IoT Medical Devices Market Revenue, Top Companies, Report 2033

Published Date : 02 Jul 2024

IoT Medical Devices Market Revenue and Trends

The global IoT medical devices market revenue was valued at USD 63.88 billion in 2023 and is poised to grow from USD 82.4 billion in 2024 to USD 815.21 billion by 2033, at a CAGR of 29% during the forecast period 2024 – 2033. The rising focus on patient-centric health care and active patient engagement is attributed to driving the growth of the IoT medical devices market.

IoT Medical Devices Market Statistics

Market Overview

The IoT medical devices market deals with the healthcare industry, which contributes interconnected systems, equipment, and medical devices that are allowed by Internet of Things technology. These IoT devices are designed to analyze, transmit, and collect real-time patient data, allowing improved patient care, treatment, diagnostics, and remote monitoring. IoT devices include high-quality products such as health-tracking applications, connected sensors, remote monitoring systems, smart implants, and wearable devices.

The growing focus on patient safety, increasing adoption of mobile platforms in healthcare, and evolution of high-speed networking technologies are expected to drive the growth of the market. In addition, the growing need for cost containment in healthcare delivery and increasing government initiatives to promote digital health are further anticipated to drive the growth of the IoT medical devices market during the forecast period.

IoT Medical Devices Market Trends

  • The increasing usage of wearables, smart devices, and smartphones to monitor patients fuels the market growth.
  • The growing network coverage and continuous improvements in network infrastructure are expected to drive the growth of IoT medical devices.
  • The increasing number of mobile subscriptions in developing countries and the high adoption of the internet further propel the market growth.

End-to-end connectivity, affordability, tracking, and alerts fuel market growth.

The Internet of Things can improve patient care workflow with the help of new IoT technologies, healthcare mobility solutions, and next-gen healthcare facilities. IoT medical devices allow data movement, information exchange, machine-to-machine communication, and artificial intelligence that makes medical device service delivery effective.   With WI-FI, Bluetooth LE, and other advanced protocols, medical personnel can change the way they spot ailments and illnesses in patients and can also improve and transform treatment methods across different healthcare industries.

In addition, an on-time alert is crucial in chronic diseases. Medical IoT devices collect major signs of any disorders and transfer that information to doctors for real-time tracking while leaving notifications to people about complex parts via smart sensors and mobile apps. Alerts and reports give a real-time opinion about the patient’s condition, such as time and place. It also helps medical providers to provide treatment on time and to make well-versed decisions. Thus, IoT allows real-time monitoring, tracking, and alerting, which ensures apt intervention, better accuracy, and hands-on treatment by doctors, as well as improves patient care delivery results. These are the major factors expected to drive the growth of the IoT medical devices market.

However, data privacy and security of IoT medical devices may restrain the market growth. Security and privacy are two of the major challenges faced by IoT medical devices. IoT security devices capture the data and transfer it in real-time. However, most of IoT medical devices have insufficient security requirements and data protocols. In addition, all these factors made the data very susceptible to cybercriminals who can hack into the system and negatively impact the personal health information of both doctors and patients. Cybercriminals can misuse the electronic health records of patients to create fake IDs to buy medical equipment and drugs that they can sell. These factors may restrain the growth and demand for the IoT medical devices market.

IoT Medical Devices Market Highlights

Report Attribute Key Statistics
Market Revenue in 2024 USD 82.41 Billion
Market Revenue by 2033 USD 815.21 Billion
Market CAGR 29% from 2024 to 2033
Quantitative Units Revenue in USD million/billion, Volume in units
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

IoT Medical Devices Market Top Companies

  • Smith Medical
  • Schneider Electric
  • Roche Diagnostics
  • Cerner Corporation
  • Stryker Corporation
  • Honeywell International Inc.
  • Cisco Systems, Inc.
  • IBM Watson Health
  • Johnson & Johnson
  • Siemens Healthinners
  • Boston Scientific Corporation
  • GE Healthcare
  • Advantus Health Partners
  • Abbott
  • Koninklijke Philips N.V.
  • Medtronic
  • Medical Guardian
  • KORE

Recent Innovation in the IoT Medical Devices Market by Schneider Electric

  • In August 2023, a digital automation and energy management company, Schneider Electric, launched an Internet of Things (IoT) solution, ‘EcoStruxure’ for healthcare. The aim behind this launch was to enhance the resilience of the healthcare ecosystem in India.

Recent Innovation in the IoT Medical Devices Market by Medical Guardian & KORE

  • In February 2024, Medical Guardian, a leading provider of personal emergency systems, and KORE, a global leader in Inter of Things Solutions, launched their groundbreaking collaboration on the first medical device using eSIM technology. The aim behind this launch was to overcome cell signal challenges and meet healthcare access disparities by allowing electronic switching of service carriers for excellent 24/7 connectivity.

Regional Insights

Asia Pacific is estimated to grow fastest during the forecast period. The increasing healthcare awareness, growing government initiatives promoting digital health, growing geriatric population, expanding healthcare infrastructure, and rapid technological adoption of medical devices contributed to propel the market growth in Asia Pacific. China, India, Japan, and South Korea are the major countries in this region. China and India are the fastest growing and have the largest share of this market.

In China, the vast and diverse patient population generates a helpful environment for the integration of telehealth solutions and remote patient monitoring. The IoT-connected healthcare sector is growing rapidly in China due to lifestyle changes, a more affluent middle class, and an aging population. There are billions of IoT medical devices in China that can help people for a better life. Remote asset monitoring is the most popular use case for IoT in China. These are the major factors expected to drive the growth of the market in the Asia Pacific region.

North America dominated the IoT medical devices market in 2023. The increasingly robust research and development activities, increasing early adoption of digital health technologies, and rising advanced healthcare infrastructure contributed to propelling the market growth. North America benefits from increasing awareness among both consumers and healthcare providers, driving the acceptance of IoT devices. In addition, a mature telehealth ecosystem, strict data privacy regulations, and favorable government initiatives are further expected to enhance the growth of the market.

The U.S. and Canada are the major countries in this region. In the U.S., there are various IoT medical device companies such as Boston Scientific, GE Healthcare, Johnson & Johnson, Abbott, DexCom, Baxter, Zimmer Biomet, and many more. These companies use IoT technology such as wearables and patient monitoring and offer services such as repair of medical equipment, remote diagnostics, and computerized data management. These factors and companies contribute to enhancing the growth of the IoT medical devices market in North America.

Market Potential and Growth Opportunity

Growing adoption of modern IoT applications

The increasing adoption of advanced IoT medical devices such as connected inhalers, breathing analysis, remote heart rate, smart insulin delivery mood, and depression monitoring, as well as the introduction of various IoT medical applications, have completely transformed the way medical services are delivered. Smart pills are edible IoT pills that help to analyze and monitor the complete functioning of a patient’s body.

Smart insulin pens are another form of technology and boon science that has been provided to consumers. These are internet-generated diabetes treatment and monitoring devices that can be accessed remotely. With the help of an IoT-integrated app, people suffering from diabetes can smoothly manage their insulin delivery with these injector pens. These modern opportunities can boost the growth of the IoT medical devices market in the coming future.

IoT Medical Devices Market News

  • In November 2022, India’s first IoT-enabled medical oxygen plant on wheels was launched by OXY AID. The aim behind this launch was to generate oxygen and refills in cylinders and make them available for patient safety.
  • In December 2022, Medical IoT security, the most complete zero-trust security for medical devices, was introduced by Palo Alto Networks. Healthcare companies are now able to safely and swiftly manage and implement new linked technologies thanks to these new IoT medical services. Zero Trust is a strategic cybersecurity approach that reduces implicit trust by continuously authenticating each user and device, hence increasing organizational security.

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

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