Market Overview and Growth Drivers:
The global IoT medical devices market is projected to reach USD 94.2 billion by 2026 from USD 26.5 billion in 2021, at a CAGR of 28.9% during the forecast period. The growth of this market is majorly attributed to the need for cost-containment in healthcare delivery, and rising focus on active patient engagement & patient-centric care delivery. Also, the government initiatives to promote digital health are expected to drive demand growth in the IoT medical devices market during the forecast period.
IoT medical devices market: Recent Developments
- In 2021, Medtronic and Surgical Theater announced a partnership to interface Surgical Theater’s SyncAR augmented reality (AR) technology with Medtronic’s StealthStation S8 surgical navigation system.
- In 2021, Hill-Rom acquired EarlySense to build a differentiated suite of connected solutions to improve patient outcomes.
- In 2020, Abbott and Insulet partnered to integrate glucose sensing and automated insulin delivery.
Asia-Pacific is the fastest-growing market for IoT medical devices market during the forecast period
The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The high growth in this regional market can be attributed to the due to government initiatives to promote eHealth, rising medical tourism, growing awareness, and the growing demand for quality healthcare.
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Market Leaders – IoT Medical Devices Market
Medtronic (US), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands) are the leading players in the market. Other players include Honeywell Life Care Solutions (US), BIOTRONIK (Germany) Boston Scientific Corporation (US), Johnson & Johnson Services, Inc. (US), Siemens AG (Germany), Omron Healthcare, Inc. (Japan), BioTelemetry, Inc. (US), AliveCor, Inc. (US), iHealth Lab, Inc. (US), AgaMatrix (US), Abbott Laboratories (US), Stanley Healthcare (US), and Hillrom-Welch Allyn (US).
Medtronic (US), GE Healthcare (US), and Philips (Netherlands) are the leading players in the global IoT Medical Devices Market
- Medtronic (US) held the leading position in the IoT medical devices market in 2020. The company has a strong product portfolio of wearable, implantable, and stationary medical devices that are IoT-enabled. Medtronic focuses on designing and manufacturing devices to address cardiac care, neurological & spinal conditions, and diabetes. The company is focusing on inorganic growth strategies such as acquisitions, partnerships, and collaborations for its growth. It has partnered with top brands in the IoT space, such as IBM, Fitbit, Qualcomm Life, and Samsung, to offer its customers the most advanced healthcare technology.
- GE Healthcare (US) held the second position in the IoT medical devices market in 2020. The company has a comprehensive portfolio of wearable and stationary IoT-enabled medical devices. GE Healthcare focuses on developing innovative products that cater to the evolving trends in the market and help clinicians provide advanced care to patients. The company has a significant focus on upgrading its existing products. The company also focuses on inorganic growth strategies like collaborations, partnerships, agreements, and acquisitions. The company collaborated with governments of emerging nations to digitalize the healthcare sector. GE Healthcare’s strong presence in 140 countries also helps it market its products across the globe.