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Global $69.7 Billion IoT Enabled Healthcare Equipment Market by 2023
April 11, 2019 | Business WireEstimated reading time: 2 minutes
The IoT enabled healthcare equipment medical devices manufacturing market reached a value of nearly $18.8 billion in 2018, having grown at a compound annual growth rate (CAGR) of 8.6% 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.
Major opportunities in the IoT enabled healthcare equipment market will arise in the wearable devices segment which will add $19.6 billion of annual sales globally between 2018 and 2023.
The strongest IoT healthcare market opportunities will arise and in the USA where $15.78 billion of new yearly sales will be added by 2023. Strategies suggested by trends in the market are to invest in MBAN devices to benefit from their increasing popularity. Business strategies adopted by major companies in the market include investing in expanding manufacturing operations, improving infrastructure and in acquisitions and mergers to strengthen product and service offerings.
This report describes and evaluates the IoT enabled medical devices global market for healthcare equipment. It covers two five-year periods, 2014 to 2018, termed the historic period, and 2018 through 2023, the forecast period.
The IoT enabled healthcare equipment market consists of manufacturers' sales of healthcare devices equipped with IoT enabled technology such as the Bluetooth technology used to assess and monitor patients' health.
The diagnostic equipment segment of the IoT healthcare market accounted for the largest share of the IoT enabled healthcare equipment market in 2018 at $7.1 billion. The highest growth is projected to come from the wearable devices segment, which is forecast to grow at a CAGR of 35.9%.
North America was the largest region in the IoT enabled healthcare equipment market in 2018, accounting for 35.2% of the global market. It was followed by Asia Pacific and Western Europe. Going forward, the fastest growth in the IoT enabled healthcare equipment market will take place in Asia Pacific where it is forecast to grow at a CAGR of 32.5%, followed by South America where growth at a CAGR of 31.0% is expected. The USA is the largest country in terms of value in the IoT enabled healthcare equipment market. India and China are forecast to have the fastest growth, growing at CAGRs of 36.9% and 36.5% respectively.
The market for IoT enabled healthcare equipment is concentrated. Major players in the market are Medtronic plc, General Electric Company, Koninklijke Philips N.V., Siemens Healthineers AG, and Fujifilm Holdings Corporation.
IoT Enabled Healthcare Equipment Global Market Opportunities And Strategies To 2023 provides the strategists, marketers and senior management with the critical information they need to assess the global IoT enabled healthcare equipment market.
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