Global IoT Medical Devices Market Report and Forecast 2024-2032

Global IoT Medical Devices Market Outlook

The global IoT medical devices market size is being driven by the rising prevalence of cardiovascular diseases across the globe. The market value was close to USD 31.40 billion in 2023 and is anticipated to grow at a CAGR of 25.1% during the forecast period of 2024-2032. The market is anticipated to achieve a value of USD 236.30 billion by 2032.

Key Trends in the Market

The Internet of Things or IoT of medical devices, which typically consists of various medical systems, devices, and programming, has had a significant positive impact on the healthcare industry as a whole. Remote clinical monitoring, chronic disease management, personal fitness monitoring, and patient-doctor interactions have all benefited greatly from this technology. Medical IoT devices give new opportunities for healthcare professionals to improve patient care and manage the internal complexities of the healthcare industry through increased data, automation, safety, and other improvements.

One of the key reasons anticipated to fuel sales potential in the global IoT medical devices market is the growing need of patients for cost-effective services in the medical and health care sectors. Hospitals and clinics are increasingly overworked and there is also a rise in prevalence of chronic diseases like diabetes, cancer, arthritis, and cardiovascular ailments. In the coming years, more opportunities for expansion are expected due to the increasing number of new hospitals and medical facilities.

The market for IoT medical devices is primarily being driven by elements like the development of high-speed networking technologies, growing emphasis on active patient engagement and patient-centric care delivery, rising adoption of IoT solutions, rising use of smartphones, tablets, and other mobile platforms in healthcare, and the increase in investment in healthcare IoT solutions, among others.

Additionally, a declining doctor-to-patient ratio that increases reliance on self-managed E-health platforms, rising technical advancements, and modernisation in the healthcare sector will all foster new growth prospects for the IoT medical devices market between 2024 and 2032.

Global IoT Medical Devices Market Analysis

Based on product, the market is segmented into vital signs monitoring devices, implantable cardiac devices, imaging systems, patient monitors, respiratory devices, infusion pumps, foetal monitoring devices, neurological devices, ventilators, anaesthesia machines, and hearing devices, among other devices. Vital signs monitoring devices are further segmented into blood glucose monitors, ECG/heart rate monitors, blood pressure monitors, multiparameter monitors, and oximeters, among others. Implantable cardiac devices are sub-divided into implantable cardioverter-defibrillators, pacemakers, and implantable cardiac monitors.

On the basis of type, the market is divided into stationary medical devices, implantable medical devices, and wearable medical devices, among others. The market on the basis of technology can be divided into wi-fi, Bluetooth, and Zigbee, among others. Based on application, the market is categorised into hospital and clinics, nursing homes, long-term care centres, and home care settings, among others. The regional markets for IoT medical devices can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter’s five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global IoT medical devices market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.  

• Abbott Laboratories

• General Electric Company

• Koninklijke Philips N.V.

• Siemens AG

• Honeywell International Inc

• Omron Corporation

• Others

Market Share by Application

According to the IoT medical devices market research, the market for hospitals and clinics is predicted to have a significantly high CAGR during the forecast period. As the prevalence of chronic conditions such as diabetes, arthritis, cancer, and cardiovascular diseases rise, hospitals are coming under increasing pressure. 

IoT medical devices are increasingly being adopted in hospitals and clinics due to the pressing need to manage the growing amount of patient data, meet administrative requirements regarding patient data and safety, and address the critical need to improve patient outcomes. IoT medical devices also support improved data accessibility and interoperability. Additionally, the increased spending by hospitals to promote the use of digital technology is fuelling the segment's expansion.

Market Share by Region

The IoT medical devices market is anticipated to be dominated by North America. As key companies boost their investments and supportive policies by various governments are put into place, the growth of the market for IoT medical devices is projected to rise.

An increase in the number of people with chronic illnesses and a rise in the desire for affordable disease treatments are predicted to be the main drivers of market demand. This is a result of technology advancements as well as efforts by governments to promote the use of digital platforms in the life sciences sector.

However, the IoT medical devices market in the Asia Pacific is projected to grow rapidly during the forecast period. This is mostly because of the quickly changing healthcare systems in developing countries like China and India, as well as the large patient population, growing public awareness, and rising healthcare spending. 

The IoT in healthcare market in the Asia Pacific region is also being driven by the rise of smart hospitals and the modernisation of network infrastructure. There are technological advancements in the area affecting remote monitoring and healthcare consulting. Governments in the region are launching initiatives to broaden remote monitoring systems, which will accelerate the adoption of IoT technologies in these developing nations, thereby propelling the IoT medical devices market growth.

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Competitive Landscape

General Electric Company is a significant American corporation with its headquarters in Massachusetts in the United States. GE Healthcare, a market-leading provider of medical diagnostics and technology, is dedicated to digitising the healthcare system and specialises in imaging, diagnostic, and patient monitoring products and services.

Koninklijke Philips N.V. has its headquarters in the Netherlands and offers healthcare professionals, caregivers, and patients cutting-edge technologies at lower prices to improve patient care and management. The business focuses on solutions for central and mobile patient monitoring, advanced imaging, diagnostics, respiratory care, and oncology. 

Siemens AG, a leading supplier of IoT-based healthcare solutions, was established in 1847 and has its headquarters in Germany. The company specialises in digital health solutions and point-of-care diagnostics that provide top-notch patient care in the fields of oncology, cardiology, and other clinical specialities. Siemens' cloud-based, open Internet of Things operating system, called MindSphere, links medical equipment and systems utilising cutting-edge analytics. 

Other market players include Abbott Laboratories, Honeywell International Inc, and Omron Corporation, among others.

Key Highlights of the Report

IoT Medical Devices Market Report Snapshots

IoT Medical Devices Market Size

IoT Medical Devices Market Trends

IoT Medical Devices Market Analysis

IoT Medical Devices Market Share

IoT Medical Devices Companies