Pune, May 19, 2023 (GLOBE NEWSWIRE) -- “As per the SNS Insider report, the IoT Medical Devices Market was valued at USD 36.55 billion in 2022. It is projected to reach USD 239.72 billion by 2030, experiencing a compound annual growth rate (CAGR) of 26.5% during the forecast period from 2023 to 2030.”
Market Overview
IoT (Internet of Things) medical devices are a subset of medical devices that are interconnected through the Internet, enabling them to collect and exchange data in real-time. These devices utilize sensors, wireless connectivity, and advanced data analytics to monitor, diagnose, and treat various medical conditions. They have revolutionized the healthcare industry by improving patient care, streamlining healthcare processes, and enhancing medical research.
Market Analysis
The global IoT medical devices market has witnessed strong growth due to the increasing government initiatives to promote digital health, the growing need for cost-containment in healthcare delivery, and the rising focus on active patient engagement and patient-centric care delivery. These factors have not only stimulated innovation in IoT medical devices but have also paved the way for improved healthcare services and enhanced patient outcomes. As the adoption of IoT technology continues to expand, we can expect further advancements in the field of digital health, ultimately revolutionizing the way healthcare is delivered and experienced globally.
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Key Company Profiles Listed in this Report are:
The key players are Medtronic, GE Healthcare, Koninklijke Philips N.V., Honeywell Life Care Solutions, BIOTRONIK, Boston Scientific Corporation, Johnson & Johnson Services, Inc., Siemens AG, Omron Healthcare, Inc., Abbott Laboratories & Others
Impact of Recession on IoT medical devices Market Growth
A recession can pose challenges for the IoT medical devices market due to reduced healthcare spending, delayed projects, limited access to capital, shifting priorities, and increased market competition. However, certain factors like cost-saving incentives, increased focus on telehealth, and regulatory support can offer opportunities for growth even during an economic downturn. It is important for businesses in this sector to adapt their strategies, focus on value propositions, and leverage available resources to navigate the challenges and capitalize on potential opportunities.
IoT medical devices Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 36.55 Billion |
| Market Size by 2030 | US$ 239.72 Billion |
| CAGR | CAGR of 20.8% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| IoT medical devices Market: Key Segmentation | • By Product Type (Vital Signs Monitoring Devices, Imaging Systems, Respiratory Devices, Implantable Cardiac Devices, Patient Monitors, Infusion Pump, Fetal Monitoring Devices, Neurological Devices, Ventilators, Anesthesia Machines, Hearing Devices) • By Type (Stationary medical devices, Implantable medical devices, Wearable medical devices) • By Connectivity technology (Bluetooth, Wi-fi, Zigbee) • By End User (Hospitals & Clinics, Nursing Homes, Assisted Living Facilities, Long-term Care Centers, & Home Care Settings) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
North America has emerged as a frontrunner in the global IoT medical devices market, contributing the largest market share. Within the region, the United States holds a dominant position and is projected to maintain its leadership during the forecasted period. This market supremacy can be attributed to a combination of factors, including significant technological advancements, innovative solutions, and proactive government initiatives aimed at fostering the adoption of digital platforms within the life sciences industry.
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Key Takeaway from IoT Medical Devices Market Study
- As the demand for effective gunshot detection systems continues to rise, the integration of vital signs monitoring devices emerges as a dominant segment within the market. By enhancing the accuracy and reliability of gunshot detection, providing real-time threat assessment, and offering post-incident analysis and forensic support, these devices play a vital role in improving public safety and mitigating the impact of gun violence.
- The dominance of the hospitals and clinics segment in the market is driven by the increasing need for enhanced security, the protection of vulnerable patients, the ability to mount a quick response, integration with existing security infrastructure, and compliance with regulatory standards.
Recent Developments Related to IoT Medical Devices Market
- Palo Alto Networks, a global leader in cybersecurity solutions, has unveiled an innovative and comprehensive Medical IoT Security platform designed to fortify the security of interconnected devices essential to patient care. Palo Alto Networks' solution employs cutting-edge threat prevention techniques, including machine learning and artificial intelligence, to identify and mitigate potential threats.
- In a strategic move aimed at bolstering its position in the rapidly evolving healthcare IoT security landscape, Forescout, a leading provider of device visibility and control solutions, has recently announced the acquisition of CyberMDX, a pioneering startup specializing in healthcare IoT security.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. IoT Medical Devices Market Segmentation, By Product Type
9. IoT Medical Devices Market Segmentation, By Type
10. IoT Medical Devices Market Segmentation, By Connectivity Technology
11. IoT Medical Devices Market Segmentation, By End-user
12. Regional Analysis
13. Company Profiles
14 Competitive Landscape
15. Conclusion
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