The Global IoT Medical Devices Market size is expected to reach $251.9 billion by 2030, rising at a market growth of 29.5% CAGR during the forecast period.
With the convenience of auto-analyzing the imaging apparatus characteristics, IoT in medical imaging enables identification and corrective steps to be conducted in real-time. Therefore, the Imaging Systems segment captured $5,610.9 million revenue in the market in 2022. As digitization spread to many medical technology sectors, it also cleared the way to monitor and administer medical equipment. The Internet of Things in medical imaging would reduce waiting times and frustration for patients and doctors.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In March, 2022, Medtronic PLC partnered with Rockley Photonics to create advanced wearable health monitoring devices. Additionally, In July, 2023, GE HealthCare Technologies Inc. came into partnership with Tata Consultancy Services, to enhance and transform the latter's IT operating model.
Based on the Analysis presented in the KBV Cardinal matrix; Johnson & Johnson are the forerunners in the Market. In January, 2022, The Johnson & Johnson Medical Devices Companies collaborated with Microsoft, to enhance and broaden the secure and compliant digital surgery ecosystem of JJMDC. Companies such as Medtronic PLC, Koninklijke Philips N.V. and Siemens Healthineers AG (Siemens AG) are some of the key innovators in the Market.
The COVID-19 pandemic had a favourable effect on IoT in the healthcare industry. The possibility of contracting a new coronavirus during treatments and patient visits to the hospital increased during the pandemic. As a result, hospitals and healthcare systems increasingly used IoT for healthcare diagnosis to stop the spread of viral infections. The pandemic changed providers' readiness to adopt IoT solutions, which assisted in leveraging the Internet of Things to diagnose the infection. IoT technology became increasingly important in aiding authorities in treating persons who contracted COVID-19 and preventing the virus's further spread. To sum up, the COVID-19 positively impacted the market.
Due to ongoing advancements in healthcare technology, particularly in the Internet of Things (IoT) sector, innovative medical devices with IoT capabilities have been developed. These devices improve connectivity, data collection, and remote monitoring in order to enhance patient care and outcomes. The IoT medical devices allow for real-time monitoring of patients' vital signs and health metrics. To maintain routine health checkups, consumers are turning to wearable medical technologies. This has propelled a number of product developments and innovations to cate to this diabetic population’s demand. Due to its effectiveness, people are using IoT devices for health monitoring, which is expected to expand the market.
One of the key aspects predicted to fuel sales potential in the market is the growing need for patients for cost-effective services in the medical and healthcare sectors. Hospitals and clinics are experiencing higher workloads due to the increasing prevalence of chronic diseases such as diabetes, cancer, arthritis, and cardiovascular ailments. The healthcare industry is expected to benefit from the increased focus on patient safety. Additionally, many governments are promoting the adoption of interoperability standards to ensure that IoT medical devices can seamlessly communicate and integrate with other healthcare systems and devices. Therefore, increasing chronic diseases worldwide pose lucrative prospects for the IoT medical devices demand.
The healthcare sector operates in a highly information-intensive setting where a significant amount of data is regularly created by many connected medical devices utilized in various healthcare facilities and remote patient monitoring. Given the use of various medical equipment and diagnostic instruments within healthcare systems, there is an increasing need to integrate these systems to ensure that healthcare personnel can respond swiftly at various stages of care delivery. Moreover, connecting or integrating new interoperable solutions with legacy systems already in place presents difficulties for key market participants. As a result, IoT medical device suppliers confront a hurdle because the lack of standard interfaces and interoperability makes it difficult for these devices to be managed and work properly.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships, Collaborations & Agreements.
By product, the market is segmented into vital sign monitoring system, imaging systems, implantable cardiac monitors, patient monitors, respiratory devices, infusion pumps, ventilators, anesthesia machines, hearing devices, and others. In 2022, the patient monitors segment witnessed a considerable revenue share in the market. IoT-based patient monitors enable doctors to efficiently arrange their appointments and monitor their patients from distant locations.
On the basis of type, the market is segmented into stationary medical devices, implantable medical devices, wearable medical devices, and others. In 2022, the implantable medical devices segment witnessed a significant revenue share in the market. These devices are designed to be implanted within the body and communicate wirelessly with external devices or networks to monitor, collect, and transmit important health data. The increase in chronic disease prevalence, the increasingly aging population, the rise in cardiovascular and neurological disorders, and advancements in active implanted medical devices all contribute to the market growth for implantable medical devices.
Based upon connectivity technology, the market is divided into WiFi, Bluetooth, ZigBee, and others. The WiFi segment secured the highest revenue share in the market in 2022. Medical equipment that has wireless capabilities makes vital patient data instantly accessible to caregivers and hospital systems. Additionally, connected devices can enhance asset management, maintenance, and invoicing accuracy. Wi-Fi is one of the most widely used wireless technologies, giving high-performance connectivity, security, and support for legacy devices, making it well-suited to these dynamic settings.
By end user, the market is fragmented into hospitals & clinics, nursing homes, assisted living facilities, long-term care centers, & home care settings, and others. The hospitals and clinics segment recorded the highest revenue share in the market in 2022. The adoption of IoT-based medical equipment, such as connected medical technology devices, monitors, monitoring medical devices, and implanted medical devices, is mainly responsible for this segment’s dominance in patient care. Additionally, the use of telehealth-based solutions by physicians and doctors for patient management and virtual help promotes the segment's growth.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 32.8 Billion |
| Market size forecast in 2030 | USD 251.9 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 29.5% from 2023 to 2030 |
| Number of Pages | 458 |
| Number of Table | 633 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, Type, Connectivity Technology, Application, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America segment held the maximum revenue share in the market in 2022. The widespread use of remote patient monitoring devices and the introduction of new goods are largely responsible for the regional expansion. Strong sales of Internet of Things enabled medical solutions and interests in the US and Canada are also attributable to the pandemic's high demand.
Free Valuable Insights: Global IoT Medical Devices Market size to reach USD 251.9 Billion by 2030
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Medtronic PLC, GE HealthCare Technologies, Inc., Koninklijke Philips N.V., Abbott Laboratories, Boston Scientific Corporation, Omron Corporation, Baxter International, Inc. (Hill-Rom Holdings, Inc.), Johnson & Johnson, Nihon Kohden Corporation and Siemens Healthineers AG (Siemens AG).
By Product
By Connectivity Technology
By Type
By End User
By Geography
The Market size is projected to reach USD 251.9 billion by 2030.
Technological advances in healthcare are driving the Market in coming years, however, Concerns about interoperability and data management restraints the growth of the Market.
Medtronic PLC, GE HealthCare Technologies, Inc., Koninklijke Philips N.V., Abbott Laboratories, Boston Scientific Corporation, Omron Corporation, Baxter International, Inc. (Hill-Rom Holdings, Inc.), Johnson & Johnson, Nihon Kohden Corporation and Siemens Healthineers AG (Siemens AG).
The Stationary Medical Devices segment is generating the highest revenue in the Market by Type in 2022; thereby, achieving a market value of $97.9 billion by 2030.
The Vital Sign Monitoring System segment is leading the Market by Product in 2022; thereby, achieving a market value of $56.6 billion by 2030.
The North America region dominated the Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $88.5 billion by 2030.
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