Proving the Business Case for the Internet of Things

IoT-enabled medical devices market to grow at 30% CAGR

Steve Rogerson
April 16, 2019
The market for IoT-enabled medical devices reached a value of nearly $18.8bn in 2018, having grown at a CAGR of 8.6% from 2014, and is expected to grow at a CAGR of 29.9% to nearly $69.7bn by 2023, according to Research & Markets.
Growth is mainly due to increasing access to these devices through online platforms and a rapid decline in their prices owing to manufacturers passing on a significant drop in the prices of components. Increasing awareness of the benefits of these devices will also contribute to explosive growth. Skills shortages, high costs associated with the development of IoT healthcare devices and regulatory hurdles are potential threats.
Major opportunities in the market will arise in the wearable devices segment, which is forecast to add $19.6bn of annual sales globally between 2018 and 2023.
The strongest IoT healthcare market opportunities will arise in the USA where $15.8bn of new yearly sales will be added by 2023. Strategies suggested by trends in the market are to invest in MBAN (medical body area network) devices to benefit from their increasing popularity. Business strategies adopted by major companies include investing in expanding manufacturing operations, improving infrastructure, and in acquisitions and mergers to strengthen products and services.
This report describes and evaluates the IoT enabled medical devices global market for healthcare equipment. It covers two five-year periods, 2014 to 2018 and 2018 to 2023.
The market consists of manufacturers' sales of healthcare devices equipped with IoT enabled technology such as Bluetooth used to assess and monitor patients' health.
The diagnostic equipment segment of the market accounted for the largest share in 2018 at $7.1bn. The highest growth is projected to come from the wearable devices segment, which is forecast to grow at a CAGR of 35.9%.
North America was the largest region in 2018, accounting for 35.2% of the global market. It was followed by Asia Pacific and Western Europe. Going forward, the fastest growth is predicted take place in Asia Pacific where it is forecast to grow at a CAGR of 32.5%, followed by South America where growth at a CAGR of 31.0% is expected.
The USA is the largest country in terms of value. India and China are forecast to have the fastest growth, growing at CAGRs of 36.9% and 36.5%, respectively. 
Major players in the market are Medtronic, General Electric, Philip, Siemens and Fujifilm Holdings.