IoT Medical Devices Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Device Type (Wearable, Implantable, Stationary), By Application (Remote Patient Monitoring, Chronic Disease Management, Fitness and Wellness), By End-Users (Hospitals and Clinics, Home Healthcare, Pharmaceutical Companies), By Connectivity Type (Wired, Wireless) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The Global IoT Medical Devices Market was valued at USD 35,785.1 Million in 2022 and is anticipated to reach a value of USD 181,892.2 Million by 2030 expanding at a CAGR of 22.7% between 2023 and 2030.

The global IoT Medical devices market refers to the global market of the medical devices that are equipped with the technology known as Internet of Things or IoT. IoT used in medical field is a technological tool that collects the data of the patient, analyzes the information, monitor the information, track health metrics and provides real-time analysis remotely. Due to increased older population, the need to monitor patient’s health in real time is a huge in demand. Combining this to the advancement in sensor technology and fast internet connectivity makes it an ideal choice for disease management in healthcare business. There are various types of wearable medical devices that has incorporated IoT such as smartwatches, fitness bands and other. Besides this, there are many devices that are implanted inside the body such as pacemakers, insulin pumps are among few devices.

Global IoT Medical Devices Market Major Driving Forces

Aging Population: The global market for IoT medical devices has been driven by the substantial increase in the elderly population. Remote monitoring of the patient, real-time health analysis and other achievements are possible due the introduction of IoT in these medical devices.        

Technological Advancements: The advancement in modern technologies such as technology of the sensors, internet connectivity has paved the path for rapid development in IoT based medical devices. These devices are much more accurate and precise in their data analytics

Data- Driven Healthcare: The precision and swift analysis of the data provided by the IoT based medical devices has led to better diagnosis and accurate treatment of the patient. Hence, IoT medical devices are getting such traction.

Impact of COVID-19: The COVID-19 pandemic created a huge demand for remote monitoring of the patient. IoT medical devices proved their worth in this jarring time.

Global IoT Medical Devices Market Key Opportunities

Remote Monitoring:  Real time monitoring that is made possible by introduction of IoT in medical devices, makes the analysis of the patient’s condition more accurate, precise and swift leading to lower hospitalization rate across the globe.

Preventive Healthcare: IoT based devices provides proactive support offering early warning sings, encourages better lifestyle which enables the patient & medical professionals to make proactive decisions, thereby lowering overall treatment cost.

Wearable Technology: Wearable gadgets that are equipped with IoT technology such as smartwatches, fitness bands and other gadgets are very handy devices which attracts a lot of people who are seeking real time analysis of their physical condition.

Global IoT Medical Devices Market Key Trends

·         The development in accuracy and efficiency of sensor technology along with the miniaturization of these sensors has created new trend in medical devices sector.

·         In order to safeguard sensitive patient data from potential breaches and hacking, manufacturers and healthcare providers concentrated on improving cybersecurity safeguards.

·         IoT medical devices integrated machine learning and artificial intelligence to process the enormous patient information. Predictive analytics, tailored with treatment recommendations, and early disease detection are made possible due to IoT devices.

·         Wearable IoT devices such as fitness tracker and smartwatches not only monitors regular health metrics such as heart rate and activity level but also provides information about glucose level and ECGs.

Region-wise Market Insights

North America accounted for the largest market share at 35.7% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 23.4% between 2023 and 2030.

In North America, particularly in the USA and Canada, the adoption of IoT based medical devices are widely accepted. The excellent healthcare infrastructure and tech-savvy population in this region has fueled the embracement of this technology. Besides affection towards technology, the population in this region is also fitness enthusiast and hence demands devices which can provide real time analysis of their physical condition. With the large amount of disposable income, people in this region can afford these high tech devices.

In the same way, Europe also has a population which is tech- savvy and fitness enthusiasts. Exception healthcare infrastructure, coupled with high disposable income encourages public of this region to invest in such cutting- edge technology.

The fast paced urbanization in Asia- Pacific region has created a huge middle class population, particularly in the countries such as India and China. This created a large consumer market for the health related devices. Countries such as Japan are suffering from aging population which encourages them to spend on devices that can provide real time analysis of the physical health.

Market Competition Landscape

The global IoT medical devices market is characterized by high degree of competition among a large number of manufacturers. Key players in the global IoT medical devices market engage in strategies aimed at gaining a competitive edge. Established brands leverage their reputation for quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

E-commerce and online retailing has intensified market competition offering a platform for both established and emerging brands to reach a wider customer base. Market competition is also fueled by the diverse needs of consumers across regions.

Key players in the global IoT medical devices market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         Medtronic

·         Philips Healthcare

·         General Electric (GE) Healthcare

·         Siemens Healthineers

·         Cisco Systems

·         IBM Watson Health

·         Apple

·         Fitbit

·         Dexcom

·         Roche Diagnostics

Medtronic is among the leading companies that provides medical devices globally coupled with Internet of Things. Their product line includes insulin pumps for diabetes management and remote monitoring options for cardiac patients. General Electric Healthcare, on the other hand, provides devices with wider applications such as patient monitoring system, IoT- enabled diagnostic equipment and so on.