-edge networking can facilitate wearable medical device deployment and operation in intelligent healthcare settings.

Advanced Neuromodulation Systems Inc.

This company develops and produces implantable neuromodulation devices for the treatment of neurological disorders and chronic pain. Advanced Neuromodulation Systems Inc. incorporates cutting-edge sensor and connectivity technologies into IoMT wearable devices to enable real-time neuromodulation therapy monitoring and adjustment, improving patient outcomes and treatment efficacy. Their creative solutions have a major impact on how connected health technologies develop.

Other companies include Bionet Sonar, and Abiomed Inc., among others.

Reasons to Purchase this Report

The global IoMT wearable devices patent report provides information on the intellectual property (IP) position and strategy of key players. This report can help companies and players looking to enter or invest in this field by:

• Competitive Advantage: The landscape reveals the market leaders, potential partners and innovators and also makes it understandable which companies have important patents in this field of IoMT wearable devices.

• Innovation Insights: The patent analysis reveals new innovations and technologies in the IoMT wearable devices industry.

• Market Positioning: Companies with strong patent portfolios gain a competitive advantage because their intellectual property assets differentiate their products. Understanding their intellectual property strategy reveals the market position of new entrants and potential barriers to entry.

• Risk Assessment: In technology-intensive fields such as pumps for microfluidic devices, risks of IP infringement are common. Analysing patent landscapes helps companies assess risk, develop mitigation strategies, and inform licensing, partnering, and acquisition decisions.

• Legal and Regulatory Compliance: Understanding the patent landscape is critical to ensuring compliance with patent laws and regulations. It helps stakeholders navigate license agreements, avoid infringement lawsuits, and effectively use IP assets in a global marketplace.

Key Questions Answered in the Global IoMT Wearable Devices Patent Landscape Report

• Who are the key players in the IoMT wearable devices patent landscape?
• How is the patent portfolio distributed geographically?
• What are the emerging trends in IoMT wearable devices patents?
• How has the patent landscape evolved over time?
• What are the strategic insights for market players and investors?
• What is the technological focus of patents in the IoMT wearable devices industry?
• How do patent strategies impact competitive advantage?
• What are the implications of patent filings in IoMT wearable devices?
• What are the challenges and opportunities in the IoMT wearable devices patent landscape?
• What are the regulatory and legal considerations?
• What technological innovations have recently emerged in IoMT wearable devices?

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