28.7% CAGR of "IoT Medical Devices Market" Trends Analysis by Product Type, Connectivity Technology, End User, Geography, Competitive Landscape, Size, Share, Demand

Delvens is a strategic advisory and consulting company has recently published a report on the "Global IoT Medical Devices Market has reached a value of $217.34 billion in 2022. This market is expected to grow from $262.1 billion in 2023 to $972.56 billion in 2030 with a CAGR of 20.6% in the forecast period of 2023-2030" in its research database. This market is estimated based on different key pointers that attribute to the growth which are medical devices such as Stationary, Wearable External Devices, Implantable, Others, software & system including Application Security, Network Security, Data Analytics, Remote Device Management, Network Bandwidth Management, services such as Architecture, Consulting, Application development, connectivity including Bluetooth, Zigbee, Wi-Fi, Embedded System, and End-User such as Hospitals, Clinics, Laboratory Research, Others. Leading companies are Medtronic, GE Healthcare, Koninklijke Philips, Honeywell Life Care Solutions, Boston Scientific Corporation, Johnson & Johnson Services Inc and Siemens AG involved in innovation and bringing new medical device products to the market.

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IoT Medical Devices Market, By Product Type (Vital Signs Monitoring Devices, Imaging Systems, Implantable Cardiac Devices, Patient Monitors, Respiratory Devices, Infusion Pumps, Anesthesia Machines, Neurological Devices, Hearing Devices, Fetal Monitoring Devices, Ventilators, Safety Monitors, Medication Monitors, Activity Monitors, Others), Type (Implantable Medical Devices, Stationary Medical Devices, Wearable Medical Devices, Others), Connectivity Technology (WI-FI, Bluetooth, Zigbee, Others), End User (Hospitals, Clinics, Nursing Homes, Assisted Living Facilities, Home Care Setting, Others), Geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America)

The Stationary Medical Devices segment has the highest market holding in the IoT medical devices market among other segments. This is due to the increased prevalence of chronic devices, rise in the healthcare services, and advancement in the stationary medical devices. These medical devices include equipment such as patient monitors, imaging devices, and anesthesia machines, which are typically used in hospital settings. Increasing demand for these devices eventually drives the market of IoT medical devices in the coming years as expected.

Incorporation of IoT Technology in Medical Devices Applications:

To improve patient outcomes and reduce the price of medical expenses, it is necessary for advanced technology such as IoT medical devices could help in the continuous monitoring and management of these conditions. Along with this, the increasing incidence of chronic diseases such as diabetes, cardiovascular diseases, and respiratory diseases elevated the demand for IoT medical devices. The advancement in IoT technology involves the miniaturization of sensors, improved battery life, and the development of wireless communication protocols leading to develop more sophisticated and user-friendly medical devices. Further, growing investment in the healthcare sectors by governments and private organizations as well as upgrading the medical devices to incorporate IoT technology continue to grow the IoT Medical Devices Market in coming years.

IoT Medical Devices Market Regional Analysis:

North American region holds a significant market share in the IoT medical devices market. This is due to the high presence of the world's leading health technology companies, the increased number of launching new products in IoT medical devices, and improved healthcare services. The United States has one of the highest healthcare expenditures in the world. This has led to a high demand for IoT medical devices, as healthcare providers look for ways to improve patient outcomes while reducing costs leading to improving the market presence of IoT medical devices.

For instance, in 2023, Honeywell introduced its Real-Time Health Monitoring System (RTHMS), which is a smart edge-to-cloud communication platform that enables remote and real-time monitoring of patients which enables healthcare professionals to stay connected and monitor health conditions in real-time. In 2021, Palo Alto Networks expanded its IoT security solutions to be incorporated into the healthcare sector, which aims to simplify the complex task of securing medical devices. All these new launches and upgradation to IoT technology continue to improve the growth of the IoT Medical Devices Market in the upcoming years.

Competitive Landscape

Key players in the global IoT medical devices market are Medtronic, Koninklijke Philips N.V., General Electric, International Business Machines Corporation, Microsoft, Cerner Corporation, Proteus Digital Health, Adheretech, Inc., Google, Cisco Systems, Inc., Siemens, Boston Scientific, Honeywell Life Care Solutions, Biotronik, Johnson & Johnson, Omron, Biotelemetry, Alivecor, Agamatrix, IHealth Lab, Stanley Healthcare, Welch Allyn among others.

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