According to a new MarketsandMarkets report, the test and measurement equipment market is slated to grow from its current $23.51 billion valuation to $28.98 billion by 2023, at a compound annual growth rate of 3.55%. The healthcare test and measurement equipment market is projected to see a large percentage of this growth.
Moreover, the growth of the test and measurement equipment market is driven by the increasing technological advancement toward networking and communication, increased R&D spending, and increased penetration of modular instrumentation. Plus, the rapid penetration of Internet of Things (IoT) devices are helping test and measurement equipment market players capitalize on such growth.
Specifically, devices that can remotely monitor the critical health parameters at home have uplifted the growth of patient-home-monitoring systems. Thus, with the development of new healthcare equipment, patient-monitoring systems, and personal emergency reporting systems, there is significant growth potential for the medical test and measurement equipment market.
What’s more, the MarketsandMarkets report found that the Asia-Pacific (APAC) region will dominate the test and measurement equipment market in the 2017-to-2023 time period. After all, the APAC is a major market for various end-use applications, such as healthcare devices, with India and China seeing the highest amounts of demand.
