The revenue generated by the internet of things medical devices market in 2023 was USD 46.4 billion, and it will propel at a rate of 31% by the end of the projection period, reaching USD 297 billion by 2030. The key reason for this is the increasing incidence of chronic ailments, for example, hypertension, diabetes, respiratory disease, cardiovascular ailments, COPD, and asthma globally.
What are the Major Drivers of the Market?
• The growing elderly populace and growing global populace will power the development of the industry.
• The mounting aged population and absence of primary healthcare facilities in emerging nations are snowballing the requirement for remote patient monitoring services and the expansion of hospitals
• Worldwide, the count of people aged 60 years or more will touch 2.1 billion by the end of 2050, as per the WHO.
Vital Signs Monitoring Devices are the Leader of the Pack
The vital signs monitoring category had the leading share, of 30%, in 2023, and it will power at a rate of 30% by the end of this decade. This is because of the increasing occurrence of self-manageable ailments, for example, diabetes and high BP /hypertension, which are incurable and can be managed by unvarying monitoring. Vital signs monitoring devices comprise glucose monitors, blood pressure monitors, multiparameter monitors, heart rate monitors, and oximeters.
• IoT sensors in these kinds of medical devices offer data associated with a patient’s important signs, transferred from a medical device to a cloud-based platform, where it is stowed and examined.
• This way IoT in medical devices advances the eminence of life, supports instantaneous disease management, decreases the cost of care, and advances the outcomes of patients.
• It also aids in aptly making knowledgeable decisions.
Stationary Medical Devices Accounted for Larger Share
• The stationary category had a major share of 40%, in 2023. This is due to the extensive usage of stationary devices, at hospitals.
• Furthermore, they are more expensive than any other device, leading to their key share. Wearable medical devices will power at a higher CAGR.
North America Makes the Most Use of IoT Medical Devices Market
North America accounted for a share of 35% in 2023, and the dominance of this region will continue by the end of this decade as well. The main reasons for this are advancements taking place in the healthcare industry, and snowballing initiatives of the government to boost the acceptance of IoT devices in healthcare. Increasing incidence of chronic ailments, growing research and development activities, and advances in connectivity technology.
Asia-Pacific To Grow the Fastest
APAC will grow the fastest in the industry. The market is powered by the increasing funding by private and public organizations, the growing elderly populace, and the growing incidence of chronic diseases.
Also, the growing requirement for cutting-edge healthcare devices and surging consciousness of a healthy lifestyle lead individuals to get health checkups frequently and monitor their health through smart, wearable medical devices on a daily basis.
Competitive Analysis
• Cognizant Technology Solutions Corporation attained Mobica, an IoT software engineering services provider, in January 2023 to its offerings of IoT software engineering.
• In January 2022, JJMDC announced that it will start a collaboration with Microsoft Corporation to allow JJMDC’s secure and compliant digital surgery ecosystem.
• In the partnership, Microsoft was JJMDC’s favored cloud provider for digital surgery solutions and aided build its digital surgery platform and IoT device connectivity.
