IoT Medical Devices Market Worth $63.43 Billion by 2023
August 17, 2018 | PRNewswireEstimated reading time: 2 minutes
The global IoT medical devices market is projected to reach $63.43 billion by 2023 from $20.59 billion in 2018, at a CAGR of 25.2% during the forecast period.
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.
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.
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.
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.
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.
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.
Suggested Items
Jaltek Forge Partnership to Target New ‘Agritech’ Business
07/26/2024 | JaltekJaltek is thrilled to announce it has signed a new partnership that will give ‘agritech’ innovators seeking contract manufacturing and electronics solutions a single point of contact.
Flex Appoints Michael Hartung as President, Chief Commercial Officer
07/26/2024 | FlexFlex announced the appointment of Michael Hartung as President, Chief Commercial Officer, effective immediately. In his expanded role, Mr. Hartung will continue to report to Flex CEO, Revathi Advaithi and lead both the Agility and Reliability segments, focusing on delivering on the long-term Flex Forward strategy and driving the adoption of the company's end-to-end services and products across targeted markets.
Amphenol Reports Record Q2 2024 Results and Announces Dividend Increase
07/26/2024 | Amphenol CorporationThe Company continues to deploy its financial strength in a variety of ways to increase shareholder value. During the quarter, the Company purchased 3.1 million shares of its common stock for $190 million and paid dividends of $132 million, resulting in total capital returned to shareholders of more than $320 million.
MKS’ Atotech and ESI Participate in Electronics Circuit Asia in Thailand
07/25/2024 | AtotechMKS Instruments announces its participation at the Electronics Circuit Asia 2024 in Thailand, July 24-26, highlighting its leading brands Atotech® and ESI® and related advances in advanced packaging, package substrate, and printed circuit board manufacturing.
NCAB Releases Interim Report, January–June 2024
07/25/2024 | NCABNet sales decreased by 12% to SEK 935.1 million (1,057.5). In USD, net sales decreased 13%. For comparable units, net sales decreased 15% in both SEK and USD.