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3. Medtronic (Ireland) and GE Healthcare (US) are Leading Players in the loT Medical Devices Market

The global IoT medical devices market is projected to reach USD 166.5 billion by 2028 from USD 41.5 billion in 2023, at a high CAGR of 32.1% during the forecast period. Gradual shift in trends in the healthcare industry have resulted in predictable outcomes and care quality has supported the higher implementation of various IT systems in healthcare organizations. Market growth in this sector is propelled by several factors. Factors such as government initiatives aimed at promoting digital health, the increasing demand for cost containment in healthcare delivery, a growing emphasis on active patient engagement and patient-centric healthcare, the advancement of high-speed networking technologies, and the expanding penetration of mobile platforms in healthcare are all driving forces. Additionally, there is a rising focus on patient safety, which is expected to contribute to market growth throughout the forecast period. However, certain factors may impede the growth of the market to some extent. The high deployment costs associated with connected medical devices and the required infrastructure pose a challenge. Additionally, the lack of sufficient technical expertise pertaining to IoT medical devices acts as a restraint on market growth.

Prominent players in the IoT medical devices market include Medtronic (Ireland), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Abbott (US), Boston Scientific Corporation (US), OMRON Corporation (Japan), Baxter International Inc. (US), BIOTRONIK (Germany), Johnson & Johnson Private Limited (US), NIHON KOHDEN CORPORATION (Japan), Siemens Healthineers AG (Germany), Honeywell International Inc. (US), AliveCor, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), Nonin (US), AMD Global Telemedicine (US), iHealth Labs Inc (US), Aerotel Medical Systems (1998) Ltd. (Israel), i-SENS, Inc. (Korea), Huntleigh Healthcare Limited (UK), ResMed (US), Masimo (US), Infinium Medical (US), ICU Medical, Inc. (US), and  Hamilton Medical (Switzerland). These companies adopted strategies such as product launches, expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their market presence in the IoT medical devices market.

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Medtronic serves as a leading provider of IoT-based medical devices. The company has a broad product portfolio, including IoT-enabled stationary devices (such as imaging systems, patient monitors), implantable devices (such as cardiac monitors, pacemakers, and CRDs), and wearable devices (such as monitoring systems and trackers). The company has a strong financial position and invest ~USD 2.6 billion into R&D in developing products and therapies such as MiniMed 670G and InPen and expanding their indications and applications. Medtronic also has a strong geographic footprint and markets its products in the US and 160 other countries, including China, Japan, Brazil, and India. Its international sales accounted for ~30% of its total sales in 2020. The company is highly adaptable to meet opportunities as they are presented; for example, it hiked the production of internal ventilators from 200 per week to 1,000 per week in 2020. Its rapid innovation and decision-making abilities have enabled the company to develop innovative remote monitoring solutions.

GE Healthcare is a well-established global brand in the IoT medical devices market, with operations spread worldwide. It offers various IoT devices (majorly stationary) and provides products & services to hospitals, pharmaceutical firms, biotechnology companies, medical facilities, and life science research bodies. It has a well-balanced revenue stream among different segments, which reduces business risk. In 2022, GE Healthcare invested ~ USD 1 billion into R&D, which is ~ 6% of its revenue. R&D efforts resulted in new products such as VenueFit, Aisys CS2. The company strives to maintain its brand value by expanding its geographic presence and promoting technological advancements to be a consistent provider of quality products.

Philips is a leading player in the global IoT medical devices market. In the past years, it has built unmatched expertise in this sector through its diversified portfolio. The company has a wide consumer base in 100 countries, including the US, Germany, Spain, China, South Korea, and India. The company is focused on R&D activities to provide innovative, technologically advanced IoT medical devices. The company’s R&D expenditure in 2022 was ~12% of its total revenue. The company invests in developing products such as Philip’s IntelliVue Patient Monitors MX750/MX850 and Biosensor BX100 to support remote care. The company has a diversified product portfolio and well-established reprocessing centers and distribution network across North America, providing it a competitive edge over other market players offering services for IoT medical devices. The company focuses on partnerships with hospitals and other healthcare organizations to increase its customer base. It mainly sells products through sales subsidiaries, third-party dealers, and distributors and has focused on acquiring players with the desired expertise and sales capabilities. For example, it acquired Intact Vascular in 2020 and BioTelemetry (US) and Capsule Technologies (US) to strengthen its Connected Care segment.

Related Reports:

loT Medical Devices Market by Product (Wearable (Vital Sign (BP, Glucose, ECG, Oximeter), Respiratory, Fetal), Implant (Neuro, Cardiac-Defib, Pacemakers) Pumps), Connectivity (Bluetooth, WiFi), End User (Hospital, Nursing Home) - Global Forecast to 2028

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