The size of the IoT medical devices market was USD 46.4 billion in 2023, and it will power at a rate of 31% by the end of this decade, reaching USD 297 billion by 2030. This is because of the increasing prevalence of chronic ailments at a global level.
On the basis of product, the vital signs monitoring category had the leading share of 30%, in 2023, and it will power at a rate of 30% by the end of this decade. This is as a result of the increasing occurrence of self-manageable ailments, for example diabetes and high BP /hypertension, which cannot be cured and can be managed only by steady monitoring. Important signs monitoring devices comprise heart rate monitors, multiparameter monitors, blood glucose monitors BP monitors, and oximeters.
On the basis of type, the stationary category had the larger share, of 40%, in 2023. This is due to the extensive usage of stationary devices, such as MRI, X-ray, ultrasound, and other machines, at hospitals. Furthermore, they are pricier than any other device, leading to their key share in the segment.
Wearable medical devices will grow at a higher rate. A main factor powering the wearable medical devices industry is the growing predisposition of consumers for monitoring their own health.
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The Wi-Fi category had the leading share in 2023, and it will power at a considerable rate by the end of this decade. This is for the reason that Wi-Fi is improved for larger stationary devices that require a direct connection to the internet.
Moreover, Wi-Fi has a high speed of transferring of data, and it is effortlessly accessible at hospitals and homes.
Hospitals and clinics were leading the IoT medical devices market in 2023. This is for the reason that the growing count of hospitals in developing nations, because of the growing investment by governments to improve their healthcare infra.
Additionally, these healthcare settings cater to the largest populace of patients, which is the reason many pieces of connected medical devices are put to use here.
North America is the leader of the industry, with 35% share in 2023, and it will be leading in the years to come as well. This is due to the developments in the healthcare sector, growing government initiatives to boost the acceptance of IoT devices in the healthcare sector. It is also because of the growing occurrence of chronic ailments in the region, surging R&D actions and expansions in the connectivity tech.
It is because of the growing elderly population all over the globe, the demand for IoT medical devices is on the rise. This trend will be like this in the years to come as well.
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