The IoT medical devices market is projected to surge from its current $20.59 billion valuation to $63.43 billion by 2023, increasing at a compound annual growth rate (CAGR) of 25.2%. Growth in the IoT medical devices market is mainly driven by factors such as new government initiatives for promoting digital health, the growing need for cost-containment in healthcare delivery, the rising focus on active patient engagement and patient-centric care delivery, and a growing focus on patient safety.
In this report, the IoT medical devices market has been segmented by product, type, connectivity technology, end user, and region. Based on product, the vital signs monitoring segment is expected to grow at the fastest CAGR during the forecast period. This is due to the growing geriatric population and the consequent rise in the prevalence of chronic diseases.
Moreover, based on type, the wearable medical devices segment is expected to grow at the fastest CAGR during the forecast period. This can be attributed to the growing use of home healthcare and remote patient monitoring technologies, increasing preference for preventive care, and the preference for engagement in self-health management.
Subsequently, based on connectivity technology, the Bluetooth segment is expected to grow at the fastest CAGR during the forecast period. This can be attributed to the increasing number of developments undertaken by major players in terms of launching Bluetooth-enabled medical devices, as well as the advantages associated with these devices, such as low power consumption and low cost of deployment.
Based on end users, the nursing homes, assisted living facilities, long-term care centers, and homes care settings segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is primarily attributed to the need for prolonged treatment for certain chronic diseases, increased preference for participatory and preventive care by patients, high cost of hospital stays, and the growing number of nursing homes, assisted living facilities, and long-term care centers.