About IoT Medical Devices
Internet of Things (IoT) medical device, an internet connected devices, has been delivering real-time data to doctors and lessening the need for direct-physician interaction. Of late, healthcare industry remains among the fastest to adopt the IoT to improve the quality and effectiveness of service. The growth in the number of IoT platform installations for better diagnosis of disease and also tracking the real time information provide the lucrative opportunity of the very market globally.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
CAGR | 21.11% |
Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global IoT Medical Devices market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Abbott Laboratories (United States), Alivecor (United States), Biotronik (Germany), GE Healthcare (United States), Johnson & Johnson (United States), Omron Corporation (Japan), Medtronic (Ireland), Koninklijke Philips N.V. (The Netherlands), Siemens (Germany), Boston Scientific (United States), Honeywell Life Care Solutions (United States) and BioTelemetry Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are iHealth Lab, Inc. (United States), AgaMatrix (United States), STANLEY Healthcare (United States) and Welch Allyn (United States).
Segmentation Overview
AMA Research has segmented the market of Global IoT Medical Devices market by Type (Blood Pressure Monitors, Neurological Devices, Implantable Cardiac Devices, Anesthesia Machines, Imaging Systems, Infusion Pumps, Pacemakers, Hearing Devices, Patient Monitors, Ventilators and Other) and Region.
On the basis of geography, the market of IoT Medical Devices has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Connectivity Technology Type, the sub-segment i.e. Bluetooth will boost the IoT Medical Devices market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Device Type, the sub-segment i.e. Implantable Medical Devices will boost the IoT Medical Devices market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Hospitals & Clinics will boost the IoT Medical Devices market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising focus on Active Patient Engagement and Patient-Centric Care Delivery Worldwide and The advent of High-Speed Networking Technologies and The
Market Growth Drivers:
Increasing Government Initiatives for Promoting Digital Health in both Developing and Developed Countries, Surging Need for Cost-Containment in Healthcare Delivery and Rising Focus on Patient Safety across the World
Challenges:
Various Concerns Related to Personal Data Privacy and Security and Lack of Data Management and Interoperability
Restraints:
High Deployment Cost of Connected Medical Devices and Lack of Proper Infrastructure and Insufficient IoT Technology Skills across Healthcare Organizations
Opportunities:
Low Doctor-to-Patient Ratio Leading to Increased Dependency on Self-Operated E-Health Platforms Globally and Growth in Number of Smartphones, Tablets, and Electronic Gadgets in Healthcare
Market Leaders and their expansionary development strategies
In January 2022 Claroty, the security company for cyber-physical systems (CPS) across industrial, healthcare, and enterprise environments, announced it completed the acquisition of Medigate, a leading healthcare IoT security company.
In August 2023, Schneider Electric digital automation and energy management company launched EcoStruxure for healthcare an Internet of thing power solutions designed to enhance the resilience healthcare system
According to the FDA, It is important to note here that every embedded Medical device should be certified by FDA standards before it goes into production by manufacturers.
Key Target Audience
IoT Infrastructure and Service Providers, Semiconductor Companies, Wireless Device Manufacturers, Telecom Service Providers, Healthcare Technology Suppliers, Application Developers and App Stores, Embedded Systems Companies, Regulators and Governmental Agencies, Hospitals and Clinics, Sensor Manufacturers and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.