IoT in Healthcare Market To 2025 Key Companies Profile, Their Market Share and Other Important Parameters

According to the new research report published by The Insight Partners, titled “IoT in Healthcare – 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 IoT in Healthcare helps in delivery of healthcare facilities through improved communication, between patients and healthcare providers, via connected medical devices. IoT in Healthcare enable the stakeholders particularly, providers and patients, to enhance patient care, reduce costs related to healthcare, reduction in errors, improved patient experience, and improved patient outcomes along with better disease management.

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The market for IoT in Healthcare is expected to grow significantly due to factor as increasing inclination of pharmaceutical and medical device manufacturers towards outsourcing, increasing patent cliffs and rising geriatric population coupled with the increasing production of drugs & medical devices. However, the challenge such as lack of skilled professionals for CMO likely to impact the growth of the market in the forecast period.

Few of the player that are operating successfully in global IoT in Healthcare market :-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,,Verily Life Sciences LLC (Alphabet-Google)

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 Monday August 19 2019, 1:30 AM EDT. All trademarks acknowledged. Filed under Healthcare. Comments and Trackbacks closed. Follow responses: RSS 2.0

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