IoT Enabled Healthcare Equipment Market By Segments (Diagnostic Equipment, Implanted Devices, Wearable Devices), By Country, By Company Profiles And By Trends – Global Forecast to 2023

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IoT Enabled Healthcare Equipment Market Definition

The IoT enabled healthcare equipment market consists of manufacturers’ sales of healthcare devices that use IoT enabled technology. IoT is defined as a network of physical objects supported by technology and sensors for electronic data communication. IoT healthcare devices are medical devices which are equipped with IoT enabled technology such as wireless technology to assess and monitor patient’s health.

IoT Enabled Healthcare Equipment Market Size

The market for IoT medical devices reached a value of nearly $18.8 billion in 2018, having grown at a compound annual growth rate (CAGR) of 22.7% from 2014, and is expected to grow at a CAGR of 29.9% to nearly $69.7 billion by 2023.Growth is mainly due to increasing access to these devices through online platforms and a rapid decline in their prices owing to manufacturers passing on a significant drop in the prices of components. Increasing awareness of the benefits of these devices will also contribute to explosive growth. Skills shortages, high costs associated with the development of IoT healthcare devices and regulatory hurdles are potential threats.  

IoT Enabled Healthcare Equipment Market Drivers

The Key drivers of the IoT enabled healthcare equipment market include:

Technological Advances-Advances in wireless technology and miniaturization (which refers to designing smaller components for medical devices) drove innovation in IoT healthcare devices. For instance, Dexcom and Verily Life Sciences collaborated in August 2015 to develop miniature continuous glucose monitoring (CGM) systems for type II diabetes patients. Verily developed miniature sensor electronics on an adhesive patch for continuous monitoring.  Mobile applications, advanced sensors and embedded software also created new opportunities for medical technology companies.

IoT Enabled Healthcare Equipment Market Restraints

The Key restraint on the IoT enabled healthcare equipment market include:

Ethical and Privacy Concerns - The IoT healthcare devices market is expected to be affected by rising privacy and security concerns relating to IoT healthcare devices. IoT healthcare devices use wireless technology for data transmission, thus making these devices vulnerable to hacking, leading to a potential data breach. For instance, in 2018, a data breach at Florida-based Health First exposed the personal information of around 42,000 patients.  According to a survey conducted by Unisys security survey in 2017, 41% of respondents do not want healthcare providers to collect data through medical devices, and 22% of respondents were concerned about the security of health data collected from medical devices.  In consequence, the U.S. Federal Drug Administration (FDA) has provided guidance for managing cyber security in medical devices.  These concerns regarding privacy and data security are likely to limit the growth of the market during the forecast period.

IoT Enabled Healthcare Equipment Market Trends

Major trends influencing the IoT enabled healthcare equipment market include:

Focus on Bluetooth Enabled Medical Devices - Medical devices and diagnostic companies are increasingly integrating Bluetooth wireless technology with medical devices. Bluetooth connectivity technology is being used for glucose monitoring, coagulation monitoring, implants or inhalers. These devices are used as insulin delivery systems to monitor glucose levels and dose adjustments.

Insulet’s Omnipod Dash system, bluetooth enabled insulin pump was approved by the US’s FDA in 2018. It consists of a new and improved touchscreen handheld (PDM) and a Bluetooth-enabled tubeless pod.

Companion Medical ‘s InPen was approved by the FDA in 2016. The system includes an insulin pen and a smartphone app and bolus advisor using Bluetooth technology. It has been commercially available for iOS users since December 2017 and is the only FDA-cleared, smart insulin pen paired with an integrated diabetes management app.  

Medical Body Area Network (MBAN) To Monitor Physiological Parameters - Technological advances in electronics and wireless communications have enabled the development of small, intelligent and cost-effective medical sensor nodes. These nodes are strategically placed on a patient`s body to create a wireless medical body area network (MBAN). In some cases, sensors may be swallowed for short-term monitoring or placed in the body during surgery for monitoring physical parameters during and after the healing period. This network can continuously monitor various physiological signs and provide real-time feedback to the user and medical staff through SMS/E-mail. MBAN are particularly useful in large-scale in-field medical and behavioral studies and for patient monitoring.

Opportunities And Recommendations In The IoT Enabled Healthcare Equipment Market

Opportunities – The top opportunities in the global IoT enabled healthcare equipment market will arise in the wearable devices segment which will gain $19.6 billion of global annual sales by 2023. The IoT enabled healthcare equipment market size will gain the most in the USA at $15.78 billion. IoT enabled healthcare equipment market-trend-based strategies include engaging in partnerships and collaborations with technology companies, undertaking mergers and acquisitions and investing in MBAN devices to benefit from their increasing popularity and to gain share in the market. Player-adopted strategies in the IoT enabled healthcare equipment industry include investing in expanding manufacturing operations, improving infrastructure and in acquisitions and mergers to strengthen product and service offerings.

Recommendations – The top opportunities in the global IoT enabled healthcare equipment market will arise in the wearable devices segment which will gain $19.6 billion of global annual sales by 2023. The IoT enabled healthcare equipment market size will gain the most in the USA at $15.78 billion. IoT enabled healthcare equipment market-trend-based strategies include engaging in partnerships and collaborations with technology companies, undertaking mergers and acquisitions and investing in MBAN devices to benefit from their increasing popularity and to gain share in the market. Player-adopted strategies in the nursing care industry include investing in expanding manufacturing operations, improving infrastructure and in acquisitions and mergers to strengthen their product and service offerings.

IoT Enabled Healthcare Equipment Market Segmentation

The IoT enabled healthcare equipment market is segmented by type, and by geography.
By Type - The IoT enabled healthcare equipment market is segmented by type into
    • a) Diagnostic Equipment
    • b) Implanted Devices
    • c) Wearable Devices
Wearable devices had the highest growth rate of nearly 32.2% during the historic period. The fastest growth in the historic period can be attributed to increased awareness and access to these devices. Significant decreases in wearable device prices also contributed to this growth.
By Geography - The IoT enabled healthcare equipment market is segmented into
    • o North America
      • USA
    • o Western Europe
      • UK
      • Germany
      • France
      • Spain
      • Italy
    • o Asia Pacific
      • China
      • Japan
      • India
      • Australia
    • o Eastern Europe
      • Russia
    • o South America
      • Brazil
    • o Middle East
    • o Africa
North America is the largest market for IoT enabled healthcare equipment, accounting for 35.2% of the global market. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, Asia-Pacific, South America will be the fastest growing regions in this market.

IoT enabled healthcare equipment Competitive Landscape

Major Competitors are:
    • • Medtronic plc
    • • General Electric Company
    • • Koninklijke Philips N.V.
    • • Siemens Healthineers AG
    • • Fujifilm Holdings Corporation
Other Competitors Include:
    • • Shimadzu Corporation
    • • Hitachi, Ltd.
    • • Onex Corporation
    • • Hologic, Inc.
    • • Konica Minolta, Inc.

  1. 1.Executive Summary
  2. 2.Table of Contents
  3. 3.List of Figures
  4. 4.List of Tables
  5. 5.IoT Enabled Healthcare Equipment Market Characteristics
  6. 6.IoT Enabled Healthcare Equipment Market Size And Growth
    • 6.1.Historic Market Growth, Value ($ Billion)
      • 6.1.1.Drivers Of The Market
      • 6.1.2.Restraints On The Market
    • 6.2.Forecast Market Growth, Value ($ Billion)
      • 6.2.1.Drivers of the Market
      • 6.2.2.Restraints on the Market
    • 6.3.Global IoT Enabled Healthcare Equipment Market, By Segment
    • 6.4.Global IoT Enabled Healthcare Equipment Market, Historic and Forecast, By Segment, 2014-2023,
  7. 7.IoT Enabled Healthcare Equipment Market Trends And Opportunities
    • 7.1.Focus on Bluetooth Enabled Medical Devices
    • 7.2.Increase in Partnerships and Collaboration
    • 7.3.Increase in Mergers and Acquisitions
    • 7.4.Medical Body Area Network (MBAN) To Monitor Physiological Parameters
  8. 8.IoT Enabled Healthcare Equipment Market, Regional And Country Analysis
    • 8.1.Global IoT Enabled Healthcare Equipment Market, 2018, By Region, Value ($ Billion)
    • 8.2.Global IoT Enabled Healthcare Equipment Market, 2014 – 2022, Historic And Forecast, By Region
    • 8.3.Global IoT Enabled Healthcare Equipment Market, 2018, By Country, Value ($ Billion)
    • 8.4.Global IoT Enabled Healthcare Equipment Market, 2014 – 2023, Historic And Forecast, By Country
  9. 9.Global IoT Enabled Healthcare Equipment Market Comparison with Macro Economic Factors
    • 9.1.IoT Enabled Healthcare Equipment Market Size, Percentage Of GDP, Global
    • 9.2.Per Capita Average IoT Enabled Healthcare Equipment Market Expenditure, Global
  10. 10.IoT Enabled Healthcare Equipment Market Comparison With Macro Economic Factors Across Countries
    • 10.1.IoT Enabled Healthcare Equipment Market Size, Percentage Of GDP, By Country
    • 10.2.Per Capita Average IoT Enabled Healthcare Equipment Market Expenditure, By Country
  11. 11.Asia-Pacific IoT Enabled Healthcare Equipment Market
    • 11.1.Asia Pacific IoT Enabled Healthcare Equipment Market Overview
      • 11.1.1.Region Information
      • 11.1.2.Market Information
      • 11.1.3.Background Information
      • 11.1.4.Major End User Industries Information
      • 11.1.5.Regulations
      • 11.1.6.Regulatory Bodies
      • 11.1.7.Associations
      • 11.1.8.Taxes Levied
      • 11.1.9.Corporate Tax Structure
      • 11.1.10.Investments and Collaborations in the IOT Enabled Healthcare Equipment Market
      • 11.1.11.Major Companies
    • 11.2.Asia-Pacific IoT Enabled Healthcare Equipment Market, 2014 - 2023
    • 11.3.Asia-Pacific IoT Enabled Healthcare Equipment Market, By Segment
    • 11.4.Asia-Pacific IoT Enabled Healthcare Equipment Market, Historic and Forecast CAGR, By Segment
    • 11.5.Asia-Pacific IoT Enabled Healthcare Equipment Market: Country Analysis
    • 11.6.Chinese IoT Enabled Healthcare Equipment Market, 2014-2023
    • 11.7.Chinese IoT Enabled Healthcare Equipment Market, By Segment
    • 11.8.Chinese IoT Enabled Healthcare Equipment Market, 2014-2023, Historic and Forecast, By Segment
    • 11.9.Indian IoT Enabled Healthcare Equipment Market, 2014-2023
    • 11.10.Indian IoT Enabled Healthcare Equipment Market, By Segment
    • 11.11.Indian IoT Enabled Healthcare Equipment Market, 2014-2023, Historic and Forecast, By Segment
    • 11.12.Japanese IoT Enabled Healthcare Equipment Market, 2014-2023
    • 11.13.Japanese IoT Enabled Healthcare Equipment Market, By Segment
    • 11.14.Japanese IoT Enabled Healthcare Equipment Market, 2014-2023, Historic and Forecast, By Segment
    • 11.15.Australia IoT Enabled Healthcare Equipment Market, 2014-2023
    • 11.16.Australia IoT Enabled Healthcare Equipment Market, By Segment
    • 11.17.Australia IoT Enabled Healthcare Equipment Market, 2014-2023, Historic and Forecast, By Segment
  12. 12.Western Europe IoT Enabled Healthcare Equipment Market
    • 12.1.Western Europe IoT Enabled Healthcare Equipment Market Overview
      • 12.1.1.Region Information
      • 12.1.2.Market Information
      • 12.1.3.Background Information
      • 12.1.4.Major End User Industries Information
      • 12.1.5.Regulations
      • 12.1.6.Regulatory Bodies
      • 12.1.7.Associations
      • 12.1.8.Taxes Levied
      • 12.1.9.Corporate Tax Structure
      • 12.1.10.Investment and Collaborations in the IOT Enabled Healthcare Equipment Market
      • 12.1.11.Major Companies
    • 12.2.Western Europe IoT Enabled Healthcare Equipment Market, 2014 - 2023
    • 12.3.Western Europe IoT Enabled Healthcare Equipment Market, By Segment
    • 12.4.Western Europe IoT Enabled Healthcare Equipment Market, Historic and Forecast CAGR, By Segment
    • 12.5.Western Europe IoT Enabled Healthcare Equipment Market: Country Analysis
    • 12.6.UK IoT Enabled Healthcare Equipment Market, 2014-2023
    • 12.7.UK IoT Enabled Healthcare Equipment Market, By Segment
    • 12.8.UK IoT Enabled Healthcare Equipment Market, 2014-2023, Historic and Forecast, By Segment
    • 12.9.German IoT Enabled Healthcare Equipment Market, 2014-2023
    • 12.10.German IoT Enabled Healthcare Equipment Market, By Segment
    • 12.11.German IoT Enabled Healthcare Equipment Market, 2014-2023, Historic and Forecast, By Segment
    • 12.12.France IoT Enabled Healthcare Equipment Market, 2014-2023
    • 12.13.French IoT Enabled Healthcare Equipment Market, By Segment
    • 12.14.French IoT Enabled Healthcare Equipment Market, 2014-2023, Historic and Forecast, By Segment
    • 12.15.Italian IoT Enabled Healthcare Equipment Market, 2014-2023
    • 12.16.Italian IoT Enabled Healthcare Equipment Market, By Segment
    • 12.17.Italian IoT Enabled Healthcare Equipment Market, 2014-2023, Historic and Forecast, By Segment
    • 12.18.Spain IoT Enabled Healthcare Equipment Market, 2014-2023
    • 12.19.Spain IoT Enabled Healthcare Equipment Market, By Segment
    • 12.20.Spain IoT Enabled Healthcare Equipment Market, 2014-2023, Historic and Forecast, By Segment
  13. 13.Eastern Europe IoT Enabled Healthcare Equipment Market
    • 13.1.Eastern Europe IoT Enabled Healthcare Equipment Market Overview
      • 13.1.1.Region Information
      • 13.1.2.Market Information
      • 13.1.3.Background Information
      • 13.1.4.Major End User Industries Information
      • 13.1.5.Regulations
      • 13.1.6.Regulatory Bodies
      • 13.1.7.Associations
      • 13.1.8.Taxes Levied
      • 13.1.9.Corporate Tax
      • 13.1.10.Major Companies
    • 13.2.Eastern Europe IoT Enabled Healthcare Equipment Market, 2014 - 2023
    • 13.3.Eastern Europe IoT Enabled Healthcare Equipment Market, By Segment
    • 13.4.Eastern Europe IoT Enabled Healthcare Equipment Market, Historic and Forecast CAGR, By Segment
    • 13.5.Eastern Europe IoT Enabled Healthcare Equipment Market: Country Analysis
    • 13.6.Russia IoT Enabled Healthcare Equipment Market, 2014-2023
    • 13.7.Russia IoT Enabled Healthcare Equipment Market, By Segment
    • 13.8.Russia IoT Enabled Healthcare Equipment Market, 2014-2023, Historic and Forecast, By Segment
  14. 14.North America IoT Enabled Healthcare Equipment Market
    • 14.1.North America IoT Enabled Healthcare Equipment Market Overview
      • 14.1.1.Region Information
      • 14.1.2.Market Information
      • 14.1.3.Background Information
      • 14.1.4.Major End User Industries Information
      • 14.1.5.Regulations
      • 14.1.6.Regulatory Bodies
      • 14.1.7.Associations
      • 14.1.8.Taxes Levied
      • 14.1.9.Corporate Tax Structure
      • 14.1.10.Investment and Collaborations in the IOT Enabled Healthcare Equipment Market
      • 14.1.11.Major Companies
    • 14.2.North American IoT Enabled Healthcare Equipment Market, 2014 - 2023
    • 14.3.North American IoT Enabled Healthcare Equipment Market, By Segment
    • 14.4.North American IoT Enabled Healthcare Equipment Market, Historic and Forecast CAGR, By Segment
    • 14.5.North American IoT Enabled Healthcare Equipment Market: Country Analysis
    • 14.6.USA IoT Enabled Healthcare Equipment Market, 2014-2023
    • 14.7.USA IoT Enabled Healthcare Equipment Market, By Segment
    • 14.8.USA IoT Enabled Healthcare Equipment Market, 2014-2023, Historic and Forecast, By Segment
  15. 15.South America IoT Enabled Healthcare Equipment Market
    • 15.1.South America IoT Enabled Healthcare Equipment Market Overview
      • 15.1.1.Region Information
      • 15.1.2.Market Information
      • 15.1.3.Background Information
      • 15.1.4.Major End User Industries Information
      • 15.1.5.Regulations
      • 15.1.6.Regulatory Bodies
      • 15.1.7.Associations
      • 15.1.8.Taxes Levied
      • 15.1.9.Corporate Tax Structure
      • 15.1.10.Investment and Collaborations in the IOT Enabled Healthcare Equipment Market
      • 15.1.11.Major Companies
    • 15.2.South American IoT Enabled Healthcare Equipment Market, 2014 - 2023
    • 15.3.South American IoT Enabled Healthcare Equipment Market, By Segment
    • 15.4.South American IoT Enabled Healthcare Equipment Market, Historic and Forecast CAGR, By Segment
    • 15.5.South American IoT Enabled Healthcare Equipment Market: Country Analysis
    • 15.6.Brazil IoT Enabled Healthcare Equipment Market, 2014-2023
    • 15.7.Brazil IoT Enabled Healthcare Equipment Market, By Segment
    • 15.8.Brazil IoT Enabled Healthcare Equipment Market, 2014-2023, Historic and Forecast, By Segment
  16. 16.Middle East IoT Enabled Healthcare Equipment Market
    • 16.1.Middle East IoT Enabled Healthcare Equipment Market Overview
      • 16.1.1.Region Information
      • 16.1.2.Market Information
      • 16.1.3.Background Information
      • 16.1.4.Major End User Industries Information
      • 16.1.5.Regulations
      • 16.1.6.Regulatory Bodies
      • 16.1.7.Associations
      • 16.1.8.Tax levied
      • 16.1.9.Corporate Tax Structure
      • 16.1.10.Collaborations and Partnerships in the IoT Enabled Healthcare Equipment Market
      • 16.1.11.Major Companies
    • 16.2.Middle East IoT Enabled Healthcare Equipment Market, 2014 - 2023
    • 16.3.Middle East IoT Enabled Healthcare Equipment Market, By Segment
    • 16.4.Middle East IoT Enabled Healthcare Equipment Market, Historic and Forecast CAGR, By Segment
  17. 17.Africa IoT Enabled Healthcare Equipment Market
    • 17.1.Africa IoT Enabled Healthcare Equipment Market Overview
      • 17.1.1.Region Information
      • 17.1.2.Market Information
      • 17.1.3.Background Information
      • 17.1.4.Major End User Industries Information
      • 17.1.5.Regulations
      • 17.1.6.Regulatory Bodies
      • 17.1.7.Associations
      • 17.1.8.Taxes Levied
      • 17.1.9.Corporate Tax Structure
      • 17.1.10.Major Companies
    • 17.2.Africa IoT Enabled Healthcare Equipment Market, 2014 - 2023
    • 17.3.Africa IoT Enabled Healthcare Equipment Market, By Segment
    • 17.4.Africa IoT Enabled Healthcare Equipment Market, Historic and Forecast CAGR, By Segment
  18. 18.IoT Enabled Healthcare Equipment Market Competitive Landscape
    • 18.1.Company Profiles
    • 18.2.Medtronic plc
      • 18.2.1.Company Overview
      • 18.2.2.Products And Services
      • 18.2.3.Product Overview
      • 18.2.4.Research and Development
      • 18.2.5.Business Strategy
      • 18.2.6.Financial Overview
    • 18.3.General Electric Company
      • 18.3.1.Company Overview
      • 18.3.2.Products And Services
      • 18.3.3.Product Overview
      • 18.3.4.Research and Development
      • 18.3.5.Business Strategy
      • 18.3.6.Financial Overview
    • 18.4.Koninklijke Philips N.V.
      • 18.4.1.Company Overview
      • 18.4.2.Products And Services
      • 18.4.3.Product Overview
      • 18.4.4.Research and Development
      • 18.4.5.Business Strategy
      • 18.4.6.Financial Overview
    • 18.5.Medtronic plc
      • 18.5.1.Company Overview
      • 18.5.2.Products And Services
      • 18.5.3.Product Overview
      • 18.5.4.Research and Development
      • 18.5.5.Business Strategy
      • 18.5.6.Financial Overview
    • 18.6.Siemens Healthineers AG
      • 18.6.1.Company Overview
      • 18.6.2.Products And Services
      • 18.6.3.Product Overview
      • 18.6.4.Research and Development
      • 18.6.5.Business Strategy
      • 18.6.6.Financial Overview
    • 18.7.Fujifilm Holdings Corporation
      • 18.7.1.Company Overview
      • 18.7.2.Products And Services
      • 18.7.3.Product Overview
      • 18.7.4.Research and Development
      • 18.7.5.Business Strategy
      • 18.7.6.Financial Overview
  19. 19.Key Mergers And Acquisitions In The IoT Enabled Healthcare Equipment Market
    • 19.1.Cardinal Health Acquired Part of Medtronic’s Patient Monitoring & Recovery Division
    • 19.2.Canon Acquired Toshiba Medical Systems
    • 19.3.Philips Acquired Volcano
    • 19.4.Biotelemetry Acquired LifeWatch
    • 19.5.Covidien Acquired Zephyr Technology
  20. 20.IoT Enabled Healthcare Equipment Market Medical Devices Pipeline
    • 20.1.IOT Healthcare Market
    • 20.2.IoT Enabled Healthcare Equipment Market Bluetooth Medical Devices Pipeline
    • 20.3.HealthPatch MD
    • 20.4.Wellness Connected
    • 20.5.IoT Enabled Healthcare Equipment Market Patents
  21. 21.Global IoT Enabled Healthcare Equipment Market Opportunities
    • 21.1.Global IoT Enabled Healthcare Equipment Market In 2023- Countries Offering Most New Opportunities
    • 21.2.Global IoT Enabled Healthcare Equipment Market In 2023- Segments Offering Most New Opportunities
  22. 22.Global IoT Enabled Healthcare Equipment Market Strategies
    • 22.1.Market Trend Based Strategies
    • 22.2.Competitor Strategies
  23. 23.Appendix
    • 23.1.Market Data Sources
    • 23.2.Research Methodology
      • 23.2.1.Methodology
      • 23.2.2.Data
      • 23.2.3.Market Numbers
      • 23.2.4.Competitor Market Share Data
      • 23.2.5.Analysis
      • 23.2.6.Verification through Expert Interviews
  24. 24.Referencing
New Product Launches And Use Of Portable Systems In The Anesthesia And Respiratory Devices Industrye Of Portable Systems In The Anesthesia And Respiratory Devices Industry
Use Of IoT And Wireless Sensor Technology In The Patient Monitoring Devices Market
Diabetes Care Devices Market | Characteristics, Forecast Size, Trends
Global Diabetes Test Strips Market | Characteristics, Forecast Size, Trends
Global Anesthesia And Respiratory Devices Market | Characteristics, Forecast Size, Trends
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