IoT Enabled Healthcare Equipment Market to Grow at a CAGR 29.9% During 2018-2023 | Report by TBRC

LONDON, Oct. 15, 2019 /PRNewswire/ -- The global IoT enabled healthcare equipment market is expected to grow from $18.8 billion in 2018 to $69.7 billion in 2023 at an annual growth rate of 29.9%. The IoT healthcare devices market is expected to be 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. 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. A recent example is the new Apple Watch, consisting of two FDA-approved (Food and Drug Administration) Apple electrocardiogram apps which can monitor atrial fibrillation and also detect unusual heart rates.

Increased Funding And Investment By Major Players In The Market Will Contribute To Growth

The IoT healthcare devices market (https://www.thebusinessresearchcompany.com/report/iot-enabled-healthcare-equipment-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. For example, in 2017, all three major insulin companies, Lilly, Novo Nordisk, and Sanofi, began investing in digital health and connected delivery devices for developing smart pens and automated insulin delivery pump. Similarly, the National Science Foundation (NSF) provided seed funding for projects focusing on the IoT. These investments are likely to lead to the development of new IoT healthcare equipment, thereby driving the market during the forecast period.

Increasing Focus On Bluetooth Enabled Medical Devices

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. Insulet's Omnipod Dash system, a bluetooth enabled insulin pump, was approved by the US's FDA in 2018. It consists of a new and improved touchscreen handheld (PDM) and a Bluetooth-enabled tubeless pod. Companion Medical's InPen was approved by the FDA in 2016. The system includes an insulin pen and a smartphone app and bolus advisor using Bluetooth technology. It has been commercially available for iOS users since December 2017 and is the only FDA-cleared, smart insulin pen paired with an integrated diabetes management app.

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Top Opportunities In The IoT Enabled Healthcare Equipment Market

Major opportunities in the IoT enabled healthcare equipment market will arise in the wearable devices segment which will add $19.6 billion of annual sales globally between 2018 and 2023. By country, the strongest IoT healthcare market opportunities will arise in the USA where $15.78 billion of new yearly sales will be added by 2023. Strategies suggested by trends in the market are to invest in Medical Body Area Network (MBAN) devices to benefit from their increasing popularity. Business strategies adopted by major companies in the market include investing in expanding manufacturing operations, improving infrastructure and in acquisitions and mergers to strengthen product and service offerings.

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