by The IoT medical devices market size is poised to grow by USD 614.99 billion by 2032 from USD 63.48 billion in 2023, exhibiting a CAGR of 28.70% during the forecast period 2023-2032.
Key Takeaways
- North America contributed more than 35% of revenue share in 2022.
- Asia-Pacific is estimated to witness the fastest CAGR between 2023 and 2032.
- By product type, the wearable medical devices segment has held the largest market share of 34% in 2022.
- By product type, the implantable medical devices segment is anticipated to grow at a remarkable CAGR of 31.2% between 2023 and 2032.
- By application, the hospitals & clinics segment generated over 40% of revenue share in 2022.
- By application, the assisted living facilities segment is expected to expand at the fastest CAGR over the projected period.
Precedence Research has conducted a comprehensive market study that provides valuable insights into the performance of the market during the forecast period. The study identifies significant trends that are shaping the growth of the IoT medical devices market. In this recently published report, essential dynamics such as drivers, restraints, and opportunities are highlighted for both established market players and emerging participants involved in production and supply.
To begin with, the IoT medical devices Market report features an executive summary that offers a concise overview of the marketplace. It outlines the key players and industry categories expected to have an impact on the market in the coming years. The executive summary provides an unbiased summary of the market.
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IoT Medical Devices Market Scope
| Report Coverage | Details |
| Growth Rate from 2023 to 2032 | CAGR of 28.70% |
| Market Size in 2023 | USD 63.48 Billion |
| Market Size by 2032 | USD 614.99 Billion |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Product Type and By Application |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
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The empirical study on the global IoT medical devices market primarily focuses on the drivers in subsequent sections. It demonstrates how changing demographics are projected to influence the supply and demand dynamics in the IoT medical devices Market. Our market report for the IoT medical devices market also delves into the significant rules and regulations that are likely to impact the future growth of this sector. Moreover, in order to comprehend the underlying demand factors, industry experts have provided insights into its fundamental origins.
Recent Developments
- Medtronic’s Acquisition of EOFlow (South Korea): Medtronic’s acquisition in May 2023 emphasized its commitment to diabetes care. By integrating EOFlow’s technologies, Medtronic aims to enhance its capabilities in treating patients with diabetes, showcasing a global effort to address the increasing prevalence of the condition.
- Philips and Northwell Health Partnership (Netherlands/US): The collaboration between Philips and Northwell Health in April 2023 signified a concerted effort to standardize patient monitoring, improve care, and enhance outcomes. This partnership underscores the importance of interoperability and data innovation in achieving comprehensive healthcare solutions.
- Abbott’s Acquisition of Cardiovascular Systems, Inc. (US): Abbott’s acquisition of Cardiovascular Systems, Inc. in April 2023 underscores the industry’s focus on comprehensive treatment options for vascular illnesses. The incorporation of advanced atherectomy technology expands Abbott’s portfolio, offering more effective solutions for restoring blood flow.
- Advantus Health Partners and GE Healthcare Partnership (US): The collaboration between Advantus Health Partners and GE Healthcare in March 2023 through a multi-year contract reflected a strategic effort to expand access to Healthcare Technology Management Services. This partnership aims to leverage GE Healthcare’s expertise to enhance healthcare technology services.
- Boston Scientific’s Acquisition of Baylis Medical (US/Canada): Boston Scientific’s acquisition of Baylis Medical in February 2022 showcased the industry’s focus on innovation in catheter-based left-heart surgeries. This strategic move allows Boston Scientific to integrate Baylis Medical’s transseptal access solutions, guidewires, sheaths, and dilators into its offerings, enhancing its capabilities in minimally invasive procedures.
IoT Medical Devices Market Players
- Medtronic (Ireland)
- Koninklijke Philips N.V. (Netherlands)
- Abbott (US)
- Advantus Health Partners (US)
- GE Healthcare (US)
- Boston Scientific Corporation (US)
- Siemens Healthineers (Germany)
- Johnson & Johnson (US)
- IBM Watson Health (US)
- Cisco Systems, Inc. (US)
- Honeywell International Inc. (US)
- Stryker Corporation (US)
- Cerner Corporation (US)
- Roche Diagnostics (Switzerland)
- Smiths Medical (UK)
Data Sources and Methodology
To gather comprehensive insights on the Global IoT medical devices Market, we relied on a range of data sources and followed a well-defined methodology. Our approach involved interactions with industry experts and key stakeholders across the market’s value chain, including management organizations, processing organizations, and analytics service providers.
We followed a rigorous data analysis process to ensure the quality and credibility of our research. The gathered information was carefully evaluated, and relevant quantitative data was subjected to statistical analysis. By employing robust analytical techniques, we were able to derive meaningful insights and present a comprehensive overview of the Global IoT medical devices Market.
The most resonating, simple, genuine, and important causes because of which you must decide to buy the IoT medical devices market report exclusively from precedence research
- The research report has been meticulously crafted to provide comprehensive knowledge on essential marketing strategies and a holistic understanding of crucial marketing plans spanning the forecasted period from 2023 to 2032.
Key Features of the Report:
- Comprehensive Coverage: The report extensively encompasses a detailed explanation of highly effective analytical marketing methods applicable to companies across all industry sectors.
- Decision-Making Enhancement: It outlines a concise overview of the decision-making process while highlighting key techniques to enhance it, ensuring favorable business outcomes in the future.
- Articulated R&D Approach: The report presents a well-defined approach to conducting research and development (R&D) activities, enabling accurate data acquisition on current and future marketing conditions.
Market Segmentation:
By Product Type
- Wearable medical devices
- Implantable medical devices
- Stationary medical devices
- Other IoT medical devices
By Application
- Hospitals & clinics
- Nursing homes
- Assisted living facilities
- Long-term care centers
- Home care settings
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Reasons to Consider Purchasing the Report:
- Enhance your market research capabilities by accessing this comprehensive and precise report on the global IoT medical devices market.
- Gain a thorough understanding of the overall market landscape and be prepared to overcome challenges while ensuring robust growth.
- Benefit from in-depth research and analysis of the latest trends shaping the global IoT medical devices market.
- Obtain detailed insights into evolving market trends, current and future technologies, and strategic approaches employed by key players in the global IoT medical devices market.
- Receive valuable recommendations and guidance for both new entrants and established players seeking further market expansion.
- Discover not only the cutting-edge technological advancements in the global IoT medical devices market but also the strategic plans of industry leaders.
Table of Content
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology (Premium Insights)
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on IoT Medical Devices Market
5.1. COVID-19 Landscape: IoT Medical Devices Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global IoT Medical Devices Market, By Product Type
8.1. IoT Medical Devices Market Revenue and Volume, by Product Type, 2023-2032
8.1.1. Wearable medical devices
8.1.1.1. Market Revenue and Volume Forecast (2020-2032)
8.1.2. Implantable medical devices
8.1.2.1. Market Revenue and Volume Forecast (2020-2032)
8.1.3. Stationary medical devices
8.1.3.1. Market Revenue and Volume Forecast (2020-2032)
8.1.4. Other IoT medical devices
8.1.4.1. Market Revenue and Volume Forecast (2020-2032)
Chapter 9. Global IoT Medical Devices Market, By Application
9.1. IoT Medical Devices Market Revenue and Volume, by Application, 2023-2032
9.1.1. Hospitals & clinics
9.1.1.1. Market Revenue and Volume Forecast (2020-2032)
9.1.2. Nursing homes
9.1.2.1. Market Revenue and Volume Forecast (2020-2032)
9.1.3. Assisted living facilities
9.1.3.1. Market Revenue and Volume Forecast (2020-2032)
9.1.4. Long-term care centers
9.1.4.1. Market Revenue and Volume Forecast (2020-2032)
9.1.5. Home care settings
9.1.5.1. Market Revenue and Volume Forecast (2020-2032)
Chapter 10. Global IoT Medical Devices Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.1.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.1.3. U.S.
10.1.3.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.1.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.1.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.2. Europe
10.2.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.2.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.2.3. UK
10.2.3.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.2.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.2.4. Germany
10.2.4.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.2.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.2.5. France
10.2.5.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.2.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.2.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.3. APAC
10.3.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.3.3. India
10.3.3.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.3.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.3.4. China
10.3.4.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.3.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.3.5. Japan
10.3.5.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.3.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.3.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.4. MEA
10.4.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.4.3. GCC
10.4.3.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.4.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.4.4. North Africa
10.4.4.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.4.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.4.5. South Africa
10.4.5.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.4.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.4.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.5. Latin America
10.5.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.5.3. Brazil
10.5.3.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.5.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Volume Forecast, by Product Type (2020-2032)
10.5.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
Chapter 11. Company Profiles
11.1. Medtronic (Ireland)
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Koninklijke Philips N.V. (Netherlands)
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Abbott (US)
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Advantus Health Partners (US)
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. GE Healthcare (US)
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Boston Scientific Corporation (US)
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Siemens Healthineers (Germany)
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Johnson & Johnson (US)
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. IBM Watson Health (US)
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Cisco Systems, Inc. (US)
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
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