IoT Medical Devices Market Projected to Reach USD 503
Pune, Sept. 13, 2024 (GLOBE NEWSWIRE) — According to the new market research report “IoT Medical Devices Market Size, Share & Segment By Component (Medical Devices, System and Software, Services), By Technology (Cellular, Wi-Fi, Bluetooth, LPWANs, Zigbee, RFID), By Application, By End-use, By Regions & Forecast 2024-2032”, Published by SNS Insider, is expected to reach USD 503.6 billion by 2032 from USD 41.4 billion in 2023, at a CAGR of 32.0% during the forecast period.
The IoT Medical Devices market is experiencing rapid expansion driven by technological advancements and increasing healthcare demands. The market’s growth is fueled by the rising adoption of connected medical devices, which offer real-time health monitoring and data management capabilities. The integration of IoT technology in healthcare improves patient outcomes through continuous health tracking, enhances operational efficiencies, and supports telemedicine and remote patient care. The increasing prevalence of chronic diseases and the need for efficient healthcare solutions are major contributors to the market’s growth. Additionally, advancements in IoT technology, including the development of sophisticated medical devices and software solutions, are further propelling the market forward.
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The supply of IoT medical devices is bolstered by significant investments from technology and healthcare companies, driving innovation and enhancing device capabilities. This dynamic market environment is creating new opportunities for growth and investment in connected healthcare solutions.
Key IoT Medical Devices Companies:
- Apple Inc.
- Intel Corporation
- Senseonics
- QUALCOMM Incorporated
- GE Healthcare
- Medtronic
- IBM Corporation
- Wipro Ltd
- Infosys Limited
- Microsoft Corporation
- Cerner Corporation
- SAP SE
- Amazon
- Cisco Systems, Inc.
- Koninklijke Philips N.V.
- Abbott Laboratories
- Proteus Digital Health Inc.
IoT Medical Devices Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 41.4 Billion |
| Market Size by 2032 | US$ 503.6 Billion |
| CAGR | CAGR of 32.0% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
IoT Medical Devices Market Key Segmentation:
By Component
By Technology
By Application
By End-use
- Clinical Research Organizations
- Research and Diagnostic Laboratories
Segment Analysis
By Component:
In 2023, the medical devices segment led the market with a 37.5% share, attributed to the widespread adoption of connected medical devices that offer real-time health monitoring for conditions such as glucose levels, heart rate, and blood pressure. The increasing demand for self-monitoring devices, including wearables, is a key driver. For example, Abbott’s introduction of wearables in January 2022 exemplifies the growing trend of integrating IoT sensors into medical devices. The systems and software segment is expected to experience the fastest CAGR due to technological advancements and investments in developing new connected solutions for the life sciences industry.
By Technology:
The cellular segment held the largest share of 34% in 2023, owing to its capability to transmit large amounts of data over long distances, making it ideal for remote patient monitoring. Cellular technology’s efficiency and security in data transmission contribute to its widespread adoption. However, the LPWANs (Low Power Wide Area Networks) segment is anticipated to grow rapidly due to its low power consumption and long-range capabilities. LPWANs are increasingly utilized in wireless monitoring and emerging healthcare applications, offering a promising solution for efficient, low-power IoT communication.
By Application:
Telemedicine dominated the market in 2023 with a 54.3% share, driven by the increasing prevalence of chronic diseases and demand for remote patient monitoring. The rapid advancement of telemedicine technology and new service launches are accelerating the adoption of IoT solutions. For example, Lytus Technologies’ introduction of telemedicine services in India in May 2021 and Walmart Inc.’s acquisition of MeMD in May 2021 to offer virtual healthcare services illustrate the sector’s growth. Telemedicine is expected to continue its rapid expansion due to rising consumer demand and improved care quality.
By End-use:
Hospitals and clinics represented the largest revenue share of 43.2% in 2023, driven by the operational efficiencies provided by IoT solutions. These technologies enhance real-time communication, medical records management, and hospital workflows, improving treatment outcomes. The Clinical Research Organizations (CROs) segment is expected to grow at the fastest CAGR due to the increased use of IoT solutions in clinical research. IoT technologies address patient recruitment and retention challenges, contributing to the segment’s growth.
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Regional Analysis
North America:
North America is the dominant region in the IoT Medical Devices market, driven by its advanced healthcare infrastructure and high adoption rates of new technologies. The U.S. is a key player, with significant investments from major tech and healthcare companies such as Philips and Medtronic, focusing on developing innovative IoT medical solutions. The region’s robust healthcare system and increasing demand for remote monitoring and telemedicine services contribute to its leading market position.
Asia-Pacific:
The Asia-Pacific region is experiencing rapid growth in the IoT Medical Devices market, driven by increasing healthcare needs and technological advancements. Countries like China and India are key contributors, with significant investments in healthcare infrastructure and IoT technology. For instance, China’s focus on expanding its healthcare system and India’s growing telemedicine services are boosting market growth. The region is expected to continue its expansion due to rising healthcare demands, increasing adoption of IoT technologies, and supportive government initiatives.
Recent Developments
January 2024: Philips launched a new wearable ECG monitor with advanced IoT integration for continuous heart health monitoring.
February 2024: Abbott introduced a smart glucose monitoring system with real-time data-sharing capabilities for enhanced diabetes management.
Key Takeaways
- The IoT Medical Devices market is experiencing rapid growth due to technological advancements and rising healthcare needs.
- North America leads the market with its advanced healthcare infrastructure and high adoption rates of IoT medical devices.
- The Asia-Pacific region is expanding quickly, driven by increasing healthcare demands and technological advancements.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Incidence and Prevalence (2023)
- Prescription Trends, (2023), by Region
- Device Volume, by Region (2020-2032)
- Healthcare Spending, by Region, (Government, Commercial, Private, Out-of-Pocket), 2023
6. Competitive Landscape
7. IoT Medical Devices Market Segmentation, by Component
8. IoT Medical Devices Market Segmentation, by Technology
9. IoT Medical Devices Market Segmentation, by Application
10. IoT Medical Devices Market Segmentation, by End-use
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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