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
Amphenol Reports Q1 2024 Results, Announces New Stock Repurchase Program
04/26/2024 | BUSINESS WIREAmphenol Corporation reported first quarter 2024 results. In addition, the Company is announcing a new three-year, $2 billion stock repurchase program.
Chinese Smartphone Market Maintains its Recovery Momentum at 6.5% Growth in 1Q24,
04/26/2024 | IDCAccording to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker, China smartphone shipments grew 6.5% year over year (YoY) to 69.3 million units in 1Q24.
Nanotechnology Market to Surpass $53.51 Billion by 2031
04/25/2024 | PRNewswireSkyQuest projects that the nanotechnology market will attain a value of USD 53.51 billion by 2031, with a CAGR of 36.4% over the forecast period (2024-2031).
Technica USA Presents Inaugural Supplier Alliance Award at IPC APEX EXPO 2024
04/24/2024 | Technica USADuring IPC APEX EXPO 2024, Technica USA took the opportunity to thank all of their supply partners that made the effort to join them for the exhibition in their booth, as well to all of our SMT partners that had their own booths, with the latest in automation and process technology.
IDTechEx Report Unveils 3D Electronics Status and Opportunities
04/22/2024 | PRNewswire3D electronics is an emerging manufacturing approach that enables electronics to be integrated within or onto the surface of objects. 3D electronic manufacturing techniques empower new features, including mass customizability, greater integration, and improved sustainability in the electronics industry.