North America to Dominate the IoT Medical Devices Market, Backed by Increasing Penetration of Connected Devices in Healthcare

Introduction

Advancements in technology have transformed every industry, including healthcare, business, and finance. Amongst all, the healthcare sector remains the fastest to adopt technological changes to revolutionize diagnosis and treatment. Internet of Things (IoT) offers benefits such as improved effectiveness and enhanced quality of services by deployment through medical devices. Moreover, a majority of hospitals have introduced smart beds to determine whether a bed is occupied or not. IoT technologies help healthcare organizations by providing health management, personalization of care and improved patient engagement to remain more competitive and attract more customers in an ever-more consumer-driven market. Increasing demand for technologically advanced IoT-embedded medical devices around the globe has been boosting market growth.

Market Segmentation

The IoT medical devices market has been segmented by product, type, connectivity technology, end user and geography.

Based on product, the IoT medical devices market has been segmented into vital signs monitoring devices, respiratory devices, fetal monitoring devices, neurological devices, pacemakers, hearing devices, anesthesia machines, and patient monitors ventilators, imaging systems, infusion pumps, and other products. The vital signs monitoring devices segment has been sub-segmented into blood pressure monitors, blood glucose monitors, ECG or heart rate, monitors, oximeters, and multipara-meter monitors. The implantable cardiac devices segment has been sub-segmented into implantable cardioverter defibrillators and implantable cardiac monitors. The inpatient monitoring segment is expected to grow at the highest CAGR during the forecast period, as it involves continuous observation or measurement of patients’ physiological functions for guiding management decision and making therapeutic interventions.

By type, the market has been segmented into wearable medical devices, implantable medical devices, stationary medical devices, and other IOT medical devices. The wearable medical devices segment is expected to account for a major market share, owing to ease of application and cost effectiveness of these devices.

On the basis of connectivity technology, the IoT medical devices market has been segmented into Bluetooth, Wi-Fi, ZigBee, and other connectivity technologies. Bluetooth has considerably assisted healthcare service providers in location-based services to track patient biometrics from remote locations. Wi-Fi-enabled devices provide greater flexibility in patient monitoring and device management as they provide wireless connectivity in the range of approximately 120 feet indoors and 300 feet outdoors. ZigBee connectivity technology is a low-power and low-cost technology that covers Personal Area Network (PAN) communications.

On the basis of end user, the IoT medical devices market has been segmented into hospitals, clinics, and ambulatory centers. The hospital segment is expected to gain a substantial share in the IoT medical devices market, owing to the increasing installation of advanced medical devices in hospitals.

Regional Analysis

By region, the IoT healthcare market has been segmented into North America, Europe, Asia Pacific, and LAMEA.

North America is a leading region in the IoT medical device market, owing to the rising penetration of connected devices in healthcare, evolution of artificial intelligence (AI) technology and reduced cost of patient care. The U.S. government announced an investment of over USD 160 million in federal research and development technology partnerships to create improved smart city services in September 2015, which is expected to drive the IoT healthcare market in this region.

Europe is projected to experience significant growth in the IoT medical device market, due to the rising adoption of IoT enabled healthcare devices. Additionally, market growth in the region is driven by the increasing need to improve both operational efficiency and patient experience. Increasing demand for IoT enabled healthcare service solutions is likely to drive market growth during the forecast period.

Asia Pacific is anticipated to grow at the highest CAGR in the IoT medical device market during the forecast period on account of the increasing disposable income, and growing awareness related to IoT healthcare devices in the region.

The LAMEA region is anticipated to grow at a healthy rate, owing to development in the region’s healthcare sector. The LAMEA healthcare industry has limited well-equipped diagnostic centers to innovate IoT-enabled solutions to improve patient experience and simplify access to care.

Competitive Players

1. ResMed(U.S.)
2. Koninklijke Philips N.V (Netherlands)
3. Masimo(U.S.)
4. BD(U.S.)
5. Chart Industries (U.S.)
6. Medtronic (Ireland)
7. Drägerwerk AG & Co. KGaA (Germany)
8. Fisher and Paykel Healthcare Limited (New Zealand)
9. anmilton Medical (Switzerland)
10. Johnson & Johnson Services Inc

Recent Developments

Recent Developments

• September 2022, The forum’s purpose is to give you a venue to interact with a global community of INTELLiVENTASV users at all levels and share your experiences, ideas, and challenges. We are confident that this group will assist you all in maximizing the advantages of this technology for your patients.

• In August 2022, ResMed formally opened its new technology R&D facility in Sandyford, Dublin. The leader in global digital health with headquarters in San Diego is investing €30 million in research and development, including a plan to create 70 new jobs in Ireland over the next four years to support innovation and technology.

Segmentation

1. By Type
   1. Wearable Medical Devices
   2. Implantable Medical Devices
   3. Stationary Medical Devices
   4. Other IoT Medical Devices
2. By Product
   1. Vital Signs Monitoring Devices
      1. Blood Pressure Monitors
      2. Blood Glucose Monitors
      3. ECG/Heart Rate Monitors
      4. Oximeters
      5. Multiparameter Monitors
   2. Respiratory Devices
   3. Fetal Monitoring Devices
   4. Neurological Devices
   5. Implantable Cardiac Devices
      1. Implantable Cardioverter Defibrillators
      2. Implantable Cardiac Monitors
   6. Pacemakers
   7. Hearing Devices
   8. Anesthesia Machines
   9. Patient Monitors
   10. Ventilators
   11. Imaging Systems
   12. Infusion Pumps
   13. Other Products
3. By Connectivity Technology
   1. Bluetooth
   2. Wi-Fi
   3. ZigBee
   4. Other Connectivity Technologies
4. By End User
   1. Hospital
   2. Clinics
   3. Ambulatory Centres