IoT-Enabled Healthcare Equipment Market Projected to Reach USD 69.7 Billion by 2023
|
By HospiMedica International staff writers Posted on 06 Nov 2019 |
|
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.
Related Links:
The Business Research Company
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.
Related Links:
The Business Research Company
Gold Member
POC Blood Gas Analyzer
Stat Profile Prime Plus
Silver Member
X-Ray QA Device
Accu-Gold+ Touch Pro
Neonatal Ventilator Simulation Device
Disposable Infant Test Lung
Latest Business News
- Philips and Masimo Partner to Advance Patient Monitoring Measurement Technologies
- B. Braun Acquires Digital Microsurgery Company True Digital Surgery
- CMEF 2025 to Promote Holistic and High-Quality Development of Medical and Health Industry
- Bayer and Broad Institute Extend Research Collaboration to Develop New Cardiovascular Therapies
- Medtronic Partners with Corsano to Expand Acute Care & Monitoring Portfolio in Europe
- Expanded Collaboration to Transform OR Technology Through AI and Automation
- Becton Dickinson to Spin Out Biosciences and Diagnostic Solutions Business
- Boston Scientific Acquires Medical Device Company SoniVie
- 2026 World Hospital Congress to be Held in Seoul
- Teleflex to Acquire BIOTRONIK’s Vascular Intervention Business
- Philips and Mass General Brigham Collaborate on Improving Patient Care with Live AI-Powered Insights
- Arab Health 2025 Celebrates Landmark 50th Edition
- Boston Scientific Acquires Medical Device Company Intera Oncology
- MEDICA 2024 to Highlight Hot Topics of MedTech Industry
- Start-Ups To Once Again Play Starring Role at MEDICA 2024
- Boston Scientific to Acquire AFib Ablation Company Cortex
Channels
Critical Care
view channel
Light-Based Technology to Measure Brain Blood Flow Could Diagnose Stroke and TBI
Monitoring blood flow in the brain is crucial for diagnosing and treating neurological conditions such as stroke, traumatic brain injury (TBI), and vascular dementia. However, current imaging methods like... Read more
AI Heart Attack Risk Assessment Tool Outperforms Existing Methods
For decades, doctors have relied on standardized scoring systems to assess patients with the most common type of heart attack—non-ST-elevation acute coronary syndrome (NSTE-ACS). The GRACE score, used... Read more
Surgical Techniques
view channel
Minimally Invasive Endoscopic Surgery Improves Severe Stroke Outcomes
Intracerebral hemorrhage, a type of stroke caused by bleeding deep within the brain, remains one of the most challenging neurological emergencies to treat. Accounting for about 15% of all strokes, it carries... Read more
Novel Glue Prevents Complications After Breast Cancer Surgery
Seroma and prolonged lymphorrhea are among the most common complications following axillary lymphadenectomy in breast cancer patients. These postoperative issues can delay recovery and postpone the start... Read more
Patient Care
view channel
Revolutionary Automatic IV-Line Flushing Device to Enhance Infusion Care
More than 80% of in-hospital patients receive intravenous (IV) therapy. Every dose of IV medicine delivered in a small volume (<250 mL) infusion bag should be followed by subsequent flushing to ensure... Read more
VR Training Tool Combats Contamination of Portable Medical Equipment
Healthcare-associated infections (HAIs) impact one in every 31 patients, cause nearly 100,000 deaths each year, and cost USD 28.4 billion in direct medical expenses. Notably, up to 75% of these infections... Read more
Portable Biosensor Platform to Reduce Hospital-Acquired Infections
Approximately 4 million patients in the European Union acquire healthcare-associated infections (HAIs) or nosocomial infections each year, with around 37,000 deaths directly resulting from these infections,... Read more
First-Of-Its-Kind Portable Germicidal Light Technology Disinfects High-Touch Clinical Surfaces in Seconds
Reducing healthcare-acquired infections (HAIs) remains a pressing issue within global healthcare systems. In the United States alone, 1.7 million patients contract HAIs annually, leading to approximately... Read moreHealth IT
view channel
