Global IoT
in healthcare market is expected to reach nearly USD 409.9 billion
by 2022 according to a new report by Grand View Research Inc. The introduction
of technologically advanced connected medical devices, penetration of smart
phones, and use of software automation, to enable faster patient testing, and
provide better accuracy, ease of usage, and portability are expected to serve
the Internet of Things in healthcare market as high-impact rendering drivers
over the forecast period.
Increasing prevalence of chronic diseases such as heart
failure, obesity, diabetes and hypertension are boosting the demand for
technologically advanced medical devices. The new generation connected medical
devices enable real-time patient monitoring and help the medical professionals
to swiftly respond to the patient needs. For instance, the vital sign monitors,
activity monitors, safety monitors and medication monitors are routinely used
for patent monitoring and medication management.
The growing geriatric population, and the high unmet
medical needs for home healthcare and long term healthcare services are driving
the growth of telemedicine and remote patient monitoring and these factors are
expected to positively reinforce theIoT in Healthcare market over the forecast
period.
Browse full research report on Internet of Things (IoT) in Healthcare Market: www.grandviewresearch.com/industry-analysis/internet-of-things-iot-healthcare-market
According to the data published by the U.S. based
Family Caregiver Alliance (FCA) in 2015, nearly 63% of the population availing
long term healthcare services are people aged above 65 years. This population
is expected to drive the demand for technology enabled healthcare services.
The healthcare practitioners are increasingly using
technology platforms to serve the growing hospital and patient needs. Moreover,
various routine activities such as patient data recording, data storage and
data analysis have been streamlined using software’s and cloud storage systems,
leading to significant reduction in healthcare operational costs and errors.
The growth of big data analytics, cloud services and
artificial intelligence for healthcare applications is gaining significant
traction. Several leading technology firms are investing huge resources to tap
the potential of the IoT in healthcare market. For instance, IBM has developed
the Watson platform for oncology, drug discovery, and clinical trial matching.
This platform has combined the power of supercomputing with the huge amount of
healthcare research and patient data.
Further more, the use of RFID tags for medication
management, asset tracking and asset transportation and development of novel
products such as smart pills and smart beds are expected to boost the IoT in
Healthcare market over the forecast period.
Further
key findings from the study suggest:
- In 2014, systems and software segment accounted for the maximum
revenue of USD 22.8billion. Key factors attributed include growing
awareness regarding remote patient monitoring, preventative maintenance,
diagnostics and software up gradation.
- However, Medical devices is expected to be the fastest
growing segment with a CAGR of 28.3% over the forecast period, on account
of growing demand for remote and continuous physiological data management
and growing interest from various private and public companies in the
IoT-MD domain. (Internet of Thing in Medical Device)
- In 2014, North America held the maximum share of 32.4%. Key factors
attributed for the high market share include growing prevalence of chronic
diseases, increasing geriatric population prone to various chronic
diseases.
- Active collaboration between the high tech software industries and
the medical device manufacturers, healthcare practitioners, and technology
universities, is a key factor for building the right eco-system for the
market growth and expansion.
- Moreover, the IoT in healthcare market is gaining significant
interest from the venture capitalists and hedge fund managers owing to the
huge potential in changing the healthcare delivery models and improving
patient outcomes.
- Asia Pacific is expected to register lucrative growth over the
forecast period with a CAGR of over31%. Key factors attributing to its
rapid growth include growing penetration of connected medical devices,
presence of high unmet clinical needs, and constant economic developments
in the region.
- The governments are proactively engaging in using digital health
solutions to transform this regions healthcare services capability and
improve access to healthcare. Increase use of cloud, SAS, big data and
other software platforms for electronic data management, real time patient
monitoring, and telemedicine is expected to drive the market growth in
this region over the forecast period.
- Major companies such as Medtronic Inc., Philips, Cisco Systems, IBM
Corporation, GE Healthcare, Microsoft Corporation, Qualcomm Life Inc., and
Stanley Healthcare are investing a huge amount in R&D of connected
diagnostic laboratories. These companies are more focused in the
development of software with their devices in an attempt to stabilize their
market position.
Browse more reports of this category
by Grand View Research: www.grandviewresearch.com/industry/healthcare-it
Grand
View Research has segmented the IoT in healthcare market on the basis of
component, connectivity technology, application, end use, and region:
IoT
in Healthcare Component Outlook, by Revenue (USD Billion, 2012 - 2022)
- Medical Devices
- Wearable
External Devices
- Implanted
Medical Devices
- Stationary
medical devices
- System and
software
- Remote
Device Management
- Network
Bandwidth Management
- Data
Analytics
- Application
Security
- Network
Security
IoT
in Healthcare Connectivity Technology Outlook, by Revenue (USD Billion, 2012 -
2022)
- Wi-Fi
- Bluetooth Low
Energy
- ZigBee
- NFC
- Cellular
- Satellite
IoT
in Healthcare Application Outlook, by Revenue (USD Billion, 2012 - 2022)
- Telemedicine
- Medication
Management
- Clinical
Operations
- Inpatient
Monitoring
- Connected
Imaging
- Others
IoT
in Healthcare End-Use Outlook, by Revenue (USD Billion), 2012 - 2022)
- CRO
- Hospitals and
Clinics
- Research and
Diagnostic Laboratories
- Others
IoT
in Healthcare Regional Outlook, by Revenue (USD Billion, 2012 - 2022)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia Pacific
- Japan
- China
- Latin America
- Brazil
- Mexico
- MEA
- South Africa
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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