Rising awareness of self-health monitoring and the government initiatives promoting digital health is expected to drive the demand for global IoT in healthcare market in the forecast period.
Healthcare institutions are introducing the internet of things technology to improve and enhance patient monitoring services and reduce the costs to provide effective healthcare services. The growing demand for the reduction of the waiting time in emergency rooms to address patients requiring immediate healthcare services is contributing to the global IoT in healthcare market growth.
However, the increasing concerns of data security and cyber-attacks may restrain the global IoT in healthcare market growth for the forecast period.
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Global IoT in healthcare market is segmented into component, application, end-user, regional distribution, and company. Based on the component, the market can be divided into medical devices, system and software, and services. The medical devices segment is dominating the market and is expected to hold a major market share for the forecast period, 2022-2026. The medical devices segment is further segmented into stationery medical devices, implants, and wearables. With the growing adoption of internet of things technology by the healthcare institutions and the rise in the dependency on connected medical devices such as stationery medical devices, wearable devices, implantable for monitoring the health condition of patients is expected to drive the medical devices segment growth for the predicted period.
Based on the application, the market can be divided into telemedicine, remote patient monitoring, clinical operations and workflow management, connected imaging, and others. The telemedicine segment is expected to witness significant growth for the next five years. High penetration of affordable internet services and the proliferation of smart devices is expected to demand of telemedicine segment across the globe for the next five years. The growing penetration of home healthcare services and the surging need to improve the accessibility and reach of healthcare services in remote locations are influencing the growth of the segment.
Based on the end-user, the market is segmented into hospitals and clinics, clinical research centers, and diagnostic labs. The hospitals and clinics segment are expected to account for a major market share for the next five years. The rise in the adoption of IoT-enabled medical devices among healthcare facilities to provide quality healthcare treatment to patients is expected to fuel the demand of the hospitals & clinics segment all over the world. To provide the personalized healthcare treatment by the adoption of connected devices and the presence of skilled doctors and specialized departments in hospitals & clinics is expected to boost the segment demand.
Medtronic, Inc., Koninklijke Philips N.V., General Electric Company, IBM Corporation, Microsoft Corporation, Cerner Corporation, AgaMatrix Hong Kong Ltd, Cisco Systems, Inc., GE Healthcare, Huawei Technologies, Intel Corporation, Siemens Healthcare GmbH, AdhereTech, Inc., Bosch Healthcare Solutions GmbH, SAP SE are the leading players operating in global IoT in healthcare market. Service providers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several IoT in healthcare service providers are coming up with their technologically advanced offerings.
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“Market players are making high-end investments for research and development activities for the technological up-gradation of the existing healthcare IT infrastructure and introduce innovative features like generating notifications in case of potential system malfunction to take appropriate steps is expected to fuel the growth of the market. The adoption of the latest technologies such as artificial intelligence, deep learning, machine learning, and others to improve the operational efficiency, predict enhancement, facilitate automation and the surge in the use of connected technology to efficiently manage the operational workflow, as well as the clinical tasks, is expected to propel the global IoT in healthcare market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“IoT in Healthcare Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Component (Medical Devices, System and Software, Services), By Medical Devices (Stationery Medical Devices, Implants, Wearables), By System and Software (Remote Device Management, Data Analytics, Application Security and Others), By Services (Managed Services, Professional Services), By Application (Telemedicine, Remote Patient Monitoring, Clinical Operations and Workflow Management, Connected Imaging and Others), By End-User (Hospitals and Clinics, Clinical Research Centres and Diagnostic Labs) and By Region” has evaluated the future growth potential of global IoT in healthcare market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global IoT in healthcare market.
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