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Global IoT Medical Devices Market to reach USD xx billion by the end of 2030

Global IoT Medical Devices Market Size study & Forecast, 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) and Regional Analysis, 2023-2030

Product Code: HLSMDE-55484914
Publish Date: 20-02-2024
Page: 200

Global IoT Medical Devices Market is valued at approximately USD xx billion in 2022 and is anticipated to grow with a healthy growth rate of more than xx% during the forecast period 2023-2030. IoT Medical Devices refer to medical equipment and devices that are equipped with connectivity features, allowing them to collect, transmit, and receive data through the Internet. These devices are part of the broader trend of incorporating IoT technology into various industries, including healthcare, to enhance efficiency, improve patient care, and enable remote monitoring. The IoT Medical Devices Market is expanding because of factors such as growing healthcare spending and the rising prevalence of cardiovascular disease. As a result, the demand for IoT Medical Devices has progressively increased in the international market during the forecast period 2023-2030.

The implementation of IoT technologies can lead to streamlined operations within healthcare institutions, reducing administrative costs and improving overall efficiency. According to Statista, in 2022, the United States allocated the largest proportion of its Gross Domestic Product (GDP) to healthcare spending, with expenditures reaching almost 16% of the nation’s economic output. Another important factor that drives the IoT Medical Devices Market is the increasing prevalence of the cardiovascular disease. IoT devices can be used for preventive care by providing individuals with tools to monitor and manage risk factors associated with cardiovascular disease, such as physical activity, diet, and stress levels. In addition, in 2020, the American Heart Association revealed that in the United States, coronary heart disease was held accountable for the primary cause, responsible for 41.2% of CVD-related deaths, followed by stroke at 17.3%, other cardiovascular diseases at 16.8%, high blood pressure at 12.9%, heart failure at 9.2%, and diseases of the arteries at 2.6%. Moreover, government initiatives for promoting digital health and technological advancements in IoT Medical Devices are anticipated to create lucrative growth opportunities for the market over the forecast period. However, high costs associated with IoT Medical Devices and technical complexities are going to impede overall market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global IoT Medical Devices Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the increasing healthcare expenditure and increasing presence of key market players such as Abbott Laboratories and GE Healthcare in the region. The region’s dominant performance is anticipated to propel the overall demand for IoT Medical Devices. Furthermore, Asia Pacific is expected to grow fastest over the forecast period, owing to factors such as growth in IoT medical devices and growing demand for smart wearables in the region.

Major market player included in this report are:
Medtronic plc (Ireland)
Koninklijke Philips N.V. (Netherlands)
Abbott Laboratories (US)
Advantus Health Partners (US)
GE Healthcare (US)
Boston Scientific Corporation (US)
Siemens Healthineers AG (Germany)
Johnson & Johnson Services, Inc (US)
Cisco Systems, Inc. (US)
Honeywell International Inc. (US)

Recent Developments in the Market:
Ø In August 2023, Schneider Electric, a prominent player in digital automation and energy management, introduced EcoStruxure for Healthcare, a cutting-edge Internet of Things (IoT) solution tailored to bolster the resilience of India’s healthcare infrastructure. The primary aim is to transform the healthcare landscape by guaranteeing a seamless power supply to hospitals and healthcare providers. This initiative is in harmony with the objectives of the Ayushman Bharat Mission, which strives to create an extensive network of primary health centers nationwide, aiming to democratize healthcare and ensure uninterrupted and consistent care delivery.

Global IoT Medical Devices Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Product Type, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

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 Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. IoT Medical Devices Market, by Region, 2020-2030 (USD Billion)
1.2.2. IoT Medical Devices Market, by Product Type, 2020-2030 (USD Billion)
1.2.3. IoT Medical Devices Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global IoT Medical Devices Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global IoT Medical Devices Market Dynamics
3.1. IoT Medical Devices Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Growing healthcare spending Rising prevalence of cardiovascular disease
3.1.2. Market Challenges High cost associated with IoT Medical Devices Technical complexities
3.1.3. Market Opportunities Government initiatives for promoting digital health Technological advancements in IoT Medical Devices

Chapter 4. Global IoT Medical Devices Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global IoT Medical Devices Market, by Product Type
5.1. Market Snapshot
5.2. Global IoT Medical Devices Market by Product Type, Performance – Potential Analysis
5.3. Global IoT Medical Devices Market Estimates & Forecasts by Product Type 2020-2030 (USD Billion)
5.4. IoT Medical Devices Market, Sub Segment Analysis
5.4.1. Wearable medical devices
5.4.2. Implantable medical devices
5.4.3. Stationary medical devices
5.4.4. Other IoT medical devices
Chapter 6. Global IoT Medical Devices Market, by Application
6.1. Market Snapshot
6.2. Global IoT Medical Devices Market by Application, Performance – Potential Analysis
6.3. Global IoT Medical Devices Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
6.4. IoT Medical Devices Market, Sub Segment Analysis
6.4.1. Hospitals & clinics
6.4.2. Nursing homes
6.4.3. Assisted living facilities
6.4.4. Long-term care centers
6.4.5. Home care settings
Chapter 7. Global IoT Medical Devices Market, Regional Analysis
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. IoT Medical Devices Market, Regional Market Snapshot
7.4. North America IoT Medical Devices Market
7.4.1. U.S. IoT Medical Devices Market Product Type breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030
7.4.2. Canada IoT Medical Devices Market
7.5. Europe IoT Medical Devices Market Snapshot
7.5.1. U.K. IoT Medical Devices Market
7.5.2. Germany IoT Medical Devices Market
7.5.3. France IoT Medical Devices Market
7.5.4. Spain IoT Medical Devices Market
7.5.5. Italy IoT Medical Devices Market
7.5.6. Rest of Europe IoT Medical Devices Market
7.6. Asia-Pacific IoT Medical Devices Market Snapshot
7.6.1. China IoT Medical Devices Market
7.6.2. India IoT Medical Devices Market
7.6.3. Japan IoT Medical Devices Market
7.6.4. Australia IoT Medical Devices Market
7.6.5. South Korea IoT Medical Devices Market
7.6.6. Rest of Asia Pacific IoT Medical Devices Market
7.7. Latin America IoT Medical Devices Market Snapshot
7.7.1. Brazil IoT Medical Devices Market
7.7.2. Mexico IoT Medical Devices Market
7.8. Middle East & Africa IoT Medical Devices Market
7.8.1. Saudi Arabia IoT Medical Devices Market
7.8.2. South Africa IoT Medical Devices Market
7.8.3. Rest of Middle East & Africa IoT Medical Devices Market

Chapter 8. Competitive Intelligence
8.1. Key Company SWOT Analysis
8.1.1. Company 1
8.1.2. Company 2
8.1.3. Company 3
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. Medtronic plc (Ireland) Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
8.3.2. Koninklijke Philips N.V. (Netherlands)
8.3.3. Abbott Laboratories (US)
8.3.4. Advantus Health Partners (US)
8.3.5. GE Healthcare (US)
8.3.6. Boston Scientific Corporation (US)
8.3.7. Siemens Healthineers AG (Germany)
8.3.8. Johnson & Johnson Services, Inc (US)
8.3.9. Cisco Systems, Inc. (US)
8.3.10. Honeywell International Inc. (US)
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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