The report "IoT Medical Devices Market in terms of revenue was estimated to be worth $41.5 billion in 2023 and is poised to reach $166.5 billion by 2028, growing at a CAGR of 32.1% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The market for IoT medical devices refers to the segment of the healthcare industry that encompasses interconnected medical devices, equipment, and systems enabled by the Internet of Things (IoT) technology. These devices are designed to collect, transmit, and analyze real-time patient data, enabling remote monitoring, diagnostics, treatment, and improved patient care. IoT medical devices include a wide range of products such as wearable devices, smart implants, remote monitoring systems, connected sensors, and health tracking applications. These devices can be used in various healthcare settings, including hospitals, clinics, nursing homes, and even in patient’s homes.

Other factors driving market growth include the government initiatives for promoting digital health, growing need for cost containment in healthcare delivery, rising focus on active patient engagement and patient centric health care, evolution of high-speed networking technologies and increasing penetration of mobile platforms in healthcare, and growing focus on patient safety are expected to drive the growth of this market during the forecast period. However, high deployment cost of connected medical devices and the associated infrastructure and insufficient IoT technology skills across healthcare organizations, are expected to restrain market growth to a certain extent.

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Key Market:

Prominent players in the IoT medical devices market include Medtronic (Ireland), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Abbott (US), Boston Scientific Corporation (US), OMRON Corporation (Japan), Baxter International Inc. (US), BIOTRONIK (Germany), Johnson & Johnson Private Limited (US), NIHON KOHDEN CORPORATION (Japan), Siemens Healthineers AG (Germany), Honeywell International Inc. (US), AliveCor, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), Nonin (US), AMD Global Telemedicine (US), iHealth Labs Inc (US), Aerotel Medical Systems (1998) Ltd. (Israel), i-SENS, Inc. (Korea), Huntleigh Healthcare Limited (UK), ResMed (US), Masimo (US), Infinium Medical (US), ICU Medical, Inc. (US), and Hamilton Medical (Switzerland). These companies adopted strategies such as product launches, expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their market presence in the IoT medical devices market.

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Driver: The advancement of high-speed networking technologies and the growing prevalence of mobile platforms in the healthcare industry

The healthcare industry has witnessed a multitude of new care options due to the availability of high-speed network connectivity. These options include remote consultation and monitoring, virtual health kiosks and portals, video conferencing for consultations, and electronic personal health records. With the help of small and powerful wireless solutions connected through IoT, it is now feasible to remotely monitor and provide advice to patients. Additionally, these solutions can securely capture patient health data from various sensors, apply complex algorithms for analysis, and transmit the information wirelessly to medical professionals. Wireless networking eliminates the limitations of traditional wired solutions and enables devices to connect via popular wireless standards such as BLE for personal area networks (PAN) and Wi-Fi & BLE for local area networks (LAN) in clinics or hospitals. IoT medical devices can be controlled and accessed through cellular networks (3G/4G/5G), Bluetooth, ZigBee, and other protocols.

The adoption of 3G, 4G, and 5G networks has significantly facilitated uninterrupted healthcare services. China leads in terms of 5G penetration, while South Korea and Japan have the highest penetration of 4G, according to Statista. Global 5G mobile subscriptions are projected to exceed 2.7 billion by 2025, with Northeast Asia, North America, and Western Europe having the largest subscriber base. Furthermore, 4G network traffic witnessed a growth of 39% in 2021, as reported by CLSA. India's 4G subscriber base also grew from 645 million in 2020 to 710-720 million in 2021 and is anticipated to surpass 800 million by March 2022, according to Crisil. The widespread and expanding presence of high-speed telecommunication networks in both developed and developing countries has played a pivotal role in driving the adoption of connected medical devices.

Opportunity: Increased reliance on self-operated eHealth platforms due to low doctor-to-patient ratio

Many countries worldwide suffer from a low doctor-to-patient ratio. The World Health Statistics report of 2020 reveals that approximately 40% of countries have less than one physician per 1,000 people, along with less than 18 hospital beds per 10,000 people. Additionally, there is a significant disparity between healthcare access in developed and developing markets. For example, developing countries in the APAC and Africa regions exhibit considerably lower densities of hospital beds, physicians, nurses, and midwives per 10,000 people compared to developed countries in North America and Europe.

The World Health Organization (WHO) sets the global standard doctor-to-patient ratio at 1:1,000. However, numerous countries fall below this standard, resulting in patients experiencing difficulties in accessing adequate medical care due to a shortage of skilled doctors.

Challenge: Concerns regarding data management and interoperability

The healthcare industry operates in an information-intensive environment where a substantial amount of data is generated continuously from numerous connected medical devices used in various healthcare facilities and remote patient monitoring. However, the key lies in generating reliable information by effectively integrating this vast volume of data to create comprehensive and accurate patient records. Given the use of diverse medical devices and diagnostic tools within healthcare systems, there is a growing need to integrate these systems to ensure healthcare professionals can respond promptly at different points of care delivery.

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Wearable medical devices segment was the fastest growing segment of the IoT medical devices market, By type.

Based on the type, the IoT medical devices market has been segmented into wearable medical devices, implantable medical devices, stationary medical devices, and others (medication management devices, thermometers, infusion pumps, coagulation monitors, digital skin sensors, pedometers, and body composition monitors). In 2022, the wearable medical devices market is expected to grow at the highest CAGR during the forecast period. The high growth of wearable IoT medical devices is attributed to the growing use of home healthcare and remote patient monitoring technologies. The increasing preference for preventive care and engagement in self-health management are expected to boost the demand for wearable IoT medical devices.

The vital signs monitoring devices segment accounted for the largest share in the IoT medical devices market by product.

Based on product, the IoT medical devices market has been segmented into imaging systems, vital signs monitoring devices, implantable cardiac devices, patient monitors, respiratory devices, infusion pumps, neurological devices, hearing devices, anesthesia machines, fetal monitoring devices, ventilators, and others (such as medication management devices, activity trackers, fall management devices, weighing scales, body composition, tags, probes, and thermometers). In 2022, the vital signs monitoring devices segment accounted for the largest share. This can be attributed to the operational and maintenance advantages that connected imaging systems offer, the growing investments by top imaging device companies, and the rising prevalence of chronic diseases & the need for improved patient outcomes.

North America dominated the IoT medical devices market in 2022.

The global market has been segmented based on region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest share of the IoT medical devices market in 2022. The large share of the North American IoT medical devices market can be attributed to the increasing penetration of smartphones, rising prevalence of chronic and lifestyle disorders, increasing healthcare costs, increasing demand for better healthcare services, government initiatives to promote digital health, the robust penetration of 3G and 4G networks, and rising awareness about self-health management.

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