The North America IoT Medical Devices Market would witness market growth of 28.6% CAGR during the forecast period (2023-2030).
The demand for Internet of Things (IoT) medical devices is influenced by technological advancement, the rise of the senior population, and the increase of chronic diseases. In addition, the decreasing duration of hospital stays has fuelled demand for IoT medical devices. Key market participants are initiating unique and innovative software programs to address market issues.
The widespread use of IoT in medical devices has increased their functional efficacy, enabling enhanced treatment outcomes and disease management. Demand for IoT medical devices will be fuelled by a surge in hospital spending on adopting sophisticated technology in developing and developed regions. Other factors include a growing focus on active patient-centric care and patient engagement, the rising demand for cost-control measures, and the expansion of high-speed network technologies for IoT connectivity in the medical sector.
Furthermore, the market, comprised of several small start-ups, mid-sized businesses, and enormous conglomerates, is expected to stay intensely competitive and extremely fragmented. Due to the increasing demand for technological innovation and product diversity, there will be significant opportunities for inventive participants during the projection period.
Canada's federal mandate may be one of the nation's greatest strengths in IoT and machine learning-based care data. In Canada, remote patient monitoring programs are becoming increasingly common, especially for managing chronic conditions such as diabetes and hypertension. IoT devices like connected glucometers, blood pressure monitors, and wearable fitness trackers are used to monitor patients' health data remotely. Healthcare providers can access this data to track patient progress and intervene when necessary. Therefore, the North America region will present ample growth opportunities for the market.
The US market dominated the North America IoT Medical Devices Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $63,401.1 million by 2030. The Canada market is experiencing a CAGR of 31.5% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 30.4% during (2023 - 2030).
Based on Product, the market is segmented into Vital Sign Monitoring System (ECG/Heart Rate Monitor, Blood Pressure Monitor, Blood Glucose Monitor, Oximeters, and Others), Hearing Devices, Imaging Systems, Implantable Cardiac Monitors, Patient Monitors, Respiratory Devices, Infusion Pumps, Ventilators, Anesthesia Machines, and Others. Based on Connectivity Technology, the market is segmented into WiFi, Bluetooth, and Zigbee & Others. Based on Type, the market is segmented into Stationary Medical Devices, Wearable Medical Devices, Implantable Medical Devices, and Others. Based on End User, the market is segmented into Hospitals & Clinics, Nursing homes, assisted living facilities, long-term care centers & home care settings, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide IoT Medical Devices Market is Projected to reach USD 251.9 Billion by 2030, at a CAGR of 29.5%
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
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By Country
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