IoT Healthcare Market to surpass $10bn by 2024
Published Date: September 21, 2017 Author: Global Market Insights, Inc.
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 is primarily driven by the implementation of advanced digital solutions across the sector. The integration of such 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 the improved internet connectivity worldwide is expected to fuel the growth. IoT has potential to reshape the industry due to the benefits such as remote monitoring of patients and management of facility assets.
Increasing aging population in Japan and several other European countries such as Italy & Germany coupled with the rising number of chronic diseases will drive the IoT healthcare market growth over the forecast timeline. Technological advancements in the sector to provide accessible & inexpensive patient care solutions widens the scope for adoption of such solutions. It is gradually transforming the sector by focusing on the way devices, application as well as people interact with each other.
Lack of interoperability may hamper the IoT healthcare market growth. Interoperable systems enable share & retention of data automatically, eliminating the possibility of re-entering data each time. 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. Other factors such as high cost of infrastructure development followed by data privacy & security issues are predicted to curb the 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 (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, South Korea, Malaysia, Singapore, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), 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 market 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 the upgradation in privacy & security is expected to drive the telemedicine growth in the IoT healthcare 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.
The U.S. IoT healthcare market is anticipated to hold majority of revenue share owing to the presence of highly advanced healthcare infrastructure coupled with the 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 the regional government further contributes to the U.S. IoT healthcare market growth.
Players in the IoT healthcare 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 sector, players are increasingly investing on developing infrastructure for deployment of such technological solutions.
IoT healthcare market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:
IoT Healthcare Market, By Platform
- Network Management
- Device Management
- Application Management
IoT Healthcare Market, By Technology
- Connectivity technology
IoT Healthcare Market, By Component
- Data Management
- Streaming Analytics
- Remote Monitoring
- Bandwidth Management
IoT Healthcare Market, By Service
- Professional service
- Managed service
IoT Healthcare Market, By Application
- 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