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%.
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.
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A number of players in the IoT medical devices market are coming up with new and advanced devices to deliver improved patient care. Medication management solutions such as smart pill bottles and ingestible sensors, connected implanted hearing devices, and connected inhalers, are some of the latest advancements in the IoT medical devices market.
In this report, the IoT medical devices market is segmented based on product, type, connectivity technology, end user, and region.
On the basis of product, the market is further classified 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 fastest CAGR during the forecast period. This can be attributed to the growing prevalence of hypertension, unhealthy lifestyle, and growing obese population, and the increasing preference for self-health management.
On the basis of type, the IoT medical devices market is segmented into wearable medical devices, implantable medical devices, stationary medical devices, and other products. The wearable medical devices segment is expected to grow at the fastest CAGR. This can be attributed to the growing use of home healthcare and remote patient monitoring technologies, increasing preference for preventive care, and the preference for engagement in self-health management.
On the basis of connectivity technology, the IoT medical devices market has been segmented into Wi-Fi, Bluetooth, ZigBee, and other connectivity technologies (such as NFC, cellular, and satellite connectivity). The Bluetooth segment is expected to grow at the fastest CAGR during the forecast period. This can be attributed to the increasing number of developments undertaken by major players in terms of product launches as well as the advantages associated with the Bluetooth enabled medical devices, such as low power consumption and low cost of deployment.
Among end users, the nursing homes, assisted living facilities, long-term care centers, and homes care settings segment is expected to grow at the fastest CAGR. This can be attributed to the need for prolonged treatment of 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.
Geographically, the IoT medical devices market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia Pacific is poised to grow at the highest CAGR, owing to the growing government initiatives and the increasing incidence of lifestyle disorders, increasing per capita income, higher adoption of smartphones, and presence of advanced connectivity and networks in these countries.
