The global IoT medical devices market is projected to reach USD 63.43 billion by 2023 from USD 20.59 billion in 2018, at a CAGR of 25.2%. Factors such as increasing initiatives by governments for promoting digital health; and the evolution of high-speed networking technologies are expected to drive the growth of this market during the forecast period. The IoT medical devices market is a consolidated market wherein the top 6 players, namely, Medtronic (US), GE Healthcare (US), Philips (Netherlands), Siemens (Germany), Abbott (US), and Boston Scientific (US) held more than 65% of the global market in 2017. However, there are several small and mid-size players in the market as well as a number of new entrants that specialize in specific product segments. Product launches and collaborations, partnerships and agreements are the major growth strategies adopted by these players to strengthen their position in the market.
Medtronic held the leading position in the IoT medical devices market in 2017. The company has a strong product portfolio of wearable, implantable, as well as stationary medical devices that are IoT enabled. The company has a strong geographic footprint in 160 countries and markets its products to healthcare institutions and physicians not just in the US but also across the world. The company’s international sales accounted for approximately 40% of its total sales in 2017. Medtronic focuses on designing and manufacturing devices to address cardiac care, neurological and spinal conditions, and diabetes. It is often the first to market products with the most advanced features and has invested heavily in R&D. Medtronic invested more than USD 2 billion in R&D in 2017 (7.4% of its revenue) and has acquired more than 4,600 patents over the years. Furthermore, the company is also focused on inorganic growth strategies like acquisitions, partnerships, and collaborations. It has partnered with top brands in the IoT space such as IBM, Fitbit, Qualcomm Life, and Samsung, among others, to offer the most advanced healthcare technology to its customers.
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GE Healthcare held the second position in the IoT medical devices market in 2017. The company has a comprehensive portfolio of wearable and stationary IoT-enabled medical devices. GE Healthcare focuses on developing innovative products that cater to the evolving trends in the market and help clinicians provide advanced care to patients. The company has a significant focus on upgrading its existing products. Between 2015 and 2017, GE Healthcare launched several advanced medical imaging products and healthcare IT solutions. The company also focuses on inorganic growth strategies like collaborations, partnerships, agreements, and acquisitions. Between 2015 and 2017, it collaborated with several companies such as FitTrace, Preventice Solutions, Roche, OneMedNet Corporation, Trice Imaging, and Partners HealthCare to expand its product portfolio and garner a larger market share. The company also collaborates with governments of emerging nations to digitalize the healthcare sector. GE Healthcare’s strong presence in 140 countries also helps it market its products across the globe.
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