IoT Medical Devices Market Size, Share & Trends Analysis Report By Type (Wearable Medical Devices, Implantable Medical Devices, Stationary Medical Devices, Other IoT Medical Devices), By Product (Vital Signs Monitoring Devices, Respiratory Devices, Fetal Monitoring Devices, Neurological Devices, Implantable Cardiac Devices, Pacemakers, Hearing Devices, Anesthesia Machines, Patient Monitors, Ventilators, Imaging Systems, Infusion Pumps, Other Products), By Connectivity Technology (Bluetooth, Wi-Fi, ZigBee, Other Connectivity Technologies), By End User (Hospital, Clinics, Ambulatory Centres) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global IoT medical devices market size was valued at USD 12.5 billion in 2022. It is projected to reach USD 112 billion by 2031, growing at a CAGR of 27.6% during the forecast period (2023–2031).

IoT medical devices administer aerosol-based medications, manage mechanical ventilation systems and artificial airways, and diagnose and treat cardiopulmonary diseases. Because of the growing geriatric population and changing lifestyles, respiratory diseases like COPD, sleep apnea, asthma, infectious diseases, and lung cancer are becoming more common. This has been driving the demand for IoT medical devices. The Internet of Things, which typically consists of various medical devices, systems, and programming, has a significant positive impact on the healthcare industry. These benefits include remote clinical monitoring, chronic disease management, personal fitness monitoring, and more time for patients to interact with their doctors. The total cost of providing healthcare has increased by double digits. The main factors driving the sharp rise in healthcare costs are rising health insurance premiums, soaring demand for high-quality medical care, an aging population, and an increasing prevalence of chronic diseases globally. Additionally, increasing demand for advanced medical devices is anticipated to drive market expansion in the upcoming years.

Market Dynamics

Global IoT Medical Devices Market Drivers

Increasing Awareness of Self-Health Measurement and Monitoring

The young and active population is being pushed to adopt wearable devices due to the growing awareness of health issues. The development of wearable medical technology has made it simple and affordable to keep track of health issues. According to the IDF, diabetes affects the majority of people in the world. However, 46% of patients do not receive a timely diagnosis. As a result, people are turning to wearable medical technology to maintain regular health checks. The first companies to have their glucose monitor devices, which help track blood sugar levels for 90 days, approved by the FDA are Dexcom and Eversense. These wearables with IoT-based technology are also helpful for monitoring and warning distant patients with chronic illnesses. Zoll LifeVest 4000, a wearable defibrillator, was introduced to monitor irregular heartbeats (arrhythmias) in adults and children. This wearable technology aids in the analysis of sudden cardiac arrest. People are using IoT devices for health monitoring due to their effectiveness, which is anticipated to propel market growth.

The Expanding Need for Healthcare Delivery Cost Containment

Over the past few decades, the overall cost of providing healthcare has increased at a double-digit rate. Rising health insurance premiums, growing demand for high-quality healthcare services, and a rise in the prevalence of chronic diseases globally are the contributors to the sharp increase in healthcare costs. The high reliance on antiquated clinical technologies that increase patient readmission, medical errors, and administrative costs are additional significant factors influencing this trend.

Global IoT Medical Devices Market Restraints

High Infrastructure and Device Deployment Costs for Connected Medical Devices

For various medical devices, interoperability and connectivity solutions come at a hefty price. Additionally, IT support and maintenance services, which include maintaining an adequate IT infrastructure and updating and modifying software by changing user requirements, represent a recurring expense. This makes up a sizable portion of the overall cost of ownership. Additionally, additional verification and validation are needed for the post-sale custom interface development for device integration to guarantee the accuracy and comprehensiveness of the solution. The total cost of ownership for healthcare providers is now higher. Small healthcare facilities, particularly those in developing nations, are hesitant to replace outdated systems with cutting-edge IoT-enabled devices because of the high costs involved.

Global IoT Medical Devices Market Opportunities

Increasing Reliance on Self-Operated eHealth Platforms Due to Low Doctor-To-Patient Ratio

In many nations worldwide, there are not many doctors for every patient. Around 40% of countries, according to the 2021 World Health Statistics report, have fewer than 18 hospital beds for every 10,000 people and fewer than one physician for every 1,000 people. In terms of citizens' access to healthcare, there is also a sizable gap between developed and developing markets. For instance, compared to developed nations in North America and Europe, developing nations in APAC and Africa have significantly fewer hospital beds, doctors, nurses, and midwives per 10,000 people. The state government is primarily responsible for managing health personnel and ensuring enough beds are available in government hospitals to meet demand.

Regional Analysis

The global IoT medical devices market share is bifurcated into four regions: North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market.

North America is the most significant shareholder in the global IoT medical devices market and is expected to grow at a CAGR of 26.9% during the forecast period. North America's IoT medical devices market analysis includes the U.S. and Canada. The impressive uptake of cutting-edge technologies across North American industries, such as the Internet of Things, fosters market expansion. Due to the rapidly growing healthcare sector, the United States will likely dominate the market revenue. The demand for wearable and remote patient monitoring services in the nation is probably driven by changing lifestyles and a greater emphasis on health management. The rising incidence of lung diseases is mainly due to the rising smoking prevalence. Other factors contributing to the rise in respiratory disorders include modernization and environmental factors like rising pollution.

Asia Pacific is expected to grow at a CAGR of 28.2% during the forecast period. China, India, Japan, Australia, and the rest of Asia-Pacific are all included in the Asia-Pacific IoT medical devices market analysis. This is primarily because of the rapidly changing healthcare systems in developing countries like China and India, the large patient population, increased public awareness, and rising healthcare spending. Due to the rise of smoking and the rising prevalence of respiratory diseases like COPD, COPD, and rhinosinusitis. 20.6% of Indians, according to the World Bank Group, were smokers. The Chinese government is implementing telemedicine and digital healthcare to support residents in rural and remote areas. India is anticipated to display a quick growth rate during the forecast period. The government's massive digital investments and India's quickly expanding population are creating enormous opportunities in the healthcare sector.

Segmental Analysis

The IoT medical devices market share is is segmented by product, type, connectivity technology, and end user.

Based on product, the global IoT medical devices market is bifurcated into vital signs monitoring devices, respiratory devices, fetal monitoring devices, neurological devices, implantable cardiac devices, pacemakers, hearing devices, anesthesia machines, patient monitors, ventilators, imaging systems, infusion pumps, other products.

The vital signs monitoring devices segment is the highest contributor to the market and is expected to grow at a CAGR of 27.9% during the forecast period. Blood pressure monitors, blood glucose monitors, ECG/heart rate monitors, oximeters, and multiparameter monitors are among the sub-segments of vital signs monitoring devices. The implantable cardioverter defibrillators and cardiac monitors segment have been further divided into sub-segments. It is brought on by the rising prevalence of hypertension, the rise in the number of obese people, and the rising popularity of self-health management.

Based on type, the global IoT medical devices market is bifurcated into wearable medical devices, implantable medical devices, stationary medical devices, and other IoT medical devices.

The wearable medical devices segment is the highest contributor to the market and is expected to grow at a CAGR of 27.4% during the forecast period due to the availability of numerous applications on a single device, which are becoming more and more popular among young people worldwide. Medical wearables monitor a patient's health, spot anomalies, and even treat medical conditions using sensors, actuators, software, and electronic patches applied to the skin. Wearable vital signs monitors, a smartwatch glucose monitor, or wearable pain relief devices are a few examples.

Based on connectivity technology, the global IoT medical devices market is bifurcated into Bluetooth, Wi-Fi, ZigBee, and other Connectivity Technologies.

The Wi-Fi segment is the highest contributor to the market and is expected to grow at a CAGR of 27.68% during the forecast period. The market for global IoT medical devices was dominated in 2022 by the Wi-Fi-based medical devices segment. This segment's significant market share can be attributed to Wi-Fi's benefits, such as its long range. Connected medical devices are those that use their built-in sensors to gather data from the device itself and have the ability to transmit that data over the internet and to other devices that can receive it.

Based on end users, the global IoT medical devices market is bifurcated into hospitals, clinics, and ambulatory centers.

The hospital segment is the highest contributor to the market and is expected to grow at a CAGR of 27.52% during the forecast period. Hospitals are under more and more pressure as the prevalence of chronic diseases like diabetes, cancer, cardiovascular disease, and arthritis rises. IoT medical devices are increasingly being used in hospitals and clinics due to the need to manage the growing amount of patient data and the urgent need to improve patient outcomes, data accessibility & interoperability, and meet administrative requirements regarding patient data and safety.

Impact of covid-19

The pandemic had caused a lockdown in almost all the countries across the world backed up by strict government regulations such as social distancing and quarantine. A severe effect of the lockdown was observed on the economy of various countries which further canceled certain construction projects temporarily or permanently.

Further, immediate long-term effects were seen in the supply chain and the deployment of smart solutions required in the smart buildings. However, the ease offered and the multiple benefits of the smart building solutions are anticipated to increase the deployments during the time.

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.