The report "IoT Medical Devices Market is projected to reach USD 166.5 billion by 2028 from USD 41.5 billion in 2023, at a high CAGR of 32.1% during the forecast period. Gradual shift in trends in the healthcare industry have resulted in predictable outcomes and care quality has supported the higher implementation of various IT systems in healthcare organizations. Market growth in this sector is propelled by several factors. Factors such as government initiatives aimed at promoting digital health, the increasing demand for cost containment in healthcare delivery, a growing emphasis on active patient engagement and patient-centric healthcare, the advancement of high-speed networking technologies, and the expanding penetration of mobile platforms in healthcare are all driving forces. Additionally, there is a rising focus on patient safety, which is expected to contribute to market growth throughout the forecast period. However, certain factors may impede the growth of the market to some extent. The high deployment costs associated with connected medical devices and the required infrastructure pose a challenge. Additionally, the lack of sufficient technical expertise pertaining to IoT medical devices acts as a restraint on market growth.

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the global IoT medical devices market is poised for substantial growth, attributed to factors like cost-containment initiatives, patient-centric care focus, and governmental support for digital health. However, the challenges of significant investment requirements and a dearth of skilled personnel may slow down the rate of adoption, particularly in smaller healthcare organizations in the years to come.

Key Market:

Prominent players in the IoT medical devices market include Medtronic (Ireland), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Abbott (US), Boston Scientific Corporation (US), OMRON Corporation (Japan), Baxter International Inc. (US), BIOTRONIK (Germany), Johnson & Johnson Private Limited (US), NIHON KOHDEN CORPORATION (Japan), Siemens Healthineers AG (Germany), Honeywell International Inc. (US), AliveCor, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), Nonin (US), AMD Global Telemedicine (US), iHealth Labs Inc (US), Aerotel Medical Systems (1998) Ltd. (Israel), i-SENS, Inc. (Korea), Huntleigh Healthcare Limited (UK), ResMed (US), Masimo (US), Infinium Medical (US), ICU Medical, Inc. (US), and Hamilton Medical (Switzerland). These companies adopted strategies such as product launches, expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their market presence in the IoT medical devices market.

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Driver: Growing need for cost-containment in healthcare delivery

The demand for cost-containment in healthcare delivery has become increasingly urgent as healthcare costs have experienced a substantial double-digit growth over the past few decades. Several factors have contributed to this surge, including the rise in health insurance premiums, the growing need for high-quality healthcare services, the aging population worldwide, and the escalating prevalence of chronic diseases.

In light of these challenges, the healthcare industry is recognizing the critical importance of finding effective ways to contain costs while maintaining the quality of care. This has spurred a growing interest in adopting innovative technologies like IoT medical devices, which have the potential to optimize healthcare processes, enhance patient outcomes, and streamline operations, ultimately contributing to cost reduction in the healthcare delivery ecosystem.

During the forecast period, the vital signs monitors segment is projected to experience the highest growth rate among the product segments in the IoT medical devices market. This growth can be attributed to several factors. Firstly, there is an increasing prevalence of hypertension and other chronic diseases, leading to a higher demand for continuous monitoring of vital signs such as blood pressure, heart rate, and respiratory rate. Secondly, the growing obese population is also driving the need for regular monitoring of vital signs to manage health conditions effectively. Lastly, there is a rising preference for self-health management among individuals, and vital signs monitors provide convenient and accessible tools for monitoring and tracking health parameters.

In terms of type, the stationary medical devices segment held the largest share of the global IoT medical devices market. This segment is expected to maintain its dominance during the forecast period. The primary reason for this is the implementation of government regulations mandating the use of Electronic Health Records (EHR) in healthcare facilities. Stationary medical devices play a crucial role in collecting and transmitting patient data to EHR systems, enabling healthcare providers to access and analyze comprehensive patient information. Moreover, stationary devices offer advantages such as robust data storage capabilities, advanced connectivity options, and high-quality sensors, making them a preferred choice for healthcare professionals in various clinical settings.

Overall, the vital signs monitors segment is anticipated to witness significant growth, driven by the increasing prevalence of chronic diseases and the growing demand for self-health management. Additionally, the stationary medical devices segment is expected to continue dominating the IoT medical devices market due to the implementation of EHR regulations and the benefits associated with these devices in terms of data integration and accessibility.

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Wearable medical devices segment was the fastest growing segment of the IoT medical devices market, By type.

Based on the type, the IoT medical devices market has been segmented into wearable medical devices, implantable medical devices, stationary medical devices, and others (medication management devices, thermometers, infusion pumps, coagulation monitors, digital skin sensors, pedometers, and body composition monitors). In 2022, the wearable medical devices market is expected to grow at the highest CAGR during the forecast period. The high growth of wearable IoT medical devices is attributed to the growing use of home healthcare and remote patient monitoring technologies. The increasing preference for preventive care and engagement in self-health management are expected to boost the demand for wearable IoT medical devices.

The vital signs monitoring devices segment accounted for the largest share in the IoT medical devices market by product.

Based on product, the IoT medical devices market has been segmented into imaging systems, vital signs monitoring devices, implantable cardiac devices, patient monitors, respiratory devices, infusion pumps, neurological devices, hearing devices, anesthesia machines, fetal monitoring devices, ventilators, and others (such as medication management devices, activity trackers, fall management devices, weighing scales, body composition, tags, probes, and thermometers). In 2022, the vital signs monitoring devices segment accounted for the largest share. This can be attributed to the operational and maintenance advantages that connected imaging systems offer, the growing investments by top imaging device companies, and the rising prevalence of chronic diseases & the need for improved patient outcomes.

North America dominated the IoT medical devices market in 2022.

The global market has been segmented based on region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest share of the IoT medical devices market in 2022. The large share of the North American IoT medical devices market can be attributed to the increasing penetration of smartphones, rising prevalence of chronic and lifestyle disorders, increasing healthcare costs, increasing demand for better healthcare services, government initiatives to promote digital health, the robust penetration of 3G and 4G networks, and rising awareness about self-health management.

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