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IoT Medical Devices Market

Global IoT Medical Devices Market Share, Size, Growth, Analysis, Trends: By Product: Vital Signs Monitoring Devices, Implantable Cardiac Devices, Imaging Systems, Patient Monitors; By Type: Stationary Medical Devices, Implantable Medical Devices, Others; By Connectivity; By End User; Regional Analysis; Supplier Landscape; 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.

 

iot medical devices market by region

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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

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2017-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Type
  • Connectivity
  • End User
  • Region
Breakup by Product
  • Vital Signs Monitoring Devices
  • Implantable Cardiac Devices
  • Imaging Systems
  • Patient Monitors
Breakup by Type
  • Stationary Medical Devices
  • Implantable Medical Devices
  • Wearable Medical Devices
  • Others
Breakup by Connectivity
  • Wi-Fi
  • Bluetooth
  • Zigbee
  • Others
Breakup by End User
  • Hospitals & Clinics
  • Nursing Homes, Long-Term Care Centres, and Home Care Settings
  • Research and Diagnostics Laboratories
  • Clinical Research Organization (CRO)
  • Others
Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • Market Drivers and Constraints
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
  • Industry Events, Initiatives, and Trends
  • Value Chain Analysis
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Mergers and Acquisitions
    • Certifications
Companies Covered
  • Medtronic
  • Cisco Inc
  • GENERAL ELECTRIC
  • STANLEY Healthcare
  • Capsule Technologies, Inc
  • IBM Corporation
  • Koninklijke Philips N.V.
  • SAP affiliate company
  • AdhereTech
  • Cerner Corporation
  • Meru Health
  • LifeFuels Inc
  • CARRÉ TECHNOLOGIES INC.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
    1.1    Objectives of the Study
    1.2    Key Assumptions 
    1.3    Report Coverage – Key Segmentation and Scope  
    1.4    Research Methodology
2    Executive Summary
3    Global IoT Medical Devices Market Overview 

    3.1    Global IoT Medical Devices Market Historical Value (2017-2023)
    3.2    Global IoT Medical Devices Market Forecast Value (2024-2032)
4    Global IoT Medical Devices Market Landscape
    4.1    Global IoT Medical Devices Developers Landscape
        4.1.1    Analysis by Year of Establishment
        4.1.2    Analysis by Company Size
        4.1.3    Analysis by Region
    4.2    Global IoT Medical Devices Product Landscape
        4.2.1    Analysis by Type of Biosensor
        4.2.2    Analysis by Technology Used
        4.2.3    Analysis by Applications
5    Global IoT Medical Devices Market Dynamics
    5.1    Market Drivers and Constraints
    5.2    SWOT Analysis
    5.3    Porter’s Five Forces Model 
    5.4    Key Demand Indicators
    5.5    Key Price Indicators
    5.6    Industry Events, Initiatives, and Trends 
    5.7    Value Chain Analysis
6    Global IoT Medical Devices Market Segmentation
    6.1    Global IoT Medical Devices Market by Product
        6.1.1    Market Overview
        6.1.2    Vital Signs Monitoring Devices
            6.1.2.1    Blood Glucose Monitors
            6.1.2.2    ECG/Heart rate Monitors
            6.1.2.3    Blood Pressure Monitors
            6.1.2.4    Multiparameter Monitors
            6.1.2.5    Oximeters
            6.1.2.6    Others
        6.1.3    Implantable Cardiac Devices
            6.1.3.1    Implantable Cardioverter-Defibrillators
            6.1.3.2    Pacemakers
            6.1.3.3    Implantable Cardiac monitors
        6.1.4    Imaging Systems
        6.1.5    Patient Monitors
            6.1.5.1    Respiratory Devices
            6.1.5.2    Infusion Pumps
            6.1.5.3    Foetal Monitoring Devices
            6.1.5.4    Neurological Devices
            6.1.5.5    Ventilators
            6.1.5.6    Anesthesia Machines
            6.1.5.7    Hearing Devices
            6.1.5.8    Other Devices
    6.2    Global IoT Medical Devices Market by Type
        6.2.1    Market Overview
        6.2.2    Stationary Medical Devices
        6.2.3    Implantable Medical Devices
        6.2.4    Wearable Medical Devices
        6.2.5    Others
    6.3    Global IoT Medical Devices Market by Connectivity
        6.3.1    Market Overview
        6.3.2    Wi-Fi
        6.3.3    Bluetooth
        6.3.4    Zigbee
        6.3.5    Others
    6.4    Global IoT Medical Devices Market by End User
        6.4.1    Market Overview
        6.4.2    Hospitals & Clinics
        6.4.3    Nursing Homes, Long-Term Care Centres, and Home Care Settings
        6.4.4    Research and Diagnostics Laboratories
        6.4.5    Clinical Research Organization (CRO)
        6.4.6    Others
    6.5    Global IoT Medical Devices Market by Region
        6.5.1    Market Overview
        6.5.2    North America 
        6.5.3    Europe
        6.5.4    Asia Pacific
        6.5.5    Latin America
        6.5.6    Middle East and Africa
7    North America IoT Medical Devices Market
    7.1    Market Share by Country
    7.2    United States of America
    7.3    Canada
8    Europe IoT Medical Devices Market
    8.1    Market Share by Country
    8.2    United Kingdom
    8.3    Germany
    8.4    France
    8.5    Italy
    8.6    Others
9    Asia Pacific IoT Medical Devices Market
    9.1    Market Share by Country
    9.2    China
    9.3    Japan
    9.4    India
    9.5    ASEAN
    9.6    Australia
    9.7    Others
10    Latin America IoT Medical Devices Market
    10.1    Market Share by Country
    10.2    Brazil
    10.3    Argentina
    10.4    Mexico
    10.5    Others
11    Middle East and Africa IoT Medical Devices Market
    11.1    Market Share by Country
    11.2    Saudi Arabia
    11.3    United Arab Emirates
    11.4    Nigeria
    11.5    South Africa
    11.6    Others
12    Patent Analysis
    12.1    Analysis by Type of Patent
    12.2    Analysis by Publication year
    12.3    Analysis by Issuing Authority
    12.4    Analysis by Patent Age
    12.5    Analysis by CPC Analysis
    12.6    Analysis by Patent Valuation 
    12.7    Analysis by Key Players
13    Grants Analysis
    13.1    Analysis by year
    13.2    Analysis by Amount Awarded
    13.3    Analysis by Issuing Authority
    13.4    Analysis by Grant Application
    13.5    Analysis by Funding Institute
    13.6    Analysis by NIH Departments
    13.7    Analysis by Recipient Organization 
14    Funding Analysis
    14.1    Analysis by Funding Instances
    14.2    Analysis by Type of Funding
    14.3    Analysis by Funding Amount
    14.4    Analysis by Leading Players
    14.5    Analysis by Leading Investors
    14.6    Analysis by Geography
15    Partnership and Collaborations Analysis
    15.1    Analysis by Partnership Instances
    15.2    Analysis by Type of Partnership
    15.3    Analysis by Leading Players
    15.4    Analysis by Geography
16    Regulatory Framework
    16.1    Regulatory Overview
        16.1.1    US FDA
        16.1.2    EU EMA
        16.1.3    INDIA CDSCO
        16.1.4    JAPAN PMDA
        16.1.5    Others
17    Supplier Landscape
    17.1    Medtronic
        17.1.1    Financial Analysis
        17.1.2    Product Portfolio
        17.1.3    Demographic Reach and Achievements
        17.1.4    Mergers and Acquisitions
        17.1.5    Certifications
    17.2    Cisco Inc
        17.2.1    Financial Analysis
        17.2.2    Product Portfolio
        17.2.3    Demographic Reach and Achievements
        17.2.4    Mergers and Acquisitions
        17.2.5    Certifications
    17.3    GENERAL ELECTRIC
        17.3.1    Financial Analysis
        17.3.2    Product Portfolio
        17.3.3    Demographic Reach and Achievements
        17.3.4    Mergers and Acquisitions
        17.3.5    Certifications
    17.4    STANLEY Healthcare
        17.4.1    Financial Analysis
        17.4.2    Financial Portfolio
        17.4.3    Demographic Reach and Achievements
        17.4.4    Mergers and Acquisitions
        17.4.5    Certifications
    17.5    Capsule Technologies, Inc
        17.5.1    Financial Analysis
        17.5.2    Product Portfolio
        17.5.3    Demographic Reach and Achievements
        17.5.4    Mergers and Acquisitions
        17.5.5    Certifications
    17.6    IBM Corporation
        17.6.1    Financial Analysis
        17.6.2    Product Portfolio
        17.6.3    Demographic Reach and Achievements
        17.6.4    Mergers and Acquisitions
        17.6.5    Certifications
    17.7    Koninklijke Philips N.V.
        17.7.1    Financial Analysis
        17.7.2    Product Portfolio
        17.7.3    Demographic Reach and Achievements
        17.7.4    Mergers and Acquisitions
        17.7.5    Certifications
    17.8    SAP affiliate company
        17.8.1    Financial Analysis
        17.8.2    Product Portfolio
        17.8.3    Demographic Reach and Achievements
        17.8.4    Mergers and Acquisitions
        17.8.5    Certifications
    17.9    AdhereTech
        17.9.1    Financial Analysis
        17.9.2    Product Portfolio
        17.9.3    Demographic Reach and Achievements
        17.9.4    Mergers and Acquisitions
        17.9.5    Certifications
    17.10    Cerner Corporation
        17.10.1    Financial Analysis
        17.10.2    Product Portfolio
        17.10.3    Demographic Reach and Achievements
        17.10.4    Mergers and Acquisitions
        17.10.5    Certifications
    17.11    Meru Health
        17.11.1    Financial Analysis
        17.11.2    Product Portfolio
        17.11.3    Demographic Reach and Achievements
        17.11.4    Mergers and Acquisitions
        17.11.5    Certifications
    17.12    LifeFuels Inc
        17.12.1    Financial Analysis
        17.12.2    Product Portfolio
        17.12.3    Demographic Reach and Achievements
        17.12.4    Mergers and Acquisitions
        17.12.5    Certifications
    17.13    CARRÉ TECHNOLOGIES INC.
        17.13.1    Financial Analysis
        17.13.2    Product Portfolio
        17.13.3    Demographic Reach and Achievements
        17.13.4    Mergers and Acquisitions
        17.13.5    Certifications
18    Global IoT Medical Devices Market - Distribution Model (Additional Insight)
    18.1    Overview 
    18.2    Potential Distributors 
    18.3    Key Parameters for Distribution Partner Assessment 
19    Key Opinion Leaders (KOL) Insights (Additional Insight)
20    Company Competitiveness Analysis (Additional Insight)

    20.1    Very Small Companies
    20.2    Small Companies
    20.3    Mid-Sized Companies
    20.4    Large Companies
    20.5    Very Large Companies
21    Payment Methods (Additional Insight)
    21.1    Government Funded
    21.2    Private Insurance
    21.3    Out-of-Pocket


*Additional insights provided are customisable as per client requirements.

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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