IoT Medical Devices Market Study 2023 – Size Assessment, Industry Trends, Research Analysis and Key Player Insights to 2028

In May 2023, Medtronic (Ireland) acquired EOFlow Co. Ltd. (South Korea) to expand the company’s capabilities in treating diabetic patients.

Global size “The IoT medical device market in terms of revenue was estimated at $41.5 billion in 2023 and is expected to reach $166.5 billion by 2028, growing at a CAGR of 32.1% during 2023-2028.

The IoT medical device market is driven by factors such as rising prevalence of chronic diseases, demand for efficient and cost-effective healthcare solutions, growing use of telemedicine and remote patient monitoring, and advancements in sensor, connectivity and data analytics technologies. However, interoperability and transparency issues, high setup and operational costs, and data privacy concerns in the IoT medical device market are expected to limit the market growth to some extent.

In the near future, the IoT medical device industry is poised to revolutionize healthcare by seamlessly integrating advanced technologies into patient care. These devices, connected via the Internet of Things (IoT), will enable real-time monitoring, collection and analysis of data, increasing the accuracy of diagnosis and treatment.

From wearable health monitoring devices that constantly monitor vital signs and activity levels to smart implants that transmit patient data to healthcare professionals, the IoT medical device landscape is enabling personalized and proactive healthcare. However, with this progress come challenges related to data privacy, security and regulatory compliance that must be effectively addressed to ensure safe and widespread adoption of these revolutionary technologies.

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Key Market:

Significant players in the IoT medical device market include Medtronic (Ireland), GE Healthcare (USA), Koninklijke Philips NV (Netherlands), Abbott (USA), Boston Scientific Corporation (USA), OMRON Corporation (Japan), Baxter International Inc.

(USA), BIOTRONIK (Germany), Johnson & Johnson Private Limited (USA), NIHON KOHDEN CORPORATION (Japan), Siemens Healthineers AG (Germany), Honeywell International Inc. (USA), AliveCor, Inc. (USA), Drägerwerk AG & Co.

KGaA (Germany), Nonin (USA), AMD Global Telemedicine (USA), iHealth Labs Inc (USA), Aerotel Medical Systems (1998) Ltd. (Israel), i-SENS, Inc. (Korea), Huntleigh Healthcare Limited (UK), ResMed (US), Masimo (US), Infinium Medical (US), ICU Medical, Inc.

(USA) and Hamilton Medical (Switzerland). These companies have adopted strategies such as product launches, expansions, deals, partnerships, collaborations, and acquisitions to strengthen their presence in the IoT medical device market.

Driver: the rise of high-speed networking technologies and the increasing adoption of mobile platforms in the healthcare industry

Many new care options have emerged in the healthcare industry due to the availability of high-speed network connectivity. These options include remote consultations and monitoring, virtual health kiosks and portals, video conferencing for consultations, and electronic health records.

Thanks to small and efficient wireless solutions connected via the Internet of Things, it is now possible to remotely monitor and advise patients. Additionally, these solutions can securely capture patient health data from a variety of sensors, apply complex algorithms for analysis, and wirelessly transmit information to medical staff.

Wireless networks eliminate the limitations of traditional wired solutions and enable 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 and hospitals. IoT medical devices can be controlled and accessed via cellular networks (3G/4G/5G), Bluetooth, ZigBee and other protocols.

The use of 3G, 4G and 5G networks has made it much easier to provide uninterrupted healthcare services. According to Statista, China leads in 5G penetration, while South Korea and Japan have the highest 4G penetration.

Global 5G mobile phone subscriptions are expected to exceed 2.7 billion by 2025, with Northeast Asia, North America and Western Europe having the largest subscriber base. Moreover, according to CLSA, 4G network traffic increased by 39% in 2021.

According to Crisil, India’s 4G subscriber base also grew from 645 million in 2020 to 710-720 million in 2021 and is expected to cross 800 million by March 2022. The widespread and growing presence of high-speed telecommunications networks in both developed and developing countries has played a key role in driving the adoption of connected medical devices.

Opportunity: Increased reliance on self-hosted e-health platforms due to low doctor-to-patient ratios

Many countries around the world struggle with low doctor-to-patient ratios. The 2020 World Health Statistics report shows that around 40% of countries have fewer than one doctor per 1,000 people and fewer than 18 hospital beds per 10,000 people.

Additionally, there is a significant disparity between access to healthcare in developed and developing markets. For example, developing countries in APAC and Africa have significantly lower densities of hospital beds, doctors, 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, many countries do not meet this standard, resulting in patients struggling to access appropriate medical care due to a shortage of qualified doctors.

Challenge: Concerns about data management and interoperability

The healthcare industry operates in an information-intensive environment where significant amounts of data are generated continuously from multiple networked medical devices used in various healthcare settings and for remote patient monitoring. The key, however, is generating reliable information by effectively integrating vast amounts of data to create comprehensive and accurate patient records.

Given the use of a variety of medical devices and diagnostic tools across healthcare systems, there is a growing need to integrate these systems to ensure healthcare professionals can respond quickly at various points of care delivery.

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The portable medical devices segment was the fastest growing segment of the IoT medical device market, by type.

Based on type, the IoT medical device market has been segmented into portable 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 portable medical devices market is expected to grow at the highest CAGR during the forecast period.

The high growth of IoT portable medical devices is attributed to the increasing use of home health care and remote patient monitoring technologies. The growing preference for preventive care and involvement in self-health management is expected to increase demand for portable IoT medical devices.

The segment of vital signs monitoring devices had the largest product share in the IoT medical device market.

Based on product, the IoT medical device market has been segmented into imaging systems, vital signs monitoring devices, implantable cardiac devices, patient monitors, respiratory devices, infusion pumps, neurological devices, hearing aids, anesthesia devices, fetal monitoring devices, ventilators and others (such as medication management devices, activity monitors, fall control devices, body composition scales, tags, probes and thermometers). In 2022, the segment of vital signs monitoring devices had the largest share.

This can be attributed to the operational and maintenance advantages that connected imaging systems offer, increasing investment by leading imaging manufacturers, and the increasing incidence of chronic diseases and the need to improve patient outcomes.

North America dominates the IoT medical device 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 had the largest share of the IoT medical device market in 2022.

The large share of the North American IoT medical device market can be attributed to rising smartphone penetration, rising incidence of chronic diseases and lifestyle disorders, rising health care costs, growing demand for better health care services, government initiatives to promote digital health, strong 3G network penetration and 4G, as well as growing awareness of how to manage your own health.

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