IoT (Internet of Things) technology is being increasingly used in medical devices for various applications. They are designed to collect data from patients, monitor their health conditions, and transmit this data to healthcare providers. IoT technology is transforming the way healthcare is delivered by improving patient outcomes, reducing costs, and enhancing the efficiency of healthcare services. The key benefits of integrating IoT technology with medical devices include enabling healthcare providers to remotely monitor patients, collecting real-time data on patient health conditions which could make more informed decisions about patient care, and enhancing the efficiency of healthcare services by automating certain tasks
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.
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. 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.
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.
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.
Increasing investment in improving medical technologies and coming up with new product launches in areas of IoT-integrated medical devices generated huge revenue in the IoT medical devices market. It is recommended that the companies should focus on enhancing the security systems in IoT devices, especially in the healthcare sector would gain the trust of healthcare providers and patients. Moreover, IoT medical devices generate large amounts of data, it is a great opportunity for companies to venture in to provide robust data analytics solutions that will be more likely to succeed in the market. Since healthcare providers are looking for ways to use this data to perceive actionable insights is in huge demand leading to enhance growth of the IoT medical devices market in the upcoming years as predicted.