IoT Medical Devices Market To Generate Revenue worth $297.0 Billion in 2030
- Published: February 2024
The IoT medical devices market generated revenue of USD 46.4 billion in 2023, and it is expected to reach USD 297.0 billion in 2030, with a growth rate of 31% during 2024–2030. This is due to the increase in the incidence of chronic diseases, such as CVDs, stroke, cancer, diabetes, and respiratory diseases. This is itself credited to the changing lifestyles and inadequate access to preventive care, especially in emerging economies, such as South Africa and Saudi Arabia.
Moreover, government initiatives to enhance the standard of care and raise awareness of regular wellness tracking are expected to drive the market. For instance, in the U.K., the government launched IoTUK, a three-year national program, with an investment of USD 52.8 million (GBP 40 million). It aims to increase the adoption of IoT throughout the public and private sectors in the U.K., accelerate the IoT entrepreneurship, and facilitate collaborations among organizations across various industries, including healthcare. Due to these initiatives of the U.K. government, the country has become one of the key markets for the IoT in healthcare at the global level.
Vital Signs Monitoring Devices Accounted for Largest Share
By product, vitals monitoring devices held the largest share, of 30%, in 2023. These devices are available in the form of wearable, such as smartwatches and bands, which are already in trend among the millennials. In addition, companies are manufacturing advanced products with better software algorithms and AI technologies for more-effective health monitoring. For instance, in January 2021, Mindray Medical International Limited launched its new VS 9 and VS 8 vital signs monitors in Australia, Europe, and other geographies. The VS Series provides vital sign measurements at rapid speeds, thus maximizing patient comfort, patient safety, and clinical efficiency.
Apart from vital signs monitors, imaging systems, respiratory devices, implanted cardiac devices, fetal monitors, neurological devices, ventilators, and hearing devices collectively hold a significant share in the market. This is attributed to rise in the prevalence of chronic diseases, which propels the use of these devices at hospitals and homes.
For instance, 6–12 million people globally will suffer from cardiac arrhythmia in the U.S. by 2050, apart from approximately 18 million in Europe by 2060. In The same way, more than 1 billion people in the world are affected by some type of neurological disease, which kill nearly 7 million every year.
Advanced Applications of Smartphone-Based mHealth Technologies
As per the International Telecommunication Union, almost 1 billion households in the world have internet access. There are several fitness and health apps that help in controlling diet and keep a track of smartphone users’ health, such as Google Fit and FitNotes. The improved, high-definition imaging technologies of smartphones are able to deliver a higher quality of behavioral care, primary care, and tele-dermatology service. Due to these advanced applications of mobile apps, the adoption of smartphones is expected to increase rapidly in the future. This is further fueling the demand for mHealth applications that synchronize with IoT-based medical devices.
Increasing Demand for Affordable and Cost-Effective Treatments Is Key Driver
There are several types of errors that generally occur in the healthcare sector due to the lack of data availability related to patients. It is important for healthcare providers to provide quality health services for improving individuals’ health in a way that prevents diseases and tracks people’s health at affordable prices. As emerging economies have a developing healthcare infrastructure and are more focused on low-cost healthcare, it is necessary to provide solutions that can cater to the needs of the individuals residing in these countries.
Moreover, IoT-enabled devices can provide data, such as electrocardiographs, fetal scans and grams, glucose levels and temperature, via wearable devices, through remote patient monitoring, to hospitals. This data is stored automatically in a secure database and helps providers monitor patients, in order to improve clinical outcomes. Therefore, as IoT-based healthcare services are expected to reduce cost and improve the quality of life, the growth of IoT medical devices market continues to be driven by their increasing adoption.
The major players in the market include Siemens AG, Abbott Laboratories, Medtronic plc, General Electric Company, Koninklijke Philips N.V., Honeywell International Inc., BIOTRONIK SE & Co KG, Boston Scientific Corporation, Johnson & Johnson Services Inc., and AgaMatrix Inc.