The global healthcare IoT market exhibited a value of USD 66,102.3 million in 2017, and is projected to reach USD 305,980.9 million by 2025, growing at a CAGR of 21.2% during 2018–2025.
The key factors boosting the market growth are:
• Increase in the prevalence of chronic diseases, such as heart failure, obesity, diabetes and hypertension that are boosting the demand for technologically advanced medical devices.
• New tech generation connected medical devices enabling real-time patient monitoring; thereby, helping the medical professionals to swiftly respond to the patients’ needs.
• The growing geriatric population, and the high unmet medical needs for home healthcare and long-term healthcare services.
Furthermore, increasing adoption of new generation medical devices at hospitals and clinics, growing incidence of chronic diseases, rising technological advancement and spending on healthcare facilities across the globe have led to the burgeoning market growth of healthcare IoT market.
Medical device product type is expected to dominate the global healthcare IoT market during the forecast period. In 2017, more than half of the market share was held by the medical device. However, systems and software product type is expected to witness the fastest growth rate in the coming years on account of growing adoption among healthcare professionals and patients due to extreme advancement in technology.
The healthcare practitioners are using technology platforms to serve the growing hospital and patient needs. Additionally, numerous routine activities such as patient data recording, storage of data and data analysis have been streamlined using software’s and cloud storage systems, leading to significant reduction in healthcare operational costs and errors. The penetration of technologically advanced connected medical devices, introduction of smart phones, and use of software automation, to enable faster and accurate patient testing, and provide better accuracy, ease of usage & portability is expected to serve Internet of Things in healthcare market as high-impact rendering driver over the forecast period.
“Market leaders and key players consistently investing in research & development activities to keep their leadership in the competitive healthcare IoT market. Further, the healthcare IoT market is witnessing significant growth in Asia-Pacific due to growing number of chronic disease population in the region, specifically, in the countries, such as China and India.”
In 2017, North America held the largest share in the market on the back of increased adoption of technology, high volume of hospitals & clinics procedures and need of accurate diagnosis. In addition, there has been a rise in incidence of chronic disease and; hence, increased government and private funding on healthcare infrastructure. Europe is a third fastest growing region for healthcare IoT market and is predicted to grow at a moderate rate during the forecast period.
• In 2017, the hospitals and clinics held most of the market share.
• Cisco Ltd, Medtronic Plc and Phillips, and IBM are the leading players holding approximately around one third of the market share.
• The systems and software product type is anticipated to grow at the highest rate during the forecast period from 2018 to 2025.
• North America region occupied the maximum revenue share in the global healthcare iot market in 2017.
Some of the key players operating in the global healthcare IoT market include Cisco Systems, Inc, Koninklijke Philips N.V, IBM Corporation, Stanley Healthcare, Medtronic plc, Qualcomm Life, Inc, Honeywell Care Solution, Microsoft Corporation, GE Healthcare & Apple Inc and others.
The global healthcare IoT market has been segmented on the basis of product type, application type, end user and key geographies. Based on product type, the global healthcare IoT market comprises of medical devices, systems and software, and services. The application type includes clinical and work flow management, telemedicine, inpatient management and others. The end user segment includes, clinical research organizations, diagnostic laboratories, hospitals & clinics and others.
The research report on healthcare IoT market provides in-depth analysis of the global healthcare IoT market, based on: product type, application type, end user and major geographies for the forecast period from 2018 to 2025. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for healthcare IoT market. The report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
For more details, browse the Table of Contents: https://www.gmiresearch.com/report/global-healthcare-iot-market-by-product-type-opportunities-forecast/
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