Internet of Things (IoT) in Healthcare Market
Posted by maximizegeeta on September 2nd, 2019
Internet of Things (IoT) in Healthcare Market was valued US$ 38 Bn in 2017, and expected to reach US$ 270 Bn by 2026, at CAGR of 27.78% during forecast period.
Global Healthcare IoT Market
Global Internet of Things (IoT) in Healthcare Market is driven by technological advancements, increasing demand for low-cost disease management and treatment, the rising prevalence of chronic diseases, collaboration among companies accompanied by opportunities like development low-power wide-area networks (LPWANs) and changing mentality among consumers. However, Data privacy and security and lack of awareness among consumers in developing regions might impede the market growth.
Healthcare IoT provides several benefits such as improved user experience, improved quality of care, reduced cost of care, disease management in real time and improved patient outcome. IoT is one of the prominent technologies that have the potential to improve health care system. The significant reason behind integrating IOT features in medical devices is to enhance the quality and service of care for patients with chronic conditions.
Furthermore, the availability of customer-friendly devices, increase in need for stringent regulations, and the decrease in the price of sensor technology are some factors that are also expected to fuel the growth of the IoT healthcare market size. However, factors such as high costs associated with IoT infrastructure development, data privacy, and security issues, lack of awareness among the public in developing regions, and
limited technical knowledge are likely to impede the market growth. Various factors, such as improvement in healthcare infrastructure in developing countries, government initiatives to support IoT platform, and high research and development spending, are expected to boost the growth of the market. The global internet of things (IoT) healthcare market is expected to register considerable growth during the forecast period, attributed to technological advancements, rising incidence rates of chronic diseases, growing demand for cost-effective treatment and disease management, better accessibility of high-speed internet, implementation of favourable government regulatory policies, and collaboration of top IT companies with healthcare majors.
As the number of connected devices increases IT systems will need to determine how to handle the data load securely. In order for the IoT to truly be transformative, healthcare organizations will need to figure out how to turn all the data it collects into insights that can inform action. While the momentum of this transformation is increasing, it will require hospital administrators, manufacturers and vendors to work together to drive healthcare’s cultural metamorphosis.
Key players operated in market includes Koninklijke Philips N.V., IBM Corporation, Stanley Healthcare, GE Healthcare (General Electric Company), Cisco Systems, Inc., Qualcomm Life, Inc, Proteus Digital Health, Honeywell International Inc., SAP S.E., Medtronic plc.
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Scope of Global Internet of Things (IoT) in Healthcare Market:
Global Internet of Things (IoT) in Healthcare Market by Type:
• Wearable External Devices
• Implantable Devices
• Stationary Devices
• Sensors & Smart Devices
• Patient Health Portals
• Machine Learning Applications
Global Internet of Things (IoT) in Healthcare Market by Application:
• Patient Monitoring
• Electronic Health Record Management Systems
• Medication Management
• Clinical Workflow management
Global Internet of Things (IoT) in Healthcare Market by Component:
Global Internet of Things (IoT) in Healthcare Market by Industry:
Global Internet of Things (IoT) in Healthcare Market by Region:
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Key Players Operated in Global Internet of Things (IoT) in Healthcare Market:
• Koninklijke Philips N.V.
• IBM Corporation
• Stanley Healthcare
• GE Healthcare (General Electric Company)
• Cisco Systems, Inc.
• Qualcomm Life, Inc.
• Proteus Digital Health
• Honeywell International Inc.
• SAP S.E.
• Medtronic plc.
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