IoT Medical Devices Market projected to surpass USD 313.63 Billion by 2030, growing at a CAGR of 33.5% during the forecast period of 2023-2030 - pronounced by MarketDigits in its recent study.
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PIONEERING MARKETDIGITS CONSULTING AND ADVISORY PRIVATE LIMITED
The Global IoT Medical Devices Market was valued USD 41.5 Billion in 2023 and projected to reach USD 313.63 Billion by 2030, growing at a CAGR of 33.5% during the forecast period of 2023-2030.
Richmond, Nov. 15, 2023 (GLOBE NEWSWIRE) -- According to a research report "IoT medical devices market, by Product Type (Vital Signs Monitoring Devices, Imaging Systems, Respiratory Devices, Implantable Cardiac Devices, Neurological Devices, Anesthesia Machines, Others), Type (Stationary medical devices, Implantable medical devices, Wearable medical devices), Connectivity technology (Bluetooth, Wi-fi, Zigbee), End User (Hospitals & Clinics, Nursing Homes, Assisted Living Facilitie, Long-term Care Centers, Home Care Setting), and Region.
Global IoT Medical Devices Market Report Scope:
Report
Details
Market size value in 2023
USD 41.5 Billion
Market size value in 2030
USD 313.63 Billion
CAGR (2023-2030)
33.5%
Forecast Period
2023–2030
Historic Data
2019
Forecast Units
Value (USD Million/USD Billion)
Segments Covered
Product Type, Type, Connectivity technology, End User and Region
Medical devices are designed to gather, transmit, and analyze real-time patient data, facilitating remote monitoring, diagnostics, treatment, and enhanced patient care. IoT medical devices encompass a broad range of products, including wearables, smart implants, remote monitoring systems, connected sensors, and health tracking applications, suitable for diverse healthcare settings such as hospitals, clinics, nursing homes, and patients' homes. The market's growth is further driven by government initiatives to promote digital health, the growing need to control healthcare delivery costs, a heightened focus on active patient engagement and patient-centric healthcare, advancements in high-speed networking technologies, the increased integration of mobile platforms in healthcare, and an emphasis on patient safety throughout the forecast period. However, challenges include the high deployment costs associated with connected medical devices and the necessary infrastructure, as well as the limited IoT technology expertise within healthcare organizations, which may somewhat hinder market growth.
Major vendors in the global IoT medical devices market - Medtronic, GE Healthcare, Koninklijke Philips N.V., Abbot ,Boston Scientific Corporation, OMRON Corporation, Baxter International Inc, BIOTRONIK, Johnson & Johnson Private Limited, NIHON KOHDEN CORPORATION, Cisco Systems, International Business Machines Corporation, Microsoft Corporation, SAP SE, Capsule Technologies Inc., Resideo Technologies Inc., Stanley Healthcare among others.
Healthcare is adopting faster networks and more mobile platforms.
The adoption of faster networks and mobile platforms in healthcare is primarily driven by the need for efficient data exchange, real-time communication, and remote patient monitoring. High-speed networking technologies enable healthcare providers to securely transmit large medical data, share information instantly for timely decision-making, and offer telemedicine services for remote patient care. Mobile platforms facilitate access to medical records, patient data, and healthcare apps, making it easier for both professionals and patients to manage and deliver healthcare services while on the go, ultimately improving patient outcomes and healthcare system efficiency.
In March 2023, Fujitsu unveiled a cloud-based platform designed to securely gather and utilize health-related data, facilitating digital transformation in the healthcare industry. This innovative platform can automatically convert medical data from healthcare institutions' electronic medical records, adhering to the advanced HL7 FHIR (1) standard framework. It ensures the secure aggregation of health-related information.
Market Dynamics
Drivers:
High-speed networking technologies and mobile platforms are on the rise in healthcare.
Increasing Demand for Remote Patient Monitoring
Growth Of Chronic Disease Management
Opportunities:
Growing use of self-operated eHealth platforms driven by a shortage of doctors.
Increasing Advance Technology
Increasing demand for remote patient monitoring
IoT-enabled medical devices can be used to monitor patients remotely, which can help to improve healthcare outcomes and reduce costs. The increasing demand for remote patient monitoring (RPM) is a key trend in the IoT in medical device market. RPM allows healthcare providers to monitor patients' health data remotely, using wearable devices, implantable sensors, and other IoT-connected devices. This can help to improve patient outcomes, reduce costs, and make healthcare more accessible.
RPM is particularly beneficial for patients with chronic diseases, such as diabetes and heart disease, as it allows them to manage their conditions more effectively and avoid costly hospitalizations. RPM can also be used to monitor patients who are recovering from surgery or other medical procedures. The growth of the RPM market is being driven by a number of factors, including the rising prevalence of chronic diseases, the increasing demand for value-based care, and the growing adoption of telehealth.
The market for IoT medical devices market is dominated by North America.
North America is the dominant force in the Internet of Things (IoT) healthcare market, and this trend is expected to continue in the forecast period. This leadership is driven by the widespread adoption of healthcare IT solutions, the presence of major industry players, and a well-developed infrastructure. IoT-enabled devices have enabled remote monitoring across the region, ensuring patients' well-being and providing doctors with more opportunities to deliver high-quality care. Enhanced doctor-patient communication has led to increased patient engagement and satisfaction, resulting in shorter hospital stays and reduced readmission rates. In North America, particularly in the United States, the utilization of Electronic Health Records (EHRs) has reached its full potential. Many companies are taking the lead in the IoT and healthcare sectors, striving to secure a significant market share by developing solutions for specific medical applications, fostering collaborative research and development, and acquiring startups. Healthcare IT firms in the United States, in particular, are reaping the benefits of their innovative and revolutionary services.
Asia-Pacific (APAC) region is expected to witness the highest growth rate. The Asia Pacific region has a high prevalence of chronic diseases, such as diabetes and heart disease. These diseases are often complex and require close monitoring and management. IoT-enabled medical devices can help patients to manage their chronic diseases more effectively and avoid costly hospitalizations. The demand for remote patient monitoring (RPM) is increasing rapidly in the Asia Pacific region. This is due to a number of factors, including the rising prevalence of chronic diseases, the aging population, and the increasing urbanization. IoT-enabled medical devices are essential for RPM, and this is driving the demand for these devices in the Asia Pacific region.
Stationary Medical Device Segment is anticipated to hold the Largest Market Share during the Forecast Period
The stationary medical device segment within the IoT medical device market is experiencing notable growth due to several key factors. These devices, such as fixed monitoring stations and diagnostic equipment, are becoming increasingly integrated with IoT technology, enhancing their functionality and connectivity. The growth is driven by the need for more comprehensive and real-time patient data monitoring, which aids in early diagnosis, treatment, and healthcare management. Additionally, the growing prevalence of chronic diseases and an aging population necessitate continuous patient monitoring, further fueling the demand for stationary IoT medical devices. Moreover, the development of secure data transmission protocols and advancements in remote monitoring capabilities have boosted the adoption of these devices in healthcare institutions, contributing to the expansion of this segment in the IoT medical device market.
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