Internet of Things Healthcare Market fueled by technology and connected devices
The IoT healthcare market is being driven by the increased penetration of connected devices and Artificial Intelligence (AI) technology. The market is also witnessing growing investments in IoT healthcare implementations. A new report from MarketsandMarkets titled “IoT Healthcare Market by Component (Medical Device, Systems & Software, Service, Connectivity Technology), Application (Telemedicine, Work Flow Management, Connected Imaging, Medication Management), End User, and Region—Global Forecast to 2022,” predicts that the global IoT healthcare market is slated to grow at 30.8% CAGR from $41.22 billion in 2017 to touch $158.07 billion by 2022.
The IoT healthcare market is segmented on the basis of components into medical devices, service, systems & software, and technology. Of these, the segment for systems and software, which includes data analytics, applications security, network bandwidth management, remote device management, and network security solutions, is predicted to have the highest CAGR growth during the forecast period, as these solutions enhance autonomy and data security.
The market is segmented into telemedicine, clinical operations and workflow management, connected imaging, inpatient monitoring, medication management, and other applications. The telemedicine segment helps improve process efficiency and patient convenience, which in turn reduces the time spent in hospitals, by enabling transfer and exchange of medical information. As a result, this segment is predicted to dominate the IoT healthcare market. The inpatient monitoring applications segment, which guides therapeutic interventions and management decisions by providing applications that continuously observe or measure the physiological functions of the patients, is predicted to have the highest CAGR growth during the forecast period.
The IoT healthcare market has various end users, which include hospitals, Clinical Research Organizations (CRO), surgical centers, clinics, research and diagnostics laboratories, and government and defense institutions. Of these, the end-user segment of CRO, which provides research services to support the pharmaceutical, biotechnology, and medical devices industries, is predicted to have the highest CAGR growth till 2022 during the forecast period as it offers.
The end-user segments of hospitals, clinics, and surgical centers are predicted to dominate the IoT healthcare market, as these segments majorly integrate healthcare IoT to efficiently manage their patients, medical equipment, and employees.
North America currently dominates the IoT healthcare market due to high technological awareness, early and increasing adoption of smartphones, increasing investments, and government initiatives, which have spurred the region to be early adopters of advanced IoT healthcare-related software and services. However, the report predicts that the fastest growing region in this market will be the Asia-Pacific region, where significant investments are being made in IoT healthcare, hospitals, and surgical centers.
The major vendors in the global IoT healthcare market include Medtronic, Royal Philips, Cisco, IBM, GE Healthcare, Microsoft, SAP, Qualcomm Life, Honeywell Life Care, and STANLEY Healthcare. The market also includes other players like system integrators, managed service providers, middleware companies, providers of sensors, location, presence, and detection solutions, M2M companies, IoT companies, general telecommunication companies, Internet identity management companies, and privacy and security companies.