Research & Development
Fast-growing market for medical IoT
August 22, 2018
PUNE, India – The market for IoT medical devices is projected to reach US$63.43 billion by 2023, from $20.59 billion in 2018, at a CAGR of 25.2% during the forecast period.
That’s an estimate by global market research firm MarketsandMarket. According to the company, the major players are: 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).
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.
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.
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 rate 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 devices, 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 and clinics, nursing homes, assisted living facilities, long-term care centers, and home care settings, and other end users.
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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