Report Brief
• The report covers forecast and analysis for the Global IoT Healthcare Market on a global and regional level
• The report includes the positive and the negative factors that are influencing the growth of the market
• Detailed information about the market opportunities are discussed
• The key target audience for the market has been determined in the report
• The revenue generated by the prominent industry players has been analyzed in the report
• The market numbers have been calculated using top-down and the bottom-up approaches
• The Global IoT Healthcare Market has been analyzed using Porter’s Five Forces Analysis
• The market is segmented on the basis of Component, applications, connectivity and end user, which in turn bifurcated on regional level as well
• All the segments have been evaluated based on the present and the future trends
• The report deals with the in-depth quantitative and qualitative analyses of the IoT Healthcare Market
• The report includes the detailed company profiles of the prominent market players
Market Summary
Overview
Global IoT Healthcare Market is a part of IoT industry. The sensors used in IoT healthcare devices provide interconnectivity and sharing of data for better and in-depth analysis of healthcare reports. In developed countries, where IoT devices are used extensively, remote monitoring and telemedicine like advanced healthcare facilities are being practiced.
Value
The global IoT Healthcare Market was valued at around USD 5800.0 million in the year 2014 and it is expected to reach approximately USD 14000.0 million by 2024. The global IoT Healthcare Market is expected to grow at a CAGR of over 12.2% between 2017 and 2024.
Drivers and Restraints
The major factor driving the growth of IoT Healthcare Market is the increasing implementation of cloud computing across the healthcare facilities. The cloud computing provides access to the patient data to the manufacturer of the devices and also to the services provider. Hence the analysis of the patient data can be done from a remote location as well. Owing to increasing adoption of IoT in healthcare, the services are becoming more cost-effective. These factors are likely to boost the growth in the IoT healthcare market over the forecast period.
Reduction in the cost of connected devices is the opportunity for the market. The lack of consistency in interconnectivity, interoperability, and security issue is the challenging factors for the growth of the IoT devices market.
Segmentation
Systems and Software is one of the important component type segment which is growing with a CAGR of 12.6% over the forecast period. The systems and software consist of IoT sensor and required software for the functioning of the medical devices. There are several types of sensors available in the market such as temperature sensor, heart rate sensor, blood pressure sensor etc. Heart rate sensors enable individuals to obtain real-time data and allow tracking their heart rate from anywhere anytime.
Telemedicine sector is dominating the IoT Healthcare Market by application type segment which is estimated to grow at a CAGR of 12.7% over the forecast period. As Telemedicine allows rapid deployment of healthcare to a developing population through relatively low-cost clinics, it is likely to grow at higher CAGR and reach USD 4164.3 Million by 2022. Remote Patient Monitoring which is an application subtype of telemedicine is estimated to reach USD 2297.7 by end of 2022 owing to higher adoption in the developed countries.
Wifi is growing at a CAGR of 12.0% from 2017 to 2022, owing to its cost-effectiveness. As Wifi offers major benefits of coverage, ease of use and capacity, it is being widely used in the Healthcare IoT devices. Wifi is estimated to reach USD 4612.6 Million by end of 2022. Hospitals, Surgical Centers, and Clinics end-user type segment is like to contribute a maximum share of the Global IoT healthcare market over the forecast period. It is likely to cross a benchmark of USD 5473.4 million by end of 2022.
North America contributes a share of 40.3% of the total IoT healthcare Market in 2016, owing to the advanced healthcare facilities. In the region of North America, U.S. holds the maximum share of 73.7% in 2016.followed by North America, Europe holds the maximum share of the global IoT healthcare market and is likely to grow at a CAGR of 11.7% over the forecast period.
Industry Players
The report includes detailed profiles of the prominent market players that are trending in the market. The list of the players that are compiled in the report is Cerner Corporation., Diabetizer Ltd. & Co. KG , Infosys Limited, Medtronic Public Limited Company, Microsoft Corporation, Proteus Digital Health, Inc. among others.
The prominent market players maintain the competitive edge in the global market by making investments in the mergers and acquisitions and by increasing their product portfolio. In October 2017, Medtronic care and American Well announce the strategic partnership to integrate Telehealth capabilities. In April 2017, Castlight Health, Inc. announced that it has completed its acquisition of Jiff to create the most comprehensive health benefits platform in the industry.
