IoT in Healthcare Market Size By Platform (Network Management, Device Management, Application Management), By Technology (Sensors, RFID, Connectivity Technology), By Component (Hardware, Software [Data Management, Streaming Analytics, Security, Remote Monitoring, Bandwidth Management]), By Service (Professional Service, Managed Service), By Application (Remote Monitoring, Telemedicine, Inventory Management), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: Sep 2017 | Report ID: GMI2103 | Authors: Preeti Wadhwani, Prasenjit Saha
IoT in Healthcare Market size surpassed USD 2 billion in 2016 and is poised to grow at over 15% CAGR between 2017 and 2024. Increasing demand for remote monitoring of patients will propel the market growth.
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The deployment of IoT based solutions across the healthcare industry is anticipated to bring in high degree of automation, reduce operating costs and enhance the decision-making process. Rising penetration of smart wearables for monitoring bodily activities & analyze the data from these devices to optimize efficiency will boost the market growth.
|Market Size in 2016:||2 Billion (USD)|
|Forecast Period:||2017 to 2024|
|Forecast Period 2017 to 2024 CAGR:||15%|
|2024 Value Projection:||10 Billion (USD)|
|Historical Data for:||2013 to 2016|
|No. of Pages:||130|
|Tables, Charts & Figures:||167|
|Segments covered:||Platform, Technology, Component, Application and Region|
|Pitfalls & Challenges:|
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Additionally, implementation of these IoT solutions in the healthcare sector will enhance the patient interactions, streamline workflows and improvise the operational efficiency. For instance, the use of such technology allows monitoring of patients and provide ongoing care from a clinic or from an ambulance. IoT has capabilities of minimizing the risk with location services where patient’s movements and reachability to other objects and individuals are tracked.
Market by Platform
The network management platform segment is anticipated to witness significant growth through 2024 due to visibility provided by the connected devices communicating in a network. These platforms enable healthcare organizations to gain control over the devices connected as well as the network.
The use of network management platforms offers unprecedented access to crucial information related to patient health. Rising demand for management of devices operating in the system further contributes to the IoT in healthcare market revenue.
Market by Technology
The sensor technology will observe substantial gains till 2024 owing to high adoption in various devices across the healthcare industry. These technologies enable the devices to gather and share data among each other as well as the cloud for data collection and analysis.
With the advancements in sensor technology, miniaturization of devices communicating wirelessly is effective in nature and performs without user intervention. These technologies can collect patient data in order to perform diagnostic, preventive care as well as for treatment results. The data collected in real-time are used for improving the efficiency & quality of processes with low possibility of errors.
Market by Service
Managed services segment will witness high demand IoT in healthcare industry during the forecast timeline. The growth of this segment is attributed to capability of the Managed Service Providers (MSP) to implement and deploy crucial business solutions.
The use of managed services in healthcare sector is on the rise owing to benefits offered such as cost optimization and risk minimization. Features such as reduction of total cost of ownership, continuous improvement as well as improvised data privacy ensuring the confidentiality of the data, influencing the market growth.
Market by Application
Telemedicine applications accounts for majority of the market share due to advantages offered such as improved security & privacy followed by the faster scalability to meet demands from several customers.
It allows the exchange of data such as health status of patients from one point to another through a telecommunication network resulting in enhanced efficiency with cost effectiveness. These solutions can be used in remote areas by integrating devices with satellite communication providing more convenient access.
Market by Region
North America dominates the IoT in healthcare market with significant revenue share. This can be credited to presence of large number of advanced infrastructures in the region. Advancements in technology and devices coupled with rising spending on the infrastructure further contributes to the market growth.
Asia Pacific market is slated to expand at significant CAGR from 2017 to 2024 led by rising number of medical facilities across the region. Moreover, to improve the infrastructure and address issues such as corruption, several countries in the region are planning to introduce innovative models such as e-catalogs and price transparency procedures which will contribute in the demand for advanced solutions.
Competitive Market Share
Major players operating in the market include IBM Corporation, Cisco Systems Inc., General Electric, Microsoft Corporation and Honeywell International Inc, SAP SE, Qualcomm Inc., Medtronic Inc. and Stanley Healthcare.
Industry participants are focusing on connected sensor technology in order to monitor, diagnose, manage patients as well as treatments in a better way. Moreover, they are offering solutions to analyze sensor data from healthcare facilities for optimizing the operational efficiencies.
The market research report on IoT in healthcare includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:
- Network Management
- Device Management
- Application Management
- Connectivity technology
- Data Management
- Streaming Analytics
- Remote Monitoring
- Bandwidth Management
- Professional service
- Managed service
- Remote monitoring
- Inventory management
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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