Zion Market Research has published a new report titled “IoT Healthcare Market by Component (Medical Devices, Services, Systems & Software); for Application (Clinical Operations & Work Flow Management, Telemedicine, Connected imaging, Medication Management, Inpatient Management and Others); by Connectivity (WiFi, Bluetooth Low Energy, Zigbee, Near Field Communication (NFC), Cellular and Satellite); by End User (Clinical Research Organization (CR), Government and Defense Institutions, Hospitals, Surgical Centers and Clinics and Research and Diagnostics Laboratories): Global Industry Analysis, Size, Share, Growth, Trends, and forecast 2016 – 2022”.
Global IoT Healthcare Market is a part of IoT industry. The sensors used in IoT healthcare devices provide interconnectivity and sharing of data for better and in-depth analysis of healthcare reports. In developed countries, where IoT devices are used extensively, remote monitoring and telemedicine like advanced healthcare facilities are being practiced.
The global IoT Healthcare Market was valued at around USD 5800.0 million in the year 2014 and it is expected to reach approximately USD 14000.0 million by 2024. The global IoT Healthcare Market is expected to grow at a CAGR of over 12.2% between 2017 and 2024.
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The major factor driving the growth of IoT Healthcare Market is the increasing implementation of cloud computing across the healthcare facilities. The cloud computing provides access to the patient data to the manufacturer of the devices and also to the services provider. Hence the analysis of the patient data can be done from a remote location as well. Owing to increasing adoption of IoT in healthcare, the services are becoming more cost-effective. These factors are likely to boost the growth in the IoT healthcare market over the forecast period.
Reduction in the cost of connected devices is the opportunity for the market. The lack of consistency in interconnectivity, interoperability, and security issue is the challenging factors for the growth of the IoT devices market.
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Systems and Software is one of the important component type segment which is growing with a CAGR of 12.6% over the forecast period. The systems and software consist of IoT sensor and required software for the functioning of the medical devices. There are several types of sensors available in the market such as temperature sensor, heart rate sensor, blood pressure sensor etc. Heart rate sensors enable individuals to obtain real-time data and allow tracking their heart rate from anywhere anytime.
Telemedicine sector is dominating the IoT Healthcare Market by application type segment which is estimated to grow at a CAGR of 12.7% over the forecast period. As Telemedicine allows rapid deployment of healthcare to a developing population through relatively low-cost clinics, it is likely to grow at higher CAGR and reach USD 4164.3 Million by 2022. Remote Patient Monitoring which is an application subtype of telemedicine is estimated to reach USD 2297.7 by end of 2022 owing to higher adoption in the developed countries.
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Wifi is growing at a CAGR of 12.0% from 2017 to 2022, owing to its cost-effectiveness. As Wifi offers major benefits of coverage, ease of use and capacity, it is being widely used in the Healthcare IoT devices. Wifi is estimated to reach USD 4612.6 Million by end of 2022. Hospitals, Surgical Centers, and Clinics end-user type segment is like to contribute a maximum share of the Global IoT healthcare market over the forecast period. It is likely to cross a benchmark of USD 5473.4 million by end of 2022.
North America contributes a share of 40.3% of the total IoT healthcare Market in 2016, owing to the advanced healthcare facilities. In the region of North America, U.S. holds the maximum share of 73.7% in 2016.followed by North America, Europe holds the maximum share of the global IoT healthcare market and is likely to grow at a CAGR of 11.7% over the forecast period.
The report includes detailed profiles of the prominent market players that are trending in the market. The list of the players that are compiled in the report is Cerner Corporation., Diabetizer Ltd. & Co. KG, Infosys Limited, Medtronic Public Limited Company, Microsoft Corporation, Proteus Digital Health, Inc. among others.
The prominent market players maintain the competitive edge in the global market by making investments in the mergers and acquisitions and by increasing their product portfolio. In October 2017, Medtronic care and American Well announce the strategic partnership to integrate Telehealth capabilities. In April 2017, Castlight Health, Inc. announced that it has completed its acquisition of Jiff to create the most comprehensive health benefits platform in the industry.
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