London, July 31, 2019 (GLOBE NEWSWIRE) — According to a new market research report “IoT Healthcare Market by Component (Medical Device, Connectivity Solutions, Systems and Software, Services), Application (Telemedicine, Clinical Operations and Workflow Management, Medication Management, Connected Imaging, Inpatient Monitoring), and by End User – Global Forecast to 2025”, published by Meticulous Research®, the global IoT healthcare market is expected to grow at a CAGR of 29.9% to reach $322.2 billion by 2025.
In the healthcare industry, IoT technology bridges the gap between digital and physical data sources of data, by monitoring patient behavior in real time. Technologies focused around IoT infrastructure are focused towards improving the nature of telehealth services to improve accessibility of healthcare services, reducing the operation burden on healthcare facilities, and at the same time enabling development of digitized health ecosystem, seamlessly.
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The growth of the IoT healthcare market is mainly driven by the increasing number of digital health initiatives from governments across the globe, increasing need to reduce the cost of healthcare, rising focus on patient centric care delivery, and increasing penetration of smart phones and high-speed networking & connectivity solutions. However, high cost of successful deployment of IoT infrastructure and dearth of IT professionals in the healthcare industry may dampen the adoption of healthcare IoT systems to a certain extent, and thereby restrain the market growth.
An IoT system comprises of multiple front-end and back-end components. Back-end components include systems and software, and connectivity technologies; whereas the front-end components include internet-enabled medical devices that perform the primary task of collecting patient information. In 2019, the medical devices segment is estimated to account for the largest share of the IoT healthcare market. Medical devices are at the center of IoT healthcare market. Connected medical devices are used as nodes to collect patients’ health information, transmit information on a cloud platform or to PCs, track patient activities, and enable remote diagnostics and monitoring. However, by 2025, the systems and software segment is expected to register the highest CAGR.
Under medical devices product category, imaging systems accounted for the largest share of the IoT-enabled medical devices market. Growing investments by medical imaging systems’ companies towards enabling connectivity in their existing imaging systems or platforms, availability of newer connected imaging systems, and increasing adoption of the devices owing to their operational advantages are expected to drive the growth of the IoT-enabled medical imaging systems market during the forecast period.
IoT technology is used in wide range of applications in healthcare settings and has further potential to expand areas of applications within healthcare facilities and outside. Some of the key applications of IoT technology include telemedicine, connected imaging, clinical workflow and operations management, medication management, inpatient monitoring, and others. In 2019, telemedicine accounted for the largest share of the overall IoT healthcare market. The growth of this market is mainly driven by increasing penetration of telemedicine in healthcare infrastructure of many countries, increasing demand for healthcare services in the light of growing geriatric population, growing penetration of home healthcare, and increasing need to improve accessibility of healthcare services in remote locations.
Browse key industry insights spread across 197 pages with 146 market data tables & 37 figures & charts from the report: https://www.meticulousresearch.com/product/healthcare-iot-market/
On the basis of end user, the overall IoT in healthcare market is segmented into hospitals and clinics; home care & long-term care; and other end users, such as clinical research organizations, diagnostic and imaging centers, and research and academic institutes. While hospitals and clinics accounted for the largest share of the IoT healthcare market, the home care & long-term care segment is expected to grow at the highest CAGR during the forecast period. The growth of this market is driven by increasing preference towards telemedicine and preventive care by patients; growing transition of care from hospital settings to non-hospital settings, such as residential care facilities and home care; and increasing inclination of patients towards self-health management.
The global IoT healthcare market comprises of medical device manufacturers and technology providers. Technology providers mainly include systems and software providers. The technology providers market is dominated by the global players, such as Cisco Systems, IBM, Microsoft, Intel, and SAP. On the other hand, the IoT-enabled medical devices market is dominated by the global device manufacturers, such as Medtronic, GE Healthcare, Philips, Siemens, Abbott, and Boston Scientific.
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