Top Companies in IoT Medical Devices Market

• Published Date: March 08, 2024

What are IoT Medical Devices

Medical devices include a massive range of instruments, devices, machines, and implants vital for healthcare distribution. Ranging from simple tongue depressors to sophisticated MRI machines, medical devices play important roles in the diagnosis, treatment, and monitoring of illnesses. 

They consist of paces, insulin pumps prosthetic limbs, and various medical instruments, the aim of which is to bring about improvement in patient outcomes and quality of medical life. With advancements such as wearable sensors and remotely operated device innovations, patients can be monitored continuously later on in their interventions.

 

On the other hand, maximizing safety and effectiveness is the pivotal point, so novel devices have to be subjected to thorough regulatory control. The medical devices development along with the fast growth of technology is changing the direction of healthcare delivery which will be superior in the near future.

The global market for IoT medical devices will grow at a massive CAGR of 31% through this decade.

Let's explore top players.

Siemens AG

Headquarters: Germany

Siemens AG is a bulging technology company specializing in industry, infrastructure, transport, and healthcare. With an emphasis on resource-effective factories, robust supply chains, smart buildings and grids, and cleaner transportation, Siemens delivers purpose-driven technology that adds tangible value for customers. By integrating the physical and digital realms, Siemens empowers industries and markets to enhance daily life for billions. 

Additionally, Siemens owns a majority stake in Siemens Healthineers, a global leader in medical technology. In fiscal 2023, Siemens Group reported EUR 77.8 billion in revenue and EUR 8.5 billion in net income, employing approximately 320,000 people worldwide as of September 30, 2023.

Abbott Laboratories

Headquarters: U.S.

Abbott Laboratories is a global healthcare leader with the crucial mission to enhance lives through investigating, recovering, and disseminating life-improving technologies across diagnostics, medical practices, nutrition, and branded generic medicines in over 160 countries in the world. 

With a portfolio consisting of solutions to the challenges that take place at all life stages, Abbott’s vast number of 114,000 employees strive to help lead medicine forward globally. For the fiscal year 2023, Abbott Laboratories generated revenue of USD 40 billion, which speaks for a large impact and influence on the healthcare sector, throughout the world.

Medtronic plc

Headquarters: Ireland

Medtronic Plc is a medical technology "Fortune 500" company that develops, manufactures, and sells equipment for cardiology, diabetes, and other critical care areas. The unique business operations of Medtronic are meant to deal with the design, production, and marketing of medical devices meant to cure a broad variety of diseases and health problems: among them, heart and valve conditions, heart failure, coronary artery diseases, neurological disorders, and musculoskeletal disorders.

The specialty product holdings of the company also include those catering to the market demands of orthopedics and dentistry. The headquarters is based in the Netherlands subsidiaries all over the world, through which the medical supplies are distributed to medical organizations, facilities, hospitals, government institutions, group purchasing entities, and distributors in the EMEA (Europe, Middle East, and Africa), Asia Pacific, Americas, and Africa regions.

Medtronic Plc reported a revenue of USD 31.8 billion in 2022, which decreased slightly to USD 30.8 billion in 2023.

General Electric Company

Headquarters: U.S.

General Electric Company is leading the way in IoT Medical Devices, transforming healthcare with innovative solutions. Leveraging its expertise in engineering and healthcare, GE develops state-of-the-art equipment that has been seamlessly integrated into the medical industry. 

From remote disease management to advanced diagnostic imaging, GE's IoT devices provide real-time data insights, improving clinical decisions and patient outcomes with a commitment to efficiency and innovation therefore, GE continues to build the future of healthcare services.

In 2023, General Electric Company’s net income increased from USD 58,100 in 2022 to USD 67,954.

Koninklijke Philips N.V

Headquarters: Netherlands

Koninklijke Philips N.V. is dedicated to advancing health care through impactful innovation, with a goal of increasing the lives of 2.5 billion people annually by 2030, including 400 million underserved communities as a technology-leading company, Philips and its product licensees aim to improve patient outcomes and well-being IoT should prioritize medical devices. With a strong belief in its continued growth, Philips strives to simplify and improve healthcare, thus becoming the future of medical technology Group sales in 2023 reached EUR 18.2 billion.

Honeywell International Inc

Headquarters: U.S.

Honeywell International Inc. pioneers IoT medical devices, blending technology and healthcare for improved patient care. With a focus on innovation, Honeywell develops cutting-edge solutions that integrate seamlessly into medical workflows. 

From remote patient monitoring to smart diagnostics, their devices provide real-time data insights, empowering healthcare professionals to make informed decisions and enhance treatment outcomes. Honeywell's commitment to advancing medical technology ensures the continued evolution of IoT devices in healthcare, driving toward a healthier future. Honeywell International reported an annual revenue of USD 36.66 billion as of December 31, 2023.

BIOTRONIK SE & Co KG

Headquarters: Germany

Biotronik SE & Co KG is a multinational cardiovascular biomedical research and technology leader. Specializing in cardiac rhythm management, electrophysiology, and vascular intervention, Biotronik provides innovative equipment for diagnosis, treatment, and therapy support. With a commitment to advancing healthcare, Biotronik plays a crucial role in the IoT Medical Devices Market by developing cutting-edge solutions that improve patient outcomes and advance medical technology.

Boston Scientific Corporation

Headquarters: U.S.

Boston Scientific Corporation, a global leader in healthcare innovation, addresses worldwide challenges by developing impactful solutions for patients and healthcare professionals. With net sales totaling USD 12,682 million worldwide in 2022, the company's IoT medical devices enhance patient care, reduce costs, and expand access to healthcare across 100+ countries. Committed to sustainability and diversity, Boston Scientific invests in its employees and the planet, striving for a healthier, more inclusive future.

Johnson & Johnson Services Inc

Headquarters: U.S.

Johnson & Johnson Services Inc. is a leading player in the IoT Medical Devices sector, leveraging cutting-edge technology to enhance patient care. With a diverse portfolio spanning from wearable monitors to advanced diagnostic devices, J&J is committed to improving healthcare outcomes globally. Recent achievements include the development of IoT-enabled devices that enable remote patient monitoring, real-time data analysis, and personalized treatment solutions.

Additionally, J&J's focus on data security and interoperability standards ensures the reliability and safety of its IoT medical devices, contributing to its reputation as an industry leader in healthcare innovation. Johnson & Johnson's annual revenue for 2022 was USD 94.943B, a 1.25% increase from 2021.