IoT Medical Devices Market Size Worth USD 505.52 Billion in 2032 | Emergen Research

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The rapid proliferation of the latest technologies, such as Machine Learning and Artificial Intelligence, is expected to drive the IoT Medical Devices Market demand

Vancouver, Nov. 15, 2023 (GLOBE NEWSWIRE) — The global IoT Medical Devices Market is forecasted to be worth USD 505.52 Billion by 2032, according to a current analysis by Emergen Research. Rising investment in artificial intelligence for the implementation of digital medical devices, the emergence of connected cars, and the adoption of wearable technology are contributing to the growth of the market.

The utilization of connected technology in the healthcare industry for the management of operational workflows and clinical tasks is encouraging the demand for the market. IoT has helped in connecting medical devices and offers better medical help to people. It has also enabled firms to design a platform to notify the downtime system of the technology by giving an automatic alert.

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The advent and application of high-speed internet and networking technology coupled with an increase in the usage of smartphones, tablets, and other mobile programs are anticipated to fuel the market demand. The government of various countries is taking the required initiative and investing heavily to improve its healthcare infrastructure with the latest medical devices. Moreover, the high deployment cost of connected medical equipment and their associated infrastructure will encourage market demand

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Scope of Research

Report Details Outcome
The market size value in 2019 USD 25.98 Billion
CAGR (2023- 2032) 25.6%
The revenue forecast in 2032 USD 505.52 Billion
Base year for estimation 2022
Forecast period 2023 – 2032
Quantitative units Volume in Tons, Revenue in USD Thousand, and CAGR from 2023 to 2032
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Product, Type, Connectivity Technology, End-User, Region.
Regional scope North America; Europe; Asia Pacific; Central & South America; MEA.
Country scope U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey.
Key companies profiled GE Healthcare, Medtronic, Abbott Laboratories, Siemens, Johnson & Johnson, Boston Scientific, Philips Healthcare, Honeywell Life Care Solutions, Omron, and Biotronik.
Customization scope 10 hrs of free customization and expert consultation

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Major Companies and Competitive Landscape

The market for IoT Medical Devices is fairly fragmented, with many small as well as medium-sized manufacturers, which account for a major global share of the market. The manufacturers involved in the market are desegregated across the value chain. The key companies of the market are well-equipped with large manufacturing facilities and are also engaged in various research & development activities. Some of the prominent players in the IoT Medical Devices industry include:

  • GE Healthcare
  • Medtronic
  • Abbott Laboratories
  • Siemens
  • Johnson & Johnson
  • Boston Scientific
  • Philips Healthcare
  • Honeywell Life Care Solutions
  • Omron
  • Biotronik

Strategic Development

In April 2019, GE Healthcare and NASSCOM (National Association of Software and Services Companies) partnered through the center of excellence-internet of things (CoE-IoT). The partnership is aimed to flourish start up system, working with them to bring digital healthcare solutions to the market.

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Some Key Highlights from the Report

  • The IoT has transformed how to connect to the hearing care professionals (HCP) with the emergence of telehealth services. With the help of this technology, the patients can interact with the help of HCP via video chat or messages from smartphones. It is useful for patients who reside in remote areas with a lack of transportation.
  • The implantable medical devices are placed inside a human body during medical procedures, such as surgery. The devices are intended to stay at its position after the surgery. Examples of such devices are defibrillators, interocular lenses, and insulin pumps.
  • NFC addresses the problem of lack of enough medical practitioners and helps in increasing efficiency and reducing their error. NFC limits the scope for an error to take place as most of the communication is done via engineered diagnostics.
  • The Asia Pacific region held the largest CAGR due to its advancement in technology in emerging nations. An increase in the adoption of advanced medical devices in hospitals and clinics in developing nations will stimulate the demand for the market in the region.

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Emergen Research has segmented into the global IoT Medical Devices Market on the product, type, connectivity technology, end-user, and region:

  • Product Outlook (Revenue, USD Billion; 2019-2032)
    • Vital Signs Monitoring Devices
      1. Blood Pressure Monitors
      2. Blood Glucose Monitors
      3. ECG/Heart Rate Monitors
      4. Oximeters
      5. Multiparameter Monitors
    • Respiratory Devices
    • Fetal Monitoring Devices
    • Neurological Devices
    • Implantable Cardiac Devices
      1. Implantable Cardioverter Defibrillators
      2. Implantable Cardiac Monitors
    • Pacemakers
    • Hearing Devices
    • Anesthesia Machines
    • Patient Monitors
    • Ventilators
    • Imaging Systems
    • Infusion Pumps
    • Other Products
  • Type Outlook (Revenue, USD Billion; 2019-2032)
    • Wearable Medical Devices
    • Implantable Medical Devices
    • Stationary Medical Devices
    • Other IoT Medical Devices
  • Connectivity Technology Outlook (Revenue, USD Billion; 2019-2032)
    • Bluetooth
    • Wi-Fi
    • ZigBee
    • Near Field Communication (NFC)
    • Other Connectivity Technologies
  • End-User Outlook (Revenue, USD Billion; 2019-2032)
    • Hospitals & Clinics
    • Nursing Homes, Assisted Living Facilities, Long-term Care Centers, & Home Care Settings
    • Other End Users
  • Regional Outlook (Revenue, USD Billion; 2019-2032)
    • North America
      1. U.S.
      2. Canada
    • Europe
      1. Germany
      2. UK
      3. France
      4. BENELUX
      5. Rest of Europe
    • Asia Pacific
      1. China
      2. Japan
      3. South Korea
      4. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • MEA
      1. Saudi Arabia
      2. UAE

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