Global IoT in healthcare market is expected to reach nearly USD 410
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.
View
summary of this report @ http://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.
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this category @ http://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, 2015 - 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, 2015 - 2022)
·
Wi-Fi
·
Bluetooth Low Energy
·
ZigBee
·
NFC
·
Cellular
·
Satellite
IoT in Healthcare Application Outlook, by Revenue (USD Billion, 2015
- 2022)
·
Telemedicine
·
Medication Management
·
Clinical Operations
·
Inpatient Monitoring
·
Connected Imaging
·
Others
IoT in Healthcare End-Use Outlook, by Revenue (USD Billion), 2015 -
2022)
·
CRO
·
Hospitals and Clinics
·
Research and Diagnostic Laboratories
·
Others
IoT in Healthcare Regional Outlook, by Revenue (USD Billion, 2015 -
2022)
·
North America
·
U.S.
·
Canada
·
Europe
·
Germany
·
UK
·
Asia Pacific
·
Japan
·
China
·
Latin America
·
Brazil
·
Mexico
·
MEA
·
South Africa
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