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IoT-Enabled Healthcare Equipment Market Projected to Reach USD 69.7 Billion by 2023

By HospiMedica International staff writers
Posted on 06 Nov 2019
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Image: IoT applications offer advantages to health care providers and patients, which can greatly improve healthcare options and services (Photo courtesy of Datafloq).
Image: IoT applications offer advantages to health care providers and patients, which can greatly improve healthcare options and services (Photo courtesy of Datafloq).
The global IoT-enabled healthcare equipment market is projected to grow at the rate of 29.9% annually from USD 18.8 billion in 2018 to USD 69.7 billion in 2023, driven by digitization during the forecast period. Medical devices companies are transforming from device or consumable providers to disease and care management organizations. Digitization in acute or chronic care is greatly aided by IoT-enabled medical devices, such as subcutaneous drug delivery units, continuous glucose monitors and vitals monitoring equipment. The emergence of digital enterprises such as Google and Apple in the consumer health space has led to development of new opportunities and innovations for medical devices companies.

These are the latest findings of The Business Research Company, (London, UK), a market research and intelligence company.

The IoT healthcare devices market is also expected to benefit from increasing funding and investment for the research and development of new connected medical devices. A number of pharmaceutical companies are also investing in digital health technologies. Medical devices and diagnostic companies are increasingly integrating Bluetooth wireless technology with medical devices. Bluetooth connectivity technology is being used for glucose monitoring, coagulation monitoring, implants or inhalers. These devices are used as insulin delivery systems to monitor glucose levels and dose adjustments.

Segment-wise, the major opportunities in the IoT-enabled healthcare equipment market are expected to arise in the wearable devices segment which is projected to record annual sales of USD 19.6 billion globally during the forecast period. Geographically, the strongest IoT healthcare market opportunities will likely to arise in the U.S, which is expected to record annual sales of USD 15.78 billion by 2023.

Companies in the market that invest in Medical Body Area Network (MBAN) devices stand to benefit the most due to their increasing popularity. Some of the business strategies adopted by the major market players include investments in expansion of manufacturing operations, improving infrastructure, and undertaking acquisitions and mergers to strengthen product and service offerings.

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