Global Internet of Things (IoT) Healthcare Market – Industry Trends and Forecast to 2024

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Global Internet of Things (IoT) Healthcare Market – Industry Trends and Forecast to 2024

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Internet of Things (IoT) Healthcare Market

Global Internet of Things (IoT) Healthcare Market By Component (Medical Devices, Systems And Software, Services), Application (Telemedicine, Clinical Operations and Workflow Management, Connected Imaging Inpatient Monitoring, Medication Management, Drug Development, Fitness and Wellness Measurement) Connectivity Technology (Wi-Fi, Bluetooth Low Energy (BLE), Zigbee, Near Field Communication (NFC), Cellular , Satellite, End User(Hospitals and Clinics, Surgical Centers, Clinical Research Organization (CRO), Government and Defense Organizations, Research Laboratories, Diagnostics Laboratories, Patients) By Geography (North America, South America, Europe, Asia-Pacific, Middle East & Africa)– Industry Trends and Forecast to 2024

Global Internet of Things (IOT) Healthcare Market is expected to reach USD 371,441.20 million by 2024 from USD 33,520.00 million in 2016, at a CAGR of 35.2% in the forecast period 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

The major factors driving the growth of this market are rising incidence rates of chronic diseases, rise in investment for healthcare IOT solutions, better accessibility of high-speed internet, implementation of IOT solutions for reduced cost of care and growing demand for cost-effective treatment and disease management. On the other hand, lack of competence in deploying IOT solutions and regulatory implications may hinder the growth of the market.

Market Segmentation: Global Internet of Things (IoT) Healthcare Market

  • The global internet of things (IOT) healthcare market is segmented on the basis of equipment type, mode of testing, application, industry, and geography. The global internet of things (IOT) healthcare market is segmented into medical devices, systems and software and services. In 2017, the medical devices segment is expected to dominate the market with a share of 46.2% and is expected to continue this trend till 2024.
  • Medical device is sub segmented into wearable external medical devices, implanted medical devices and stationary medical devices. System and software is sub segmented into remote device management, network bandwidth management, data analytics, application security and network security. Services are sub segmented into system integration services, professional services, support and maintenance services.
  • Based on application, the global internet of things (IOT) healthcare market is segmented into telemedicine, clinical operations and workflow management, connected imaging, inpatient monitoring, medication management, drug development, fitness and wellness measurement and others. Telemedicine is sub segmented into store-and-forward, remote patient monitoring and interactive telemedicine.
  • On the basis of connectivity technology, the global internet of things (IOT) healthcare market is segmented into Wi-Fi, bluetooth low energy (BLE), zigbee, near field communication (NFC), cellular, satellite and others.
  • On the basis of end user, the global internet of things (IOT) healthcare market is classified into hospitals and clinics, surgical centers, clinical research organization (CRO), government and defense organizations, research laboratories, diagnostics laboratories, patients and others

Key Drivers: Global Internet of Things (IoT) Healthcare Market

Some of the major factors driving the market for internet of things (IOT) healthcare market are rising incidence rates of chronic diseases, rise in investment for healthcare IOT solutions. These factors increase the demand for internet of things (IOT) healthcare market. Better accessibility of high-speed internet, implementation of IOT solutions for reduced cost of care and growing demand for cost-effective treatment and disease management are the other major factors driving the growth of the internet of things (IOT) healthcare market.

  • Lack of competence in deploying IOT solutions and regulatory implications are the factor which may hinder the growth of this market.
  • Increasingly focusing in rising adoption of tele presence technology, increase in the number of collaboration and partnership and growth potential in emerging economies will drive the market in future.

Key Points: Global Internet of Things (IoT) Healthcare Market

Medtronic is going to dominate the internet of things (IOT) healthcare market following with SAP SE and Koninklijke Philips N.V. along with others such as CISCO Systems Inc., IBM Corporation, GE Healthcare, Microsoft, Qualcomm Life, Inc., Honeywell Life Care Solutions, Diabetizer Gmbh & Co. Kg, Proteus Digital Health, Adheretech Inc. and Apple Inc. among others.

  • Wearable external medical devices market is growing with the highest CAGR
  • Stationary medical devices are driving the market with highest market share
  • Cellular are dominating the internet of things (IOT) healthcare market
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