IoT Medical Devices Market Worth $63.43 Billion by 2023

Friday, August 17, 2018 Medical Gadgets
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PUNE, India, August 17, 2018 /PRNewswire/ --

According to a new market research report "IoT Medical Devices Market

 by Product (Blood Pressure Monitor, Glucometer, Cardiac Monitor, Pulse Oximeter, Infusion Pump), Type (Wearable, Implantable Device), Connectivity Technology (Bluetooth, Wifi), End User (Hospital) - Global Forecast to 2023", published
by MarketsandMarkets™, the global market is projected to reach USD 63.43 billion by 2023 from USD 20.59 billion in 2018, at a CAGR of 25.2% during the forecast period.

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Browse 199 market data Tables and 39 Figures spread through 280 Pages and in-depth TOC on "IoT Medical Devices Market"

Early buyers will receive 10% customization on this report 

Factors such as increasing initiatives by governments of both developed and emerging countries for promoting digital health and the evolution of high-speed networking technologies and increasing penetration of smartphones, tablets, and other mobile platforms in healthcare services are expected to drive the growth of this market during the forecast period.

By type, the wearable medical devices segment is expected to grow at the highest CAGR during the forecast period 

On the basis of type, the IoT Medical Devices Market is categorized into stationary medical devices, implantable medical devices, and stationary medical devices. The wearable medical devices segment is expected to grow at the highest CAGR due to increasing health awareness, preference for preventive care, rising need for the prolonged home health monitoring of patients owing to the rising geriatric population, and subsequent prevalence of chronic diseases are making wearable devices common in home care settings.

By type of vital signs monitoring devices, the blood glucose monitoring devices segment is expected to have the largest market share 

On the basis of type, the vital signs monitoring market is categorized into blood pressure monitors, blood glucose monitors, ECG/heart rate monitors, oximeters, and multiparameter monitors. The blood glucose monitoring devices segment held the largest market share in 2017. The increasing adoption of smartphones and changing lifestyles have boosted market momentum in favor of IoT-enabled wearable glucose monitoring device since companion software (device-linked applications) enables vital data transfer to physicians for better diagnosis.

By end user, the nursing homes, assisted living facilities, long-term care centers, & home care settings segment is expected to grow at the fastest CAGR during the forecast period 

The major end users of IoT Medical Devices Market are hospitals & clinics, nursing homes, assisted living facilities, long-term care centers, & home care settings, and other end users. The nursing homes assisted living facilities, long-term care centers, & home care settings segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this market segment is attributed to the need for prolonged treatment for certain chronic diseases, increasing preference for participatory and preventive care by patients, high cost of hospital stays, and the growing number of nursing homes, assisted living facilities, and long-term care centers. The increasing inclination towards self-health management has also propelled the use of IoT-enabled medical devices for patient monitoring.

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APAC is expected to grow at the highest CAGR during the forecast period 

APAC is expected to grow at the highest CAGR during the forecast period. Asia Pacific countries, particularly China and India, offer significant growth opportunities for players in the market owing to the growing government initiatives for the promotion of eHealth, rising medical tourism, growing awareness among patients about self-health management, and the growing demand for quality healthcare.

GE Healthcare (US), Philips (Netherlands), Medtronic (US), Honeywell Life Care Solutions (US), BIOTRONIK Germany), Boston Scientific (US), Johnson & Johnson (US), Siemens (Germany), Omron (Japan), BioTelemetry (US), AliveCor (US), iHealth Lab (US), AgaMatrix (US), Abbott Laboratories (US), STANLEY Healthcare (US), and Welch Allyn (US) are the prominent players operating in the IoT Medical Devices Market. Product launches, product upgradations, and approvals are the major organic growth strategies undertaken by these players. The companies are also focused on inorganic growth strategies like acquisitions, collaborations, and partnerships with other medical technology companies as well as digital technology and software companies to strengthen their IoT device product portfolio as well as garner a larger share in the market.

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About MarketsandMarkets™  

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently, servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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