Global IoT Medical Devices Market Is Expected To Reach Around USD 378.85 Billion by 2032

Zion Market Research has published a new report titled “IoT Medical Devices Market by Product (Blood Pressure Monitor, Cardiac Monitor, Glucometer, Infusion Pump, and Pulse Oximeter), by Type (Wearable, Stationary, and Implantable), by Connectivity Technology (Zigbee, Bluetooth, and Wi-Fi), and by End-User (Hospitals and Clinics, Long-Term Care Centers & Homecare Centers, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024–2032”. According to the report, the global IoT medical devices market was approximately USD 53.33 Billion in 2023 and is expected to generate around USD 378.85 Billion by 2032, at a CAGR of around 24.34% between 2024 and 2032.

Internet of Thing is likely to transform the conventional paper-based healthcare treatment by simplifying the access to real-time patient data and remote monitoring. With the emergence of digitalization in the healthcare sector through IoT technology, the performance of healthcare providers has improved considerably. IoT medical devices or smart healthcare devices are connected through actuators, sensors, and network communication technologies to interconnect doctors, patients, and clinicians. With the introduction of IoT medical devices, the operational burden on healthcare providers has reduced along with helping in the delivery of better healthcare facilities, through improved communication, to patients. Availability of advanced technology has replaced the traditional diagnosis and treatment procedures with IoT medical devices.

Browse the full “IoT Medical Devices Market by Product (Blood Pressure Monitor, Cardiac Monitor, Glucometer, Infusion Pump, and Pulse Oximeter), by Type (Wearable, Stationary, and Implantable), by Connectivity Technology (Zigbee, Bluetooth, and Wi-Fi), and by End-User (Hospitals and Clinics, Long-Term Care Centers & Homecare Centers, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024–2032” Report at https://www.zionmarketresearch.com/report/iot-medical-devices-market

There are various factors propelling the global IoT medical devices market, such as increasing government participation for endorsing digital health, rising penetration of tablets, smartphones, and other mobile platforms in the healthcare sector, innovations in technology, growing focus on patient safety, and evolution of high-speed networking technologies. Furthermore, increasing focus on patient-centric care delivery and active patient engagement and rising need for cost-effective services in healthcare and medical sectors are also propelling the IoT medical devices market globally. In addition, the growing demand for uninterrupted dataflow, decreasing sensor technology prices, and availability of customer-friendly devices are some other factors fuelling the market. However, the distribution of connected medical devices, high IoT infrastructural development costs, data privacy and security issues, and the lack of technical knowledge among personnel may hamper this market’s growth. Alternatively, the low doctor-to-patient ratio is leading to an increased dependency on self-operated e-Health platforms and increasing R&D spending will offer new growth opportunities in the market.

The global IoT medical devices market is fragmented on the basis of product, type, connectivity technology, and end-user. Based on the product, the market includes a blood pressure monitor, a cardiac monitor, glucometer, infusion pump, and a pulse oximeter. Glucometers are expected to dominate the global market in the future. This can be due to the increasing adoption of smartphones, the introduction of innovative technology, and changing lifestyles.

By type, the market includes wearable, implantable, and stationary. The wearable segment accounted for the largest market share in 2018 and is expected to register the highest CAGR in the future. This can be attributed to the rising preference for preventive care, increasing chronic diseases occurrences, growing health awareness, and escalating need for long-term home patient monitoring, especially the elderly population.

The connectivity technology segment is categorized into Zigbee, Bluetooth, and Wi-Fi. The Wi-Fi segment is dominating the market with the highest revenue share, as Wi-Fi offers greater flexibility to healthcare providers in terms of sharing EMRs and inpatient monitoring and device management. The Bluetooth segment will grow notably over the forecast period, due to its low cost and low-power consumption. Furthermore, rising developments related to Bluetooth-enabled medical devices is likely to further propel this segment’s growth over the estimated timeframe.

On the basis of end-user, the market includes hospitals and clinics, long-term care centers and home care centers, and others. Long-term care centers and home care centers hold the largest market share and are expected to show substantial growth in the future. This can be the growing need for continued treatment for certain chronic diseases, high cost of hospital stays, and increasing preference for participatory and preventive care by patients.

North America contributed the largest revenue share to the global IoT medical devices market in 2018. The U.S. holds the major position in this regional market and is expected to dominate in the forecasted period. This can be due to technological advancements and innovations and various government initiatives encouraging the adoption of digital platforms in the life sciences industry. In addition, various measures are also being undertaken for developing clinical interoperability and e-Health to boost up the demand in this region. Europe held the second largest share for IoT medical devices market due to the rise in government funding and increasing focus on innovation through R&D activity in this region. The Asia Pacific IoT medical devices market is likely to be the fastest growing region and register the highest CAGR over the forecast time period. The key growth factors for this region are the rising initiatives for promoting connected health services, improving health IT infrastructure, accelerating the implementation of government initiatives for e-Health promotion, increasing medical tourism, and growing patient alertness about self-health management.

Some major players of the global IoT medical devices market are GE Healthcare, Medtronic, Philips, Honeywell Life Care Solutions, BIOTRONIK, Johnson & Johnson, Boston Scientific, Siemens, BioTelemetry, Omron, AliveCor, iHealth Lab, Abbott Laboratories, AgaMatrix, Welch Allyn, and Stanley Healthcare.

This report segments the global IoT medical devices market into:

Global IoT Medical Devices Market: By Product

• Blood Pressure Monitor
• Cardiac Monitor
• Glucometer
• Infusion Pump
• Pulse Oximeter

Global IoT Medical Devices Market: By Connectivity Technology

• Zigbee
• Bluetooth
• Wi-Fi

Global IoT Medical Devices Market: By Type

• Wearable
• Stationary
• Implantable

Global IoT Medical Devices Market: By End-User

• Hospitals and Clinics
• Long-Term Care Centers and Homecare Centers
• Others

Global IoT Medical Devices Market: By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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