San Francisco, Nov 21 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.
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.
Browse full research report on Internet of Things (IoT) in Healthcare Market:
www.grandviewresearch.com/industry-analysis/internet-of-things-iot-healthcare-market
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
Browse press release of this report
by Grand View Research: www.grandviewresearch.com/press-release/global-iot-in-healthcare-market
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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