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, Implantabl

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from $4,150	200 Pages	Stratistics Market Research Consulting	October, 2023	SMR18275829

Best Price Guarantee
Price	from $4,150
Length	200 Pages
Publisher	Stratistics Market Research Consulting
Published Date	October, 2023
SKU	SMR18275829

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

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
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
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

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: Table 1 Global IoT Medical Devices Market Outlook, By Region (2021-2030) ($MN); Table 2 Global IoT Medical Devices Market Outlook, By Product (2021-2030) ($MN); Table 3 Global IoT Medical Devices Market Outlook, By Vital Signs Monitoring System (2021-2030) ($MN); Table 4 Global IoT Medical Devices Market Outlook, By Blood Pressure Monitors (2021-2030) ($MN); Table 5 Global IoT Medical Devices Market Outlook, By Blood Glucose Monitors (2021-2030) ($MN); Table 6 Global IoT Medical Devices Market Outlook, By ECG/Heart Rate Monitors (2021-2030) ($MN); Table 7 Global IoT Medical Devices Market Outlook, By Oximeters (2021-2030) ($MN); Table 8 Global IoT Medical Devices Market Outlook, By Multiparameter Monitors (2021-2030) ($MN); Table 9 Global IoT Medical Devices Market Outlook, By Imaging Systems (2021-2030) ($MN); Table 10 Global IoT Medical Devices Market Outlook, By Implantable Cardiac Devices (2021-2030) ($MN); Table 11 Global IoT Medical Devices Market Outlook, By Implantable Cardioverter Defibrillators (2021-2030) ($MN); Table 12 Global IoT Medical Devices Market Outlook, By Implantable Cardiac Monitors (2021-2030) ($MN); Table 13 Global IoT Medical Devices Market Outlook, By Patient Monitors (2021-2030) ($MN); Table 14 Global IoT Medical Devices Market Outlook, By Respiratory Devices (2021-2030) ($MN); Table 15 Global IoT Medical Devices Market Outlook, By Infusion Pumps (2021-2030) ($MN); Table 16 Global IoT Medical Devices Market Outlook, By Fetal Monitoring Devices (2021-2030) ($MN); Table 17 Global IoT Medical Devices Market Outlook, By Neurological Devices (2021-2030) ($MN); Table 18 Global IoT Medical Devices Market Outlook, By Ventilators (2021-2030) ($MN); Table 19 Global IoT Medical Devices Market Outlook, By Anesthesia Machines (2021-2030) ($MN); Table 20 Global IoT Medical Devices Market Outlook, By Hearing Devices (2021-2030) ($MN); Table 21 Global IoT Medical Devices Market Outlook, By Other Products (2021-2030) ($MN); Table 22 Global IoT Medical Devices Market Outlook, By Type (2021-2030) ($MN); Table 23 Global IoT Medical Devices Market Outlook, By Wearable (2021-2030) ($MN); Table 24 Global IoT Medical Devices Market Outlook, By Implantable Device (2021-2030) ($MN); Table 25 Global IoT Medical Devices Market Outlook, By Stationary Medical Device (2021-2030) ($MN); Table 26 Global IoT Medical Devices Market Outlook, By Other Types (2021-2030) ($MN); Table 27 Global IoT Medical Devices Market Outlook, By Connectivity Technology (2021-2030) ($MN); Table 28 Global IoT Medical Devices Market Outlook, By Wifi (2021-2030) ($MN); Table 29 Global IoT Medical Devices Market Outlook, By Bluetooth (2021-2030) ($MN); Table 30 Global IoT Medical Devices Market Outlook, By Zigbee (2021-2030) ($MN); Table 31 Global IoT Medical Devices Market Outlook, By Other Connectivity Technologies (2021-2030) ($MN); Table 32 Global IoT Medical Devices Market Outlook, By Application (2021-2030) ($MN); Table 33 Global IoT Medical Devices Market Outlook, By Telemedicine (2021-2030) ($MN); Table 34 Global IoT Medical Devices Market Outlook, By Medication Management (2021-2030) ($MN); Table 35 Global IoT Medical Devices Market Outlook, By Patient Monitoring (2021-2030) ($MN); Table 36 Global IoT Medical Devices Market Outlook, By Other Applications (2021-2030) ($MN); Table 37 Global IoT Medical Devices Market Outlook, By End User (2021-2030) ($MN); Table 38 Global IoT Medical Devices Market Outlook, By Healthcare Providers (2021-2030) ($MN); Table 39 Global IoT Medical Devices Market Outlook, By Government Authorities (2021-2030) ($MN); Table 40 Global IoT Medical Devices Market Outlook, By Other End Users (2021-2030) ($MN); Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.