IoT medical devices market is projected to reach $63.43 billion by 2023
The wearable medical devices segment is expected to grow at the fastest CAGR. (Photo: Agency)

The medical devices market is projected to reach $63.43 billion by 2023 from $20.59 billion in 2018, at a CAGR of 25.2%. According to a report from ResearchAndMarkets, the growth in the medical devices market is mainly driven by factors such as the increasing government initiatives for promoting digital health, growing need for cost-containment in healthcare delivery, rising focus on active patient engagement and patient-centric care delivery, and a growing focus on patient safety are the major factors driving the growth of the medical devices market.

Based on the type, the wearable medical devices segment is expected to grow at the fastest CAGR. 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 said report.

Based on connectivity technology, the Bluetooth segment is expected to grow at the fastest CAGR. 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, said the report.

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. 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, the high cost of hospital stays, and the growing number of nursing homes, assisted living facilities, and long-term care centers, said the report.

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