According to a report published by Grand View Research, Inc.; the global IoT in healthcare market is anticipated to reach a valuation of around USD 409.9 billion by 2022. Increasing demand for effective treatment and development of advanced connected medical devices are projected to propel the market. High adoption of smartphones and software automation for greater accuracy can further boost the market over the forecast period (2012 to 2022).
Growing occurrence of obesity, diabetes, hypertension, heart failure, and other such chronic diseases have increased the demand for advanced medical devices. Real-time patient monitoring is possible with the new generation connected medical devices. It also allows reduces the response time required for medical professionals to serve patients’ needs. Various monitoring devices like activity monitors, vital sign monitors, safety monitors, and medication monitors are anticipated to register steady demand in near future. This may propel the market for IoT in healthcare over the forecast period.
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In addition, increasing elderly population and demand for home healthcare services are projected to boost services like remote patient monitoring, telemedicine, and health management information systems (HMIS). Additionally, technological developments in smartphones with ARM cortex M processors and demand for fitness bands and smartwatches can further boost the market growth. Moreover, development of healthcare IT with execution of big data analytics, cloud storage, adoption of nanobots and robotic flight stimulator surgeries can positively influence the market. Moreover, growing awareness about novel technologies among patients is expected to boost the market.
The worldwide internet of things (IoT) in healthcare market can be segmented on the basis of connectivity technology, component, end-use, application, and regions. Based on component, the market can be categorized into medical devices, system and software, and services. As per connectivity technology, the market can be classified into Wi-Fi, Bluetooth Low Energy, ZigBee, Near-field communication (NFC), cellular, and satellite. On the basis of end-use, the market can be bifurcated into contract research organization (CRO), research and diagnostic laboratories, and others.
Geographically, the market can be divided into North America, Europe, Asia Pacific Latin America, and Middle East and Africa. In 2014, North America accounted for the largest market share of 32.4% in terms of revenue. The growth can be attributed to availability of well-organized healthcare IT infrastructure and data protection policies for electronic health records (EHR and integrated patient record (IPR).
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In addition, growing geriatric population, cases of chronic diseases, and presence of key players are anticipated to boost the regional growth. The growth in the U.S. can be credited to technological advancements by key companies and favorable efforts from the government. In 2015, the U.S government announced the investment of over USD 160 million to conduct federal research and development and technology partnership for establishing enhanced smart city services.
Asia Pacific is likely to showcase lucrative growth during the forecast period with a CAGR of over 31% in terms of revenue. This growth can be attributed to rising adoption of connected medical devices and economic developments. Requirement of better healthcare services can further boost the regional market for internet of things (IoT) in healthcare. Government efforts to promote implementation of EMR and EHR technologies can further fuel regional growth.
Increasing investments from private sectors and non-profit organizations for better clinical results are anticipated to provide growth opportunities for the internet of things in healthcare market over the forecast period. Moreover, growing use of big data, software as a service (SaaS), cloud, and other software platforms to perform various tasks like real-time patient monitoring, electronic data management, and telemedicine is also expected to drive the regional market in the forthcoming years.
Some of the leading companies operating in the internet of things (IoT) in healthcare market include Microsoft Corporation; AdhereTech Inc.; Cisco Systems; Medtronic, Inc.; International Business Machine (IBM) Corporation; and Koninklijke Philips N.V. Most market participants are adopting strategies such as collaborative research, acquisitions of start-ups with greater potential, and development of products using advanced technologies. Rising R&D investments in research and development (R&D) activities by private and public players can present the market with more expansion opportunities.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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