Report : IoT in Healthcare Market to 2025 - Global Analysis and Forecasts by Solution (Medical systems & Devices and Software Solutions & Tools), Services (Professional Services & Integration Services) Application (Medication Management, Patient Monitoring, Fitness & Wellness Measurement, Clinical Workflow Management and Others) and End-user (Patients & Individuals, Diagnostic & Research and Labs, Hospitals & Healthcare Institutes and Government Authority)
According to the new research report published by The Insight Partners, titled “IoT in Healthcare - Global Analysis and Forecast to 2025”, the global IoT in healthcare market is expected to reach US$ 135.9 Bn in 2025, registering a CAGR of 21.2% during the forecast period 2017-2025.
In 2025, North America is expected to account for more than one-third of total IoT in healthcare revenue market share. The growth is majorly driven by enhanced IoT infrastructure in the region with better connectivity, availability of skilled professionals and rising incidences of chronic diseases such as obesity, diabetes etc.
The IoT in Healthcare market is experiencing a high growth and adoption rate from past few years and is also expected to experience a significant growth and adoption rate in years to come. One of the major reason for high adoption of IoT in Healthcare is the need to decrease costs related to healthcare facilities worldwide. Developing economies with high growth in population and decreasing prices for internet services are providing opportunities for the players operating in the global IoT in Healthcare market. Few of the player that are operating successfully in global IoT in Healthcare market are Koninklijke Philips N.V., GE Healthcare, IBM Corp., Microsoft Corporation and others. Few of the factors that might act as a hindrance in the growth of the IoT in Healthcare market are high costs associated to smart devices and IoT infrastructure, and security and privacy concerns related to theft of highly confidential and sensitive health data of the patients.
Technology up gradation, government initiatives to deploy IoT solutions in healthcare industry, rising incidences of chronic diseases, and continuously increasing adoption of smart devices are some of the key driving factors for this market. Many healthcare institutions and providers are adopting IoT in healthcare solutions to deliver better care to their patients and optimize their clinical workflow. The global IoT in Healthcare market is broadly classified into solution (medical systems & devices and software solutions & tools), services (professional services & integration services) application (medication management, patient monitoring, fitness & wellness measurement, clinical workflow management and others) and end-user (patients & individuals, diagnostic & research and labs, hospitals & healthcare institutes and government authority); and geography.
Key findings of the study:
North America is anticipated to account the largest IoT in healthcare market share and would register a CAGR of 23.1%.
In North America, various initiatives taken by the Federal government in the U.S. has led to increase in the market share of North America region. Also, the region is known for its early adoption of technology, which can be another reason for the demand growth for IoT in Healthcare in North America.
Based on the application type, patient monitoring is projected to dominate the market.
The government of China has signed 15 memorandum of understanding with Korean companies which enabled these companies to accelerate their technological advancement in Chinese market by introducing telemedicine into healthcare sector of China. Such initiatives have led to increased growth in IoT in Healthcare market in APAC. Also, countries such as Singapore are adopting IoT in Healthcare technologies.
The key companies profiled in this report include Koninklijke Philips N.V., Medtronic PLC, Siemen Healthcare GmbH, Proteus Digital Health, Inc., IBM Watson Health, General Electric Healthcare, Microsoft Corporation, Qualcomm Life, Inc., STANLEY Healthcare, and Verily Life Sciences LLC.
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