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.
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.
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).
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.
The Cardinal Matrix - Market Competition Analysis
Based on the analysis presented in the The 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.
COVID-19 Impact Analysis
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.Market Growth Factors
Technological advances in healthcare
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.Increasing chronic disease rates and favorable government policies
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.Market Restraining Factors
Concerns about interoperability and data management
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.
Product Outlook
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.Type Outlook
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.
Connectivity Technology Outlook
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.End-user Outlook
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.Regional Outlook
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.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).
Strategies Deployed in the Market
Partnerships, Collaborations and Agreements:
- Jul-2023: GE HealthCare Technologies Inc. came into partnership with Tata Consultancy Services, an Indian multinational information technology (IT) services and consulting company, to enhance and transform the latter's IT operating model. Through this partnership, GE HealthCare will establish a robust basis for business expansion and innovation, delivering intelligent care solutions across 160+ countries.
- Apr-2023: Koninklijke Philips N.V. entered a partnership with Amazon Web Services, a global IT company, to enhance its communications and imaging archiving systems. The partnership would allow Philips to serve its healthcare provider customers with operational management solutions.
- Mar-2023: Medtronic PLC and NVIDIA, an end-to-end platform for the development and deployment of software-defined autonomous vehicles, joined forces to speed up AI progress in healthcare and integrate innovative AI-driven solutions into patient treatment. Additionally, by the year's end, Medtronic's GI Genius smart endoscopy module will incorporate NVIDIA's Holoscan and IGX technologies. These additions offer real-time AI data processing at the edge for medical device construction and robust edge AI hardware capabilities.
- Jan-2023: GE HealthCare Technologies, Inc. collaborated with Ordr, the leader in connected device security, to provide a solution exploiting Ordr's market-leading platform for health systems. This combined network performance and security solution utilizes the technology and scale of both our organizations to guarantee that our customers gain visibility and actionable insights.
- Mar-2022: Medtronic PLC partnered with Rockley Photonics; a global provider of sensing products comprised of integrated optical modules to create advanced wearable health monitoring devices. Through this partnership, Rockley's novel Bioptx biomarker sensing platform integrated with Medtronic's solutions, to be applied across multiple healthcare environments.
- Jan-2022: The Johnson & Johnson Medical Devices Companies collaborated with Microsoft, the largest vendor of computer software in the world, to enhance and broaden the secure and compliant digital surgery ecosystem of JJMDC. Under this collaboration, Microsoft has enabled the creation of a top-tier, integrated platform encompassing Johnson's cutting-edge surgical technologies.
Product Launches and Product Expansions:
- May-2023: Royal Philips introduced the Philips CT 3500, a novel high-throughput CT system designed to cater to routine radiology and high-volume screening programs. The CT 3500 is crafted to provide continuous imaging essential for high-throughput radiology departments and screening programs, encompassing mobile screening units as well.
- Jan-2023: Nihon Kohden announced the launch of CoMET (Continuous Monitoring of Event Trajectories), a tool for an early indication of potential risks of catastrophic clinical events. CoMET can forecast the occurrence of important clinical events in the future, such as sepsis, hemorrhage, cardiogenic shock, respiratory failure, and urgent intubation, among others. CoMET continuously monitors data to find small physiological changes, which helps real-time decisions for managing and stabilizing patients. The artificial intelligence application may also illustrate paths of decline and recovery and rank patients according to the estimated risk of developing serious illnesses.
- Nov-2022: Koninklijke Philips N.V. unveiled its next-generation Advanced Visualization Workspace platform, powered by AI-enabled algorithms and workflows. Through this launch, Philips aims to enhance workflow, diagnostic confidence, and automated processing in clinical domains across the care continuum using the scalable Advanced Visualization Workspace platform, from single workstations to enterprise solutions.
Acquisitions and Mergers:
- May-2023: Medtronic PLC came into an agreement to acquire the EOPatch device, a tubeless, wearable, and fully disposable insulin delivery device. Through this Acquisition, Medtronic has added a unique wearable patch to its portfolio, by offering patients more options and inspiring additional advancements for individuals seeking to simplify life with diabetes through technology.
- Nov-2022: Boston Scientific Corporation acquired Apollo Endosurgery; a medical technology company focused on the development of the next-generation. Through this acquisition, Boston got the opportunity to venture into a new adjacent market, the endo-bariatric sector, fostering robust and sustained growth throughout the company's operations. Additionally, Boston Scientific has enhanced its worldwide expertise in ELS by leveraging the distinctive innovation provided by Apollo Endosurgery.
- Nov-2022: Johnson & Johnson acquired Abiomed, which develops technologies for heart, lung, and kidney support. Under the acquisition, Abiomed established itself as one of the company's dozen "priority platforms”. Additionally, Johnson & Johnson has expanded their footprints and robust clinical expertise globally.
Scope of the Study
By Product
- Vital Sign Monitoring System
- ECG/Heart Rate Monitor
- Blood Pressure Monitor
- Blood Glucose Monitor
- Oximeters
- Others
- Hearing Devices
- Imaging Systems
- Implantable Cardiac Monitors
- Patient Monitors
- Respiratory Devices
- Infusion Pumps
- Ventilators
- Anesthesia Machines
- Others
By Connectivity Technology
- WiFi
- Bluetooth
- Zigbee & Others
By Type
- Stationary Medical Devices
- Wearable Medical Devices
- Implantable Medical Devices
- Others
By End-user
- Hospitals & Clinics
- Nursing homes, assisted living facilities, long-term care centers & home care settings
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- 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
- Siemens Healthineers AG (Siemens AG)
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global IoT Medical Devices Market by Product
Chapter 6. Global IoT Medical Devices Market by Connectivity Technology
Chapter 7. Global IoT Medical Devices Market by Type
Chapter 8. Global IoT Medical Devices Market by End User
Chapter 9. Global IoT Medical Devices Market by Region
Chapter 10. Company Profiles
Companies Mentioned
- 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
- Siemens Healthineers AG (Siemens AG)
Methodology
LOADING...
