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
“Global IoT medical devices market is projected to grow at a CAGR of 25.2%”
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% 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. However, the deployment of connected medical devices and the dearth of skilled personnel are the major factors that are expected to hinder market growth in major regions across the globe.
“By product, the imaging systems market held the largest market share in 2017”
In 2017, the imaging systems segment dominated the IoT medical devices market. The growth of the imaging systems market is attributed to the operational and maintenance advantage that connected imaging systems offer, the growing investments being made by top imaging device companies, and the rising prevalence of chronic diseases as well as the increased need for improved patient outcomes.
“By type, the stationary medical devices market held the largest share in 2017”
In 2017, the stationary medical devices segment dominated the IoT medical devices market. This can be attributed to government regulations mandating the use of EHR, the high cost of these devices, and the advantages they offer in terms of data accessibility and interoperability.
“North America is expected to hold the largest share during the forecast period (2018-2023)”
North America dominated the IoT medical devices market in 2017, followed by Europe, Asia Pacific, the Middle East & Africa, and Latin America. In North America, the US is expected to held the largest share of the IoT medical devices market in 2017, due to the increasing prevalence of chronic diseases, growing patient interest in self-health management, the increasing number of smartphone users in the country coupled with the greater penetration of 4G technology, and the need to curtail soaring healthcare costs are expected to drive market growth in the coming years. Break of supply side primary participants was as mentioned below:
By Company Type - Tier 1-45%, Tier 2-31% and Tier 3-24%
By Designation - C-level-46%, Director Level-32%, Others-22%
By Region -North America-43%, Europe-27%, Asia-Pacific-25%, Middle East & Africa-3%, Latin America - 2%
The prominent players in the IoT medical devices market 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).
The IoT medical devices market in this report is segmented by product, type, connectivity technology, end users, and regions. It provides detailed information regarding major factors influencing the growth market (drivers, restraints, opportunities, and industry-specific challenges). The study tracks and analyzes competitive developments (such as partnerships, agreements, collaborations, mergers & acquisitions, product developments, geographical expansions, and R&D activities) and strategically profiles the key players and comprehensively analyzes their market ranks and core competencies in the IoT medical devices market.
Reasons to buy this report:
From an insight perspective, this research report has focused on various levels of analysis—market ranking analysis of top players, company profiles which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the IoT medical devices market; high-growth regions; and market drivers, restraints, and opportunities. The report provides the latest statistics and industry trends, allowing buyers to identify the high growth product segment and potential customers and suppliers hence driving revenue growth and profitability.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on embolic devices offered by the top players in the global IoT medical devices market
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the global IoT medical devices market
Market Development: Comprehensive information about lucrative emerging markets-the report analyzes the markets for global IoT medical devices market across regions
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the global IoT medical devices market
Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the global IoT medical devices market