Pune, Feb. 20, 2020 (GLOBE NEWSWIRE) — The global IoT in healthcare market size is prognosticated to reach USD 176.82 billion by 2026. The integration of next-generation healthcare facilities will have a positive impact on the growth of the market. According to a report published by Fortune Business Insights™ titled, “IoT in Healthcare Market Size, Share & Industry Analysis, By Component (Devices, Software, and Services), By Software (Remote Device Management, Data Analytics, Compliances & 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, 2019-2026” the market was worth USD 30.96 billion in 2018 and will exhibit a CAGR of 24.5% during the forecast period, 2019-2026.
Introduction:
Remote Patient Monitoring and Health Tracking Possible with IoT
Internet of Things or IoT in the healthcare industry is a network of devices that is capable of interconnectivity for data exchange. These devices help to monitor treatment progress through observation, and remote patient monitoring, among others, thus allowing patients to keep track of their health and treatment procedures. The information collected in medical devices can be beneficial for the patient, family, physicians, medical centers, and insurance companies. IoT will help to keep a track of the patient’s health records and allow medical professionals to connect with patients proactively, thus ensuring a better scope of treatment. The advent of technological advancements such as artificial intelligence and other innovative solutions in the medical sector is likely to bode well for the overall healthcare industry in the future.
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Objectives of the Report:
The report on IoT in the healthcare market is based on a thorough analysis of the subject and its prime growth trajectories. This includes a comprehensive overview of the market and its parameters, such as drivers, restraints, and challenges. It also throws light on key industry developments and other interesting insights into the market. Besides this, the report discusses the market segmentation based on component, software, application, end-use, and regions, and the list of key players operating in the market. It also discusses the main strategies adopted by players and the overall competitive landscape of the market. Apart from this, the report focuses on major IoMT market trends and opportunities and is available for sale on the company website.
Major Growth Drivers:
Advent of Machine Learning in Medical Aid to Boost Market
The advent of innovative technology and connectivity solutions in the healthcare sector is one major factor promoting the IoT in healthcare market growth. Besides this, the rising population of aged people and their vulnerability to various diseases is propelling the demands for better diagnostics and therapeutic measures. Analysts at Fortune Business Insights™ say, “The advent of machine learning in medical aid will help to reduce the rate of readmissions in hospitals and medical centers and further add impetus to the overall growth of the market.”
Additionally, the utilization of Artificial Intelligence and accessibility to medical health tracking and easy information about the patient’s health history through the internet of medical things are anticipated to aid in the expansion of the market. The current trend of health consciousness among youth is likely to popularize self-monitoring devices in the form of smart wearables that are operational on smartphones. This is likely to increase in the coming years and thus drive the market. Furthermore, enhanced patient experience with the use of medical robots and the advent of redefined technology for patient care are expected to emerge as recent trends of the market.
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Regional Analysis –
Increasing Investments by the U.S. Government to Bode Well for Market in North America
The market is categorized concerning regional demographics into Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. Among these, Asia Pacific held the dominant Internet of Medical Things market share owing to the supported government initiatives. The aim of these initiatives is to spread awareness about the availability of smart healthcare devices, especially in the rural areas. In 2018, Asia Pacific generated an IoT in healthcare market revenue of USD 12.04 billion.
On the other side, the market in North America is expected to witness steady growth owing to increasing investments made by the U.S. government for implementing internet of things and promoting the use of the wearable device and remote patient monitoring.
Competitive Landscape –
Increasing Investments in Latest Technology to Intensify Market Competition
IBM Corporation, Cisco Systems, Inc., Intel Corporation, General Electric, and Microsoft Corporation Emerged as Leading IoT in Healthcare Market Manufacturers. Owing to the high potential held by the market, various companies are making huge investments in artificial intelligence, machine learning, and others. This will help companies to stay ahead of competition and maintain a strong foothold in the market. Other companies operating in the market include:
- Wipro Ltd.
- TeleTracking Technologies, Inc.
- SGH Group
- Senseonics Holdings, Inc.
- SAP SE
- Microsoft Corporation
- Koninklijke Philips N.V.
- International Business Machines (IBM) Corporation
- Intel Corporation
- General Electric Company
- Cisco Systems, Inc.
- Amazon.com, Inc. (AWS)
Key Industry Development in the IoT In Healthcare Market Include:
May 2016 – SAP SE launched a healthcare platform for providing patient-centric solutions. This platform will help researchers, healthcare providers, and hospitals to offer connected healthcare services. The company also announced its partnership with various healthcare providers namely Dharma Platform, Castlight Health, and CancerLinQ.
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Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global IoT in Healthcare Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- By Software (Value)
- Remote Device Management
- Data Analytics
- Compliances & Security
- Asset Performance Management
- Others (Data Storage, Electronic Health Record, and Others)
- By Application (Value)
- Telemedicine
- Patient Monitoring
- Operations and Workflow Management
- Remote Scanning
- Sample Management
- Others (Predictive Devices Maintenance, Medication Management, and Others)
- By End-Use (Value)
- Laboratory Research
- Hospitals
- Clinics
- Others (Clinical Tests and Others)
- By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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