IoT in Healthcare Market Expected to Witness Steady Growth in terms of Revenue Throughout the Forecast Period till 2025

According to the new research report published by The Insight Partners, titled “IoT in Healthcare Market - Global Analysis and Forecast to 2025”, the global IoT in healthcare market is expected to reach US$ 135.9 Bn in 2025, registering a CAGR of 21.2% during the forecast period 2017-2025.

The rising incidences of chronic diseases and number of elderly population along with the need to reduce the costs associated with healthcare is expected to drive the IoT in Healthcare market growth. Several companies are partnering with each other to offer enhanced and improved solutions to the customers in order to increase their IoT in Healthcare market share. IBM Corp., Microsoft Corporation, GE Healthcare and Koninklijke Philips N.V. are few of the major players operating in the IoT in Healthcare market.

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The key companies profiled in this report include Koninklijke Philips N.V., Medtronic PLC, Siemen Healthcare GmbH, Proteus Digital Health, Inc., IBM Watson Health, General Electric Healthcare, Microsoft Corporation, Qualcomm Life, Inc., STANLEY Healthcare, and Verily Life Sciences LLC.

In 2025, North America is expected to account for more than one-third of total IoT in healthcare revenue market share. The growth is majorly driven by enhanced IoT infrastructure in the region with better connectivity, availability of skilled professionals and rising incidences of chronic diseases such as obesity, diabetes etc.

The IoT in Healthcare market is experiencing a high growth and adoption rate from past few years and is also expected to experience a significant growth and adoption rate in years to come. One of the major reason for high adoption of IoT in Healthcare is the need to decrease costs related to healthcare facilities worldwide. Developing economies with high growth in population and decreasing prices for internet services are providing opportunities for the players operating in the global IoT in Healthcare market. Few of the player that are operating successfully in global IoT in Healthcare market are Koninklijke Philips N.V., GE Healthcare, IBM Corp., Microsoft Corporation and others. Few of the factors that might act as a hindrance in the growth of the IoT in Healthcare market are high costs associated to smart devices and IoT infrastructure, and security and privacy concerns related to theft of highly confidential and sensitive health data of the patients.

Technology up gradation, government initiatives to deploy IoT solutions in healthcare industry, rising incidences of chronic diseases, and continuously increasing adoption of smart devices are some of the key driving factors for this market. Many healthcare institutions and providers are adopting IoT in healthcare solutions to deliver better care to their patients and optimize their clinical workflow. The global IoT in Healthcare market is broadly classified into solution (medical systems & devices and software solutions & tools), services (professional services & integration services) application (medication management, patient monitoring, fitness & wellness measurement, clinical workflow management and others) and end-user (patients & individuals, diagnostic & research and labs, hospitals & healthcare institutes and government authority); and geography.

Key findings of the study:

North America is anticipated to account the largest IoT in healthcare market share and would register a CAGR of 23.1%.

In North America, various initiatives taken by the Federal government in the U.S. has led to increase in the market share of North America region. Also, the region is known for its early adoption of technology, which can be another reason for the demand growth for IoT in Healthcare in North America.

Based on the application type, patient monitoring is projected to dominate the market.

The government of China has signed 15 memorandum of understanding with Korean companies which enabled these companies to accelerate their technological advancement in Chinese market by introducing telemedicine into healthcare sector of China. Such initiatives have led to increased growth in IoT in Healthcare market in APAC. Also, countries such as Singapore are adopting IoT in Healthcare technologies.

Strategic Insights

Market initiative was observed as the most adopted strategy in global IoT in Healthcare market. Few of the recent strategies by some of the players in IoT in Healthcare market landscape are listed below-

2016: The Office of the National Coordinator for IT (ONC) released Interoperability Standards Advisory (ISA) for the year 2017. This will enable patients’ to easily access their health data. This is an update to the ISA released in 2016.

2016: European Institute of Innovation and Technology for Health (EIT Health) funded a new research project in which Florida Atlantic University, Siemens Healthcare GmbH, Universitätsklinikum Erlangen along with other European partners will work together to develop a hybrid device for quicker diagnosis and treatment of strokes.

2016: IBM Watson Health partnered with Finnish Funding Agency for Innovation with an aim to enable Finland to utilize Watson cognitive computing to facilitate doctors enhance the health of Finland’s citizens, and support and develop the Finnish innovation and business ecosystem in the fields of health and well-being.

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Posted by on Friday November 15 2019, 5:59 AM EST. All trademarks acknowledged. Filed under Biotechnology, Diagnostics, Healthcare, Life Sciences, Medical Devices. Comments and Trackbacks closed. Follow responses: RSS 2.0

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