Increasing Adoption of IoT in Healthcare Applications attributed to Better Patient Care, Reduction in Healthcare Cost and Increasing Incidences of Chronic Diseases to Burgeon the IoT in Healthcare Market Growth at a CAGR of 21.2% during 2016-2025Published Date: Dec 2016
According to a new market research study titled ‘IoT in Healthcare Market to 2025 – Global Analysis and Forecast by Solution, Services, Application and End-user’, the global IoT in Healthcare market was valued at US$ 20.2 Bn in 2015 and is estimated to reach US$ 135.9 Bn by 2025. The report highlights the trends that are prevalent in the global market and the factors that act as barrier to the growth of IoT in Healthcare market.
Recently, global IoT in Healthcare market have experienced a significant growth with its new and innovative applications such as medication management, patient monitoring, fitness & wellness measurement, clinical workflow management and others. Companies operating in the IoT in healthcare market are constantly focusing on the development of innovative and customer-friendly solution to deliver enhanced patient care, better patient outcomes and reducing the cost of healthcare facilities.
The benefits delivered by IoT in healthcare sector such as improved disease management, decrease in costs, enhanced outcomes of treatment, reduction in errors, improved management of drugs and greater patient experience are few factors driving the market growth. However, rising data privacy concerns, high prices of smart devices and inadequate infrastructure in developing and under-developed economies is expected to obstruct the global market growth. The patient monitoring segment leads the IoT in healthcare market currently and is expected to hold the significant market share during the forecasted period by accounting for 46.54% of the total market revenue share in the year 2025
The rising incidences of chronic diseases and constantly increasing elderly population particularly, in US and Europe along with increase the dependency of elderly population on working population are the factors influencing the growth of the market. On the other hand, the decrease in the costs of healthcare facilities with the deployment of IoT in healthcare are the reasons for its growth in developing economies such as China, India, Brazil etc.
The global IoT in Healthcare market has been segmented by Solution into medical systems & devices; and software solutions & tools. The medical systems & devices market is further sub-segmented into on-body wellness, on-body healthcare and implanted devices. Furthermore, the software solutions & tools market is sub-segmented into data analytics tools & solutions, network management solutions and security solutions. On the basis of services, the market is bifurcated into professional and integration services. The application segment of IoT in Healthcare market is classified into medication management, patient monitoring, fitness & wellness measurement, clinical workflow management and others. Also, by end-user, the market is categorized into patients & individuals, diagnostic & research centers and labs, hospitals & healthcare institutes and government authority. The geographical segment is bifurcated into North America, Europe, Asia Pacific, Middle East & Africa and South America.
In 2015, China led the IoT in healthcare market in APAC and is likely to register a CAGR of 24.3% during the forecast period 2016 to 2025. The increasing medical tourism, government initiatives and falling prices of internet services along with increasing adoption of smart devices in the country is propelling the market growth for IoT in healthcare in China. The report profiles major players such as. GE Healthcare (US), IBM Corp. (US), Koninklijke Philips N.V. (Netherlands), Medtronic plc. (Ireland), Microsoft Corporation (US), Proteus Digital Health, Inc. (US), Qualcomm Life, Inc. (US), Siemens Healthcare GmbH (Germany), STANLEY Healthcare (US) and Verily Life Sciences LLC (US).
The report segments the global IoT in Healthcare market as follows:
Global IoT in Healthcare Market – By Solution
Medical Systems & Devices
Software Solutions & Tools
Data Analytics Tools & Solutions
Network Management Solutions
Global IoT in Healthcare Market – By Services
Global IoT in Healthcare Market – By Application
Fitness & Wellness Measurement
Clinical Workflow Management
Global IoT in Healthcare Market – By End-User
Patients and Individuals
Diagnostic & Research Centers and Labs
Hospital & Healthcare Institutes
Global IoT in Healthcare Market – By Geography
Asia Pacific (APAC)
Middle East & Africa (MEA)
South America (SAM)