IoT Healthcare Market worth over $10bn by 2024
Published Date: September 21, 2017 Authors: Preeti Wadhwani, Prasenjit Saha
IoT Healthcare Market size is set to exceed USD 10 billion by 2024, according to a new research report by Global Market Insights, Inc.
The IoT healthcare market growth is primarily driven by implementation of advanced digital solutions across the healthcare sector. The integration of IoT technology in the healthcare infrastructure is expected to streamline the operations, improvise the patient interactions and enhance the efficiency of processes. Increasing penetration of smartphones coupled with improved internet connectivity worldwide is expected to fuel the market revenue. IoT has potential to reshape the healthcare industry due to benefits such as remote monitoring of patients and management of facility assets.
Increasing aging population along with rising number of chronic diseases in Japan and several other European countries such as Italy & Germany will drive the IoT healthcare market size. Technological advancements in the healthcare sector to provide accessible & inexpensive patient care solutions widens the scope for adoption of such solutions. The IoT technology is gradually transforming the healthcare sector by focusing on the way devices, application as well as people interact with each other.
Lack of interoperability may hamper the market growth. Issues such as difficulty in integration of devices made by different manufacturers, their inability to operate on other operating systems, poses challenge to mass consumerization of IoT solutions. In order to reach mass adoption, overcoming such risks restricting boundless connections of a connected world is a primary concern to the technology providers. Furthermore, factors such as high cost of infrastructure development followed by data privacy & security issues are predicted to curb the market demand.
Browse key industry insights spread across 130 pages with 155 market data tables & 12 figures & charts from the report, “IoT 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” in detail along with the table of contents:
Rising deployment of smart sensor technology in various systems enhances the capability of IoT healthcare devices to collect more data associated with patient’s health. The gathered data is used to enhance the patient monitoring process and analyze it to discover new treatments for various other diseases. These technological solutions therefore help bridge the gap between the physical and the digital world.
The benefits such as fast scalability in meeting customer demands followed by upgradation in privacy & security is expected to drive the growth of telemedicine segment in the market. The application allows seamless exchange of data related to patient health via a telecommunication network, being a cost-effective option. Telemedicine solutions are specially meant for areas inaccessible to doctors where devices combined with satellite communications enable easy access.
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The U.S. IoT healthcare market is predicted to hold majority of revenue share owing to presence of highly advanced healthcare infrastructure coupled with early adoption of sophisticated technologies. Mobile based applications offered by the technology providers has made it easier for facilities to share data with the patients. Increased spending on digital technologies by regional government further contributes to the U.S. market revenue.
Players in the market include Microsoft Corporation, General Electric, IBM Corporation, Honeywell International Inc. and Cisco Systems Inc, Stanley Healthcare, Qualcomm Inc., SAP SE and Medtronic Inc. Considering the potential of implementing IoT solutions in the healthcare sector, players are increasingly investing on developing infrastructure for deployment of such technological solutions.