Pune, Sept. 14, 2020 (GLOBE NEWSWIRE) — The global internet of things (IoT) in healthcare market size is expected to gain momentum by exhibiting a remarkable CAGR of 25.6% between 2020 and 2027. This is attributable to the increasing prevalence of chronic disease that is driving the demand for efficient remote patient monitoring system across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Internet of Things (IoT) in Healthcare Market Size, Share & COVID-19 Impact Analysis, By Component (Devices, Software, Services), By Software (Remote Device Management, Data Analytics, Compliances and Security, Asset Performance Management, Others), By Application (Telemedicine, Patient Monitoring, Operations and Workflow Management, Remote Scanning, Sample Management, and Others), By End-Use (Laboratory Research, Hospitals, Clinics, and Others), and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 57.62 billion in 2019 and is projected to reach USD 352.88 billion by 2027.
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Healthcare Industry Showcases Massive Shift towards Digitization amid COVID-19
To contain the spread of the novel coronavirus, government agencies have announced for the people to maintain social distancing globally. This has resulted in several major changes in the healthcare industry as the hospitals are undertaking several steps to maintain hygiene and continue serving the patients even during the global pandemic. Additionally, they are adopting advanced technologies such as machine learning, artificial intelligence (AI), and the internet of things (IoT) in the healthcare sector to efficiently diagnose and monitor the patient’s health.
The healthcare industry is exhibiting a remarkable growth owing to the adoption of advanced technologies such as the internet of things, and machine learning, among others. The internet-connected devices are primarily designed to improve efficiency, lower cost, and drive better outcomes across several healthcare applications. Owing to the tremendous improvements in wireless capabilities and computing power, the companies are leveraging the potential provided by internet of things (IoT) in healthcare.
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What does the Report Include?
The global market for internet of things in healthcare report includes a detailed assessment of various drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive insights into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnership, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
DRIVING FACOTRS
Increasing Adoption of Remote Patient Monitoring System to Spur Demand
The increasing prevalence of chronic disease and the growing demand for sophisticated medical treatment options are driving the companies to adopt modern technologies such as remote patient monitoring (RPM). The technology ensures efficient monitoring of patients outside traditional clinical settings such as remote area or home spaces. Several benefits such as improved chronic disease management, patient outcomes, and reduced burden on healthcare facilities, are propelling the demand for advanced remote patient monitoring systems. Furthermore, the growing adoption is leading to technological innovations such as the internet of things (IoT) in healthcare that is expected to further drive the global IoT in healthcare market during the forecast period.
SEGMENTATION:
Telemedicine Segment Held a Share of 21.0% in 2019 Owing to Introduction of Advanced Health Record Systems
The telemedicine segment, based on application, held a market share of 21.0% in 2019 backed by the introduction of evolving electronic health record systems in the forthcoming years.
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REGIONAL INSIGHTS:
Asia-Pacific to Remain at the Forefront; Increasing Healthcare Expenditure to Bolster Growth
Among all the regions, the market in Asia-Pacific is expected to dominate and hold the highest position in the global IoT in healthcare market during the forecast period. This is attributable to the increasing healthcare expenditure owing to the favorable government policies that is driving the demand for internet of things (IoT) in healthcare in the region. On the other hand, North America is anticipated to hold the second position in the market owing to the presence of prominent players in countries such as the U.S. and the supportive government initiatives to deploy advanced technological solutions between 2020 and 2027.
COMPETITIVE LANDSCAPE:
Forescout Launches New Update for IoT Platform to Strengthen its Product Portfolio
The global internet of things (IoT) in healthcare market is highly fragmented by the presence of several major companies such as Amazon Web Services, Inc., Cisco, IBM Corporation, and others. These companies are developing and introducing new products that are expected to strengthen their positions in the fiercely competitive global marketplace. For instance, in August 2020, Forescout introduced new updates for its modern enterprise platform that allows organizations to maintain compliance, reduce attack surface, and efficiently minimize breach impact across the IoT in healthcare environments.
Industry Development:
- August 2020 – PCCW Global, a leading global communication service provider, announced its partnership with SURE Universal, a prominent internet of things (IoT) in healthcare developer. The partnership is aimed at delivering IoT home care medical solution to reduce medical visits and prevent the exposure to the novel coronavirus by signing an IoT Ecosystem Partnership Program (IEPP).
List of the Companies Operating in IoT in Healthcare Market:
- Amazon Web Services, Inc. (Seattle, Washington, United States)
- Cisco system Inc. (San Jose, California, United States)
- General electricity company (Boston, Massachusetts, United States)
- IBM Corporation (Armonk, New York, United States)
- Intel Corporation (Santa Clara, California, United States)
- Microsoft Corporation (Redmond, Washington, United States)
- SAP SE (Walldorf, Germany)
- koninklijke philips n.v. (Amsterdam, Netherlands)
- Senseonics Holdings, Inc. (Maryland, United States)
- SGH Group (Sydney, Australia)
- TeleTracking Technologies Inc. (Pittsburgh, western Pennsylvania, United States)
- Wipro Ltd. (Bengaluru, Karnataka, India)
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Internet of Things (IoT) in Healthcare Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Devices
- Software
- Remote Device Management
- Data Analytics
- Compliances & Security
- Asset Performance Management
- Others (Data storage, Electronic Health record, etc.)
- Services
- By Application (Value)
- Telemedicine
- Patient Monitoring
- Operations and Workflow Management
- Remote Scanning
- Sample Management
- Others (Predictive Devices Maintenance, Medication Management, etc.)
- By End Use (Value)
- Laboratory Research
- Hospitals
- Clinics
- Others (Clinical tests, etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
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