IoT Medical Devices Market worth $63.43 Billion by 2023

October 07 19:24 2019
IoT Medical Devices Market worth $63.43 Billion by 2023

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.
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

What is the future growth analysis of global IoT Medical Devices Market?

The global IoT medical devices market is projected to reach USD 63.43 billion by 2023 from USD 20.59 billion in 2018, at a CAGR of 25.2%

What are key factors driving growth of global IoT Medical Devices Market?

IoT medical devices offer several advantages, such as seamless transfer of EHR, reduces medical errors, enhances patient safety, allows patient engagement and helps in patient centric care delivery. The market is expanding with the evolution of high speed networking technologies and increasing penetration of smartphones, tablets, and other mobile platforms in healthcare.

What the growth opportunities are in IoT Medical Devices Market?

1. Untapped Emerging Markets
2. Low Doctor-To-Patient Ratio Leading to Increased Dependency on Self-Operated Ehealth Platforms

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Global Market Segmentation:

In the current market scenario, there is a growing demand for IoT Medical Devices. The market has been categorized based on the product, type, technology and end user.

IoT (Internet of Things) medical devices are smart healthcare devices that are connected via sensors, actuators, and network communication technologies to interconnect patients, doctors, and clinicians. These devices also help streamline medical/clinical operations & information flow, and enable real-time monitoring of patients.

The IoT medical devices market has been segmented, on the basis of product, into imaging systems, vital signs monitoring devices, implantable cardiac devices, patient monitors, respiratory devices, infusion pumps, neurological devices, hearing devices, anesthesia machines, fetal monitoring devices, ventilators, and other IoT medical devices (such as medication management devices, activity trackers, fall management devices, weighing scales, body composition, and thermometers). The vital signs monitoring devices segment is expected to grow at the highest CAGR of 32.7% during the forecast period. 

The growing incidence of chronic diseases like diabetes, cardiovascular disease, arthritis, and cancer adds to the ever-increasing burden on hospitals and clinics. Due to the large amount of data generated during diagnosis and treatment, every patient entry increases the burden on medical devices as well as hospital staff.

Geographic Growth Analysis:

 

The market in Middle East & Africa is expected to grow at the highest CAGR during the forecast period. Middle East & Africa is expected to offer lucrative growth opportunities to market players majorly due to the implementation of 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. In addition, the rising prevalence of chronic disorders, increasing per capita income, higher adoption of smartphones, and the growing penetration of advanced connectivity and networks in these countries drives the market in this region.

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Key Players In Global IoT Medical Devices Market:

GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Medtronic Plc (US), Honeywell LifeCare Solutions (US), BIOTRONIK (Germany), Boston Scientific Corporation (US), Johnson & Johnson Services, Inc. (US), Siemens AG (Germany), Omron Healthcare, Inc. (Japan), BioTelemetry, Inc. (US), AliveCor, Inc. (US), iHealth Lab, Inc. (US), AgaMatrix (US), Abbott Laboratories (US), STANLEY Healthcare (US), and Welch Allyn (US) are the prominent players operating in the market.

 

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