Global Statistics Representing IoT Healthcare Market Scenario
The numerous applications of Internet of things (IoT) in the healthcare market benefit patients, families and physicians alike, from remote monitoring to smart sensors and medical device integration. Internet of things (IoT) has the potential to improve how physicians deliver care as well as keep patients safe and healthy. The usage of IoT in healthcare has sharply increased in recent years for the tracking, monitoring and maintenance of assets. Internet of things (IoT) in healthcare industry offers benefits such as end-to-end connectivity and affordability, simultaneous reporting and monitoring, data assortment and analysis, and remote medical assistance. Furthermore, IoT has also introduced several wearables & devices, which have made the lives of patients comfortable. IoT in healthcare has two key purposes – to improve disease management and reduce healthcare costs.
Increasing penetration of connected devices in healthcare and rapid reduction in cost of care are some of the key factors driving the growth of the IoT healthcare market. Healthcare organizations use connected devices that are positioned close to a patient’s body, such as glucose monitors, ECG monitors, pulse oximeters, and blood pressure monitors. According to Cisco systems Inc., more than 50 billion devices will be connected to the Internet worldwide by 2023. In addition, IoT technology helps healthcare organizations by cutting down the cost of adding full-time employees to assist in specific departments. Internet of things also helps healthcare organizations cut down costs by 25% to 35%, depending on individual use cases, thereby allowing organizations to derive greater business value from their data assets. Furthermore, medical organizations are taking advantage of cloud computing and virtual infrastructure, which gives evidence-based treatment and provides real time data.
The global IoT in healthcare market is expected to grow at a CAGR of 19.1% during the forecast period and reach USD 230.53 billion by 2026.
Key Target Audience for IoT Healthcare Market
By geography, the IoT healthcare market has been segmented into, North America, Europe, Asia Pacific, and the LAMEA.
North America is expected to register the strongest revenue generation in the IoT healthcare market during the forecast period, owing to the early adoption of advanced IoT healthcare software and services in the region. In addition, technological advancements, increasing use of smart phones, high investment in the healthcare industry and other government initiatives are expected to drive market growth in the region.
Europe accounts for the second largest share in the IoT healthcare market, due to the implementation of advanced technological devices and platforms to ease primary healthcare functions. In addition, healthcare providers predominantly adopt IoT technologies to provide remote monitoring systems, which is projected to drive the IoT healthcare market in Europe.
Asia Pacific is projected to grow at the highest rate during the forecast period, due to the increasing adoption of IoT components in the healthcare industry across the region’s emerging countries such as China and India. Furthermore, demand for quality healthcare treatment, high adoption rate of cloud computing, and growing internet penetration are collectively propelling the growth of the IoT healthcare market in Asia Pacific. According to the Healthcare Information and Management Systems Society Middle East (HIMSS), by 2019, in China, almost 30% of medical software in the healthcare industry will provide real-time scenario data from IoT devices. It also predicted that 20% local medical institutions will use IoT-based biological sensor technology by 2020 to automatically measure key vital signs of a patient.
The LAMEA region is anticipated to grow at a significant rate, owing to increasing awareness and high adoption of advanced technology. IoT technology has become increasingly prevalent in personal fitness and wellbeing devices in this region. Furthermore, the United Arab Emirates (UAE) is currently positioning Dubai as a healthcare tourism destination, offering end-to-end services that cover treatment itself, which is further driving market growth.
The IoT healthcare market has been segmented on the basis of component, application, end user and geography.
On the basis of component, the IoT healthcare market has been segmented into medical devices, services and systems & software. The systems and software segment is slated to present high growth opportunities, due to the primary focus on device management and integration, information security, data collection, and data analytics, which help in reducing delivery time and project costs.
By application, the market has been segmented into telemedicine, workflow management, connected imaging, inpatient monitoring, medication management, and others. The inpatient monitoring segment is expected to grow at the highest CAGR during the forecast period, as this application involves continuous observation or measurement of patients’ physiological functions to guide management decisions and therapeutic interventions.
On the basis of end user, the IoT healthcare market has been segmented into hospitals, surgical centres, and clinics, clinical research organizations (CROs), governments, and others. The hospitals, surgical centers, and clinics segment is estimated to hold the largest market size as efficient management of medical equipment, patients and employees is a key concern.
Some of the key market players in the IoT healthcare market are Medtronic (U.S.), Royal Philips (Netherland), Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), GE Healthcare (U.S.), Microsoft Corporation (U.S.), and SAP SE (Germany), Infosys Limited, Cerner Corporation., Diabetizer Ltd. & Co. KG.
IoT Healthcare Market Segmentation
By End User
Why Buy This Report?
The healthcare industry is poised to witness massive growth in the coming years, owing to innovations in fields such as connected and wearable devices. Many leading organizations are investing in IoT to accommodate this growth and realise ROI in the long term.
Hospital, clinics, and other healthcare organizations are rapidly deploying IoT solutions. For instance, Aruba network has projected that 87% of healthcare organizations will be using IoT technology in their facilities by 2019. It also predicted that 73% of applications of IoT in healthcare will be used for remote patient monitoring and maintenance, 50% for remote operation and control, and 47% for location-based services.
This report offers key insights pertaining to the IoT healthcare market with emphasis on recent developments across geographies and development strategies adopted by prominent market participants. The following sections have specifically been covered in the report.