The global IoT medical devices market was valued at USD 17.75 billion in 2017 and is projected to reach USD 63.43 billion by 2023, at a CAGR of 25.2% during the forecast period. Factors such as increasing government initiatives for promoting digital health, growing need for cost-containment in healthcare delivery, rising focus on active patient engagement and patient-centric care delivery, and growing focus on patient safety are the major factors driving the growth of the market. In this report, the years considered for the study are
Growth Drivers :
Government initiatives for promoting digital health
Over the last decade, governments in several countries have undertaken initiatives for promoting digital health. These initiatives range from heavy investments for setting up the requisite infrastructure and the promotion of digital health, organizing conferences, inviting investors and top market players, and restructuring the healthcare system and implementing regulations mandating the use of EHR.
Growing need for cost-containment in healthcare delivery
The overall cost of healthcare delivery has grown at a double-digit rate in the last few decades. Increasing health insurance premiums, growing demand for quality healthcare services, rising geriatric population, and growing incidence of chronic disorders across the globe are the major factors responsible for the significant rise in healthcare costs. Other major factors contributing to this trend are the high dependency on traditional and technologically outdated clinical devices that increase the rate of readmission of patients, medical errors, and administration costs..
PDF Brochure: https://www.marketsandmarkets.com/pdfdownload.asp?id=15629287
Geographically, market has been studies for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2017, North America dominated the market, followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa. In North America, the US held the largest share of the market in 2017. The federal mandates that encourage the adoption of eHealth among healthcare providers and growing focus on improving the quality of care delivered to patients are other major factors supporting market growth in the US.
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period and countries such as Japan, China, and India are expected to provide significant growth opportunities for market players. This is mainly due to the rising prevalence of chronic disorders, increasing per capita income, higher adoption of smartphones, and the presence of advanced connectivity and networks in these countries.
Market Key Players:
GE Healthcare (US), Philips (Netherlands), Medtronic (US), Honeywell (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 market. 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 as well as garner a larger share in the market.
More info: https://www.marketsandmarkets.com/Market-Reports/iot-medical-device-market-15629287.html
