CHICAGO, Aug. 8, 2023 /PRNewswire/ -- In the near future, the IoT medical devices industry is poised to revolutionize healthcare by seamlessly integrating advanced technologies into patient care. These devices, interconnected through the Internet of Things (IoT), will enable real-time monitoring, data collection, and analysis, enhancing the accuracy of diagnostics and treatment. From wearable health trackers that continuously monitor vital signs and activity levels, to smart implants that transmit patient data to healthcare professionals, the IoT medical devices landscape promises personalized and proactive healthcare. However, with these advancements come challenges related to data privacy, security, and regulatory compliance, which must be effectively addressed to ensure the safe and widespread adoption of these transformative technologies.
IoT Medical Devices Market in terms of revenue was estimated to be worth $41.5 billion in 2023 and is poised to reach $166.5 billion by 2028, growing at a CAGR of 32.1% from 2023 to 2028 according to a new report by MarketsandMarkets™.
The market for IoT medical devices is driven by factors such as the increasing prevalence of chronic diseases, the need for efficient and cost-effective healthcare solutions, the rising adoption of telemedicine and remote patient monitoring, and advancements in sensor technology, connectivity, and data analytics. However, interoperability & transparency issues, the high setup and operational costs, and data privacy concerns in IoT medical devices market are expected to restrain market growth to a certain extent.
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IoT Medical Devices Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $41.5 billion |
Estimated Value by 2028 | $166.5 billion |
Growth Rate | Poised to grow at a CAGR of 32.1% |
Market Size Available for | 2021–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product, Connectivity Technology, Type, End User |
Geographies Covered | North America, Europe, Asia Pacific, Latin America and Middle East and Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Increased reliance on self-operated eHealth platforms due to low doctor-to-patient ratio |
Key Market Drivers | The advancement of high-speed networking technologies and the growing prevalence of mobile platforms in the healthcare industry |
Wearable medical devices segment was the fastest growing segment of the IoT medical devices market, By type.
Based on the type, the IoT medical devices market has been segmented into wearable medical devices, implantable medical devices, stationary medical devices, and others (medication management devices, thermometers, infusion pumps, coagulation monitors, digital skin sensors, pedometers, and body composition monitors). In 2022, the wearable medical devices market is expected to grow at the highest CAGR during the forecast period. The high growth of wearable IoT medical devices is attributed to the growing use of home healthcare and remote patient monitoring technologies. The increasing preference for preventive care and engagement in self-health management are expected to boost the demand for wearable IoT medical devices.
The vital signs monitoring devices segment accounted for the largest share in the IoT medical devices market by product.
Based on product, the IoT medical devices market has been segmented into imaging systems, vital signs monitoring devices, implantable cardiac devices, patient monitors, respiratory devices, infusion pumps, neurological devices, hearing devices, anesthesia machines, fetal monitoring devices, ventilators, and others (such as medication management devices, activity trackers, fall management devices, weighing scales, body composition, tags, probes, and thermometers). In 2022, the vital signs monitoring devices segment accounted for the largest share. This can be attributed to the operational and maintenance advantages that connected imaging systems offer, the growing investments by top imaging device companies, and the rising prevalence of chronic diseases & the need for improved patient outcomes.
North America dominated the IoT medical devices market in 2022.
The global market has been segmented based on region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest share of the IoT medical devices market in 2022. The large share of the North American IoT medical devices market can be attributed to the increasing penetration of smartphones, rising prevalence of chronic and lifestyle disorders, increasing healthcare costs, increasing demand for better healthcare services, government initiatives to promote digital health, the robust penetration of 3G and 4G networks, and rising awareness about self-health management.
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IoT Medical Devices Market Dynamics:
Drivers:
1. The advancement of high-speed networking technologies and the growing prevalence of mobile platforms in the healthcare industry
Restraints:
1. Lack of adequate IoT technology expertise within healthcare organizations
Opportunities:
1. Increased reliance on self-operated eHealth platforms due to low doctor-to-patient ratio
Challenges:
1. Concerns regarding data management and interoperability
Key Market Players:
The key players functioning in the IoT medical devices market include Medtronic (Ireland), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Abbott (US), Boston Scientific Corporation (US), OMRON Corporation (Japan), Baxter International Inc. (US), BIOTRONIK (Germany), Johnson & Johnson Private Limited (US), NIHON KOHDEN CORPORATION (Japan), Siemens Healthineers AG (Germany), Honeywell International Inc. (US), AliveCor, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), Nonin (US), AMD Global Telemedicine (US), iHealth Labs Inc (US), Aerotel Medical Systems (1998) Ltd. (Israel), i-SENS, Inc. (Korea), Huntleigh Healthcare Limited (UK), ResMed (US), Masimo (US), Infinium Medical (US), ICU Medical, Inc. (US), and Hamilton Medical (Switzerland).
Recent 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 April 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.
- In March 2023, Advantus Health Partners (US) and GE HealthCare (US) partnered to sign multi-year contract to expand access to Healthcare Technology Management Services.
- In February 2022, Boston Scientific Corporation (US) acquired Baylis Medical Company Inc. (Canada), a provider of innovative transseptal access solutions as well as guidewires, sheaths, and dilators used in catheter-based left-heart surgeries.
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IoT Medical Devices Market Advantages:
- Remote Monitoring: IoT medical devices enable continuous remote monitoring of patients' health metrics, allowing for early detection of abnormalities and timely intervention.
- Real-time Data: These devices provide real-time data on vital signs, medication adherence, and other health parameters, enabling healthcare professionals to make informed decisions promptly.
- Proactive Care: Healthcare providers can identify trends and patterns in patient data, enabling them to deliver proactive and personalized care plans, thereby improving outcomes.
- Reduced Hospitalization: Remote monitoring and early intervention can lead to reduced hospital admissions, lowering healthcare costs and enhancing patient comfort.
- Efficient Diagnostics: IoT devices facilitate remote diagnostic procedures, enabling healthcare professionals to interpret data without the need for in-person visits.
- Data Integration: Seamless integration with electronic health records (EHR) systems ensures accurate and up-to-date patient information is readily accessible to authorized healthcare providers.
- Telemedicine Enhancement: IoT devices enhance telemedicine capabilities, enabling virtual consultations and diagnostics, especially in remote or underserved areas.
- Patient Empowerment: Patients have access to their own health data, fostering self-awareness, active participation in care, and adherence to treatment plans.
- Preventive Healthcare: Continuous monitoring allows for the identification of early risk factors, enabling personalized preventive strategies and healthier lifestyle choices.
- Personalized Treatment: Advanced data analytics and machine learning applied to IoT device data can lead to personalized treatment plans based on individual patient profiles.
- Research and Insights: Aggregated and anonymized IoT device data can be used for medical research, yielding insights into disease trends, treatment effectiveness, and more.
- Efficiency and Workflow: Streamlined data sharing and automation reduce manual data entry, minimizing errors and enhancing healthcare workflow efficiency.
- Scalability: IoT medical devices can be easily scaled across a wide range of healthcare settings, from home care to hospitals, accommodating various needs.
- Chronic Disease Management: Patients with chronic conditions benefit from continuous monitoring, ensuring adherence to treatment plans and early intervention when needed.
- Emergency Response: IoT devices equipped with alert systems can quickly notify caregivers or emergency services in critical situations, enhancing patient safety.
Overall, the IoT medical devices market holds immense potential to transform healthcare by enhancing patient care, improving diagnostics, and optimizing healthcare processes through the utilization of real-time data and advanced analytics.
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