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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
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
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market for IoT Medical Devices attained a value of nearly USD 31.40 billion.
The market is projected to grow at a CAGR of 25.1% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 236.30 billion by 2032.
The major drivers of the IoT medical devices market include the growing emphasis on active patient engagement and patient-centric care delivery, evolution of high-speed networking technologies, rising use of smartphones, tablets, and other mobile platforms in healthcare, modernisation in the healthcare sector, and growing population of patients.
The growing need for patients for cost-effective services in the medical and health care sectors, increase in investment in healthcare IoT solutions, and the rise in the prevalence of chronic diseases are the key industry trends propelling the growth of the market.
The major players in the industry are Abbott Laboratories, General Electric Company, Koninklijke Philips N.V., Siemens AG, Honeywell International Inc, and Omron Corporation, among others.
IoT devices reduce the requirement for data storage by quickly collecting, reporting, and analysing large amounts of data. The data-driven insights will simplify the decision-making process for doctors.
Remote patient monitoring, hand hygiene monitoring, glucose monitoring, Parkinson's disease monitoring, heart-rate monitoring, and depression and mood monitoring, among others are some of the examples of IoT in healthcare.
Smart medical gadgets, both wearable and non-wearable, are effectively employed for remote patient monitoring, care delivery, diagnosis, and other procedures. Medical gadgets powered by IoT-based systems automate regular chores like collecting vital signs, forecast disease risks and disease progression, and boost the effectiveness of medical staff.
Data security and privacy are some of the most serious problems that IoT is now facing in healthcare applications, particularly as patient healthcare information is typically confidential.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124