The global IoT medical devices market is projected to witness a CAGR of 16.92% during the forecast period 2024-2031, growing from USD 39.68 billion in 2023 to USD 138.57 billion in 2031. This growth is propelled by several key factors, including the rapid evolution of sensor technology, which enhances the precision and reliability of medical data. Advances in connectivity, such as 5G and improved wireless networks, facilitate seamless data transfer and real-time communication between devices. Additionally, sophisticated data analytics transform patient information processing and utilization, leading to more personalized and effective care.
Internet of Things (IoT) medical devices play a key role in improving healthcare by allowing doctors to monitor patients’ health continuously, like their heart rate and blood sugar levels This is crucial for managing chronic diseases, allowing for timely interventions and personalized treatment plans. With the advancements in sensors and data analytics, there is a higher precision of diagnosis as well as prevention against health issues before they escalate. These can support telemedicine and remote monitoring leading to better healthcare delivery in underserved areas. Moreover, it tends to boost healthcare delivery through data collection automation which pays off with higher efficiency and reduced cost. IoT devices also contribute to patient safety, as they aid in real-time alerts from deployed sensors for immediate emergency responses.
In addition, the increasing investments and favorable government initiatives are driving the growth of the global IoT medical devices market. For instance, In April 2024, IIT Madras ran India’s first mobile medical devices calibration facility for UN SG3- health and well-being. This is expected to improve the accuracy of life-saving medical devices, further underscoring the importance of IoT solutions. This trend will increase traction and rapid market expansion for these converging solutions that enable better patient care, improve health outcomes, and reduce healthcare costs on data Change efficiencies.
Growing Adoption of Telemedicine and Remote Patient Monitoring
The rise of telemedicine and remote patient monitoring is primarily fueled by the seamless progress witnessed in an IoT medical devices market accompanied by favorable government mandates. Recent advancements, like advanced genetic testing and sophisticated remote monitoring services, also improve patient care and management. Government programs, such as research funding and supportive rules, are crucial in facilitating these developments. Additionally, the growing emphasis on preventing illness and managing long-term diseases has increased the demand for these technologies. This growing willingness of patients to use digital health tools further boosts the adoption of these technologies.
For instance, in January 2024, Rudolf Riester GmbH brings the first complete Telemedicine solution with DocsinClouds. The Telemedicine solution is designed to integrate a diverse range of medical devices, ensuring flexibility and efficiency in various clinical and remote care scenarios. These measures, which allow remote consultations and patient monitoring are an assurance that high-quality care is being given to patients irrespective of geographical barriers.
Increasing Prevalence of Chronic Diseases Drive Market Growth
Increasing incidence of chronic diseases acts as a major driver for the growth of IoT medical devices market. IoT provides an opportunity to enter the door for diseases such as diabetes, hypertension, and cardiovascular disease with accurate monitoring of patient condition). Physiologic monitoring systems allow continuous real-time data collection and remote patient tracking to improve early complication detection, long-term parameter trending, and more timely therapeutic intervention which has led to more desirable outcomes with less treatment-related side effects. For instance, as per World Health Organization’s (WHO) China Country Assessment Report on Aging and Health, the population in China aged above 60 in China who have chronic non-communicable diseases, such as hypertension, diabetes, stroke cancer, or/ hypercholesterolemia will grow by a minimum average of 40% reaching at least up to year 2030. The report further stated that the proportion of the geriatric population is anticipated to increase to 28% by 2040.
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Wearable Medical Devices Have a Pivotal Role in the Global IoT Market
The growth of wearable medical devices in the IoT medical device market is attributable to advancements in technology and increasing health awareness among consumers, along with growing prevalence & incidence rates for chronic diseases as well as rising market opportunities. Additionally, new technologies like AI & 5G being employed in wearables make the data transmitting and real-time health monitoring operation seamless at one end but on the other side is offering a proactive healthcare paradigm more often required for the present generation of young adults which is quite motivated to be healthy, thus fuelling a bullish run over adoption part.
For instance, in January 2024, Abbott introduced Lingo in the United Kingdom a novel wearable technology with app functionality that provides real-time glucose tracking. It gives users special advice and support to help them get healthier, sleep better, feel happier, stay focused, have more energy, and control their cravings more easily.
North America to Hold Major Share of Global IoT Medical Devices Market
North America dominates the global market for IoT medical devices as broad adoption of smartphones and mobile platforms among the North American population is likely to lead towards continued progress in wearable & remote patient monitoring services, and increased desire for its implementation of Electronic Health Records (EHRs). Government programs that foster digital health further support this area. The trend for increasing adoption of self-operated eHealth platforms due to the lesser doctor-to-patient ratio at various places provides an opportunity for market expansion. All these factors, including technology improvements, market needs, and supportive systems, make North America a major player in the global IoT medical devices landscape. In February 2024, KORE Wireless Group and Medical Guardian LLC announced that they had entered a partnership to bring an e-SIM-enabled medical alert device to market. This innovative solution addresses cell signal issues and healthcare access gaps by allowing electronic carrier switching for continuous 24/7 connectivity.
Future Market Scenario (2024-2031F)
The demand for IoT medical devices is anticipated to rise as healthcare systems increasingly rely on real-time monitoring and early detection of diseases to enhance patient care. These systems minimize human error and automate the process of capturing data, thereby providing more precise information in real-time. In addition, when this is enriched by greater data insights it significantly eases clinician decision-making. This transition allows better care coordination and early interventions, ultimately promoting improved health outcomes while at the same time making healthcare delivery a more efficient process. World Patient Safety Day is an example of this focus, working to enhance the safety and quality culture.
Report Scope
“Global IoT Medical Devices Market Assessment, Opportunities, and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, that provides an in-depth analysis and qualitative and quantitative assessment of the current state of the global IoT medical devices market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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