Increasing demand for remote patient monitoring, mobile medical applications, and growing health concerns are expected to drive the IoT in healthcare market. Telemedicine application market revenue is expected to be the largest component of IoT in Healthcare.
According to Infoholic Research, the consumers nowadays are ready to spend more money and are looking for better quality healthcare services. Hence, IoT has a major role in the healthcare industry and its implementation will change the way treatment is being done and improve communication among the patients, healthcare professionals, and healthcare value chain players.
The healthcare industry players are hugely investing and collaborating with big giants in the IoT ecosystem to improve the quality of services and customer experience, and to come up with advanced applications to compete in the market.
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The Worldwide IoT in Healthcare market is expected to reach $216.50 billion by 2022. The major drivers for the market growth include evolving digital technology, need for smart health, lowering healthcare costs, and need of customization services.
“IoT in healthcare is impacting a lot in the current healthcare system. Easy communication, improved treatment, and healthcare outcomes are expected to positively impact the growth during the forecast period. Increasing use of smart phones, wearable devices, and health apps are further expected to drive the market, along with telemedicine and artificial intelligence expected to fuel the next wave of innovation in the healthcare sector.” – Jaydeep Bhattacharjee – Group Head at Infoholic Research.
The security & privacy issue is one of the major concerns, which may negatively impact the IoT market growth, but not for a longer period. The healthcare players are implementing advanced technologies to improve security features. The increase in the usage of mobile based healthcare applications has made the healthcare players invest in the IoT sector.
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The market is segmented into technologies, services, types, applications and regions.
Medical applications are rapidly being introduced in healthcare, thereby comprising billions of devices and applications with sensors, actuators, microcontrollers, mobile-communication devices, and much more. In telemedicine application segment, remote patient monitoring market revenue is expected to reach $35.29 billion by 2022.
In terms of technology, the report gives insights about network technology and application technology. Requirement of better infrastructure connectivity in healthcare organizations, demand for mobile applications, and increasing adoption of advanced technology are expected to drive the technology market.
In terms of regional analysis, North America and Europe are expected to outperform for the IoT in Healthcare market growth. The Asia Pacific market revenue is expected to reach $47.72 billion by 2022. In Asia Pacific, rising population, government initiatives, increasing investment activities, rising demand for mHealth applications and wearable devices have led the demand for IoT implementation in the healthcare industry. Latin America and MEA are set to be the emerging markets in the next 5–6 years.
The report covers the present scenario and the growth prospects of the worldwide IoT in healthcare market during the forecast period 2016–2022. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report is analyzed based on five segments – technologies, types, applications, services, and regions
- The report covers the evolution of IoT in healthcare, its features, advantages, and importance
- The report covers drivers, restraints, and opportunities (DRO) affecting the market growth over the next forecast years (2016–2022)
- The report contains analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy and competitive landscape along with vendor assessment
- The report covers telemedicine, EHR, clinical care, diagnostic management, drug management, cognitive assessment, artificial intelligence, and additive manufacturing applications
- The report covers the adoption of IoT in healthcare in North America, Europe, APAC, Latin America and MEA
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