IoT Medical Devices Market - Trends Forecast Till 2028

Market Overview

The global IoMT market was worth USD 48.2 billion in 2019; it is expected to reach USD 466.71 billion by 2028, at a compound annual growth rate of 28.7%. The IoMT market consists of smart devices, such as wearables and medical/vital monitors, strictly for health care use on the body, in the home, or in community, clinic or hospital settings; and associated real-time location, telehealth and other services. It has been estimated that 6 out of 10 healthcare organizations are already adopting IoT through patient monitors (65%) and X-ray/imaging devices (40%) among the main devices connected to the network. The medical devices are equipped with Wi-Fi to allow machine-to-machine communication. Factors such as a rise in government initiatives for promoting digital health and the growing need for cost-containment in healthcare delivery are some of the major drivers for the IoT medical devices market

Key Findings

The Global IoT medical devices market is segmented into product type, type, connectivity technology, end-user, and geography.

The product Type segment is segmented into 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, and Others

The type segment is segmented into Implantable Medical Devices, Stationary Medical Devices, Wearable Medical Devices, and Others

The connectivity technology segment is segmented into WI-FI, Bluetooth, Zigbee, and Others

The end-User segment is segmented into Hospitals, Clinics, Nursing Homes, Assisted Living Facilities, Home Care Setting and Others

Geographically, the global IoT medical devices market is sub-segmented into North America, Europe, Asia-Pacific, Middle East and Africa and South America and insights are provided for each region and major countries within the regions. 

Regional Analysis

North America region is the largest contributor to the IoT medical devices market in the forecast period 2020-2028 and the Asia-Pacific region is expected to grow with the highest CAGR during the forecast period 2020-2028.

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

Recent Developments

The companies have come up with various promotional activities in from of launch, investment, acquisition, and other, for instance:

• In 2018, NHS has announced that it would be making the FreeStyle Libre smart CGM available on prescription to Type 1 Diabetes sufferers.
• In 2018, Philips and Samsung have announced their partnership for expanding the connected health ecosystem. Both the companies have decided for integrating the Samsung ARTIKTM services with the Philips Healthsuite Digital Platform

Hence, tremendous progress has been made over the last decade and yet a lot more to come in the recent years

Reasons to Acquire

• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors
• Gain authentic and granular data access for IoT medical devices market so as to understand the trends and the factors involved in changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope