The connected health device market is expected to reach an estimated $36.1 billion worldwide by 2023 and is forecast to grow at a rate of 21.1% from 2018 to 2023, according to a new report from

The major drivers for the growth of connected health device market are increasing adoption of IT in healthcare, increasing healthcare costs, need of easy and reliable patient monitoring systems for chronic diseases, and the growing awareness for health and fitness.

Emerging trends that have a direct impact on the dynamics of the connected health device industry include the adoption of cloud technology for interconnected healthcare devices, such as insulin pumps, bedside monitors, and pulse oximeters, among others, as well as the adoption of telemedicine.

The study includes the connected health device market size and forecast for the connected health device market through 2023, segmented by type, product type, end use, and region. However, the hospitals/clinic segment is expected to continue to dominate the segment through 2023.