The global internet of things (IoT) in healthcare market size is expected to reach USD 534.3 billion by 2025, expanding at a CAGR of 20.2% over the forecast period, according to a new report by Grand View Research, Inc. The market is majorly driven by growing adoption of healthcare information systems, rising initiatives supporting connected health, and ongoing trend of remote patient monitoring. Rising adoption of smart wearables for health monitoring and self-assessment is also positively impacting the market.
Global healthcare providers are transforming themselves into patient-centric and connected and coordinated entities to create an integrated ecosystem. Rising adoption of IoT in healthcare systems ensures improved treatment outcomes, reduced costs and errors, improved patient experience, and lessening time of disease management with real-time data monitoring. Thus, demand for IoT solutions is increasing globally in order to manage various operations in healthcare.
Technological advancements and subsequent new product launches by market players is also boosting the IoT in healthcare market. GE Healthcare, Koninklijke Philips N.V., and Cisco Systems are among the major players undertaking new product launches in the field. Growing initiatives supporting the adoption of eHealth and digital technologies is also one of the key factors boosting the market.
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Further key findings from the report suggest:
By component, the system and software segment is expected to register the fastest CAGR of 21.6% over the forecast period owing to growing interest of market players to develop innovative solutions for managing workflows in the healthcare industry
In 2017, cellular technology accounted for the largest revenue share by connectivity technology. However, satellite technology is expected to exhibit a lucrative CAGR of 24.4% over the forecast period
By end use, the hospitals and clinic segment accounted for the largest revenue share in 2017, owing to high adoption of IoT solutions to improve functional and operational workflow
Inpatient monitoring emerged as the largest application segment in 2017; however medication management is expected to emerge as the fastest growing segment over the forecast period
North America dominated the market by revenue in 2017 owing to availability of advanced healthcare IT infrastructure and favorable initiatives supporting adoption of eHealth and digital health
Asia Pacific is expected to register the highest CAGR 21.4% over the forecast period
The market is fairly competitive with the presence of players such as General Electric Company, IBM, Microsoft, Koninklijke Philips N.V., Cerner Corporation, and Cisco Systems.
Grand View Research has segmented the global IoT in healthcare market on the basis of component, connectivity technology, end use, application, and region:
IoT in Healthcare Component Outlook (Revenue, USD Million, 2014 - 2025)
Wearable external devices
Implanted medical devices
Stationary medical devices
System and software
Remote device management
Network bandwidth management
System integration services
Consulting, training, and education
Support and maintenance services
IoT in Healthcare Connectivity Technology Outlook (Revenue, USD Million, 2014 - 2025)
Bluetooth low energy
Near field communication
IoT in Healthcare End-use Outlook (Revenue, USD Million, 2014 - 2025)
Clinical research organizations
Hospitals and clinics
Research and diagnostic laboratories
IoT in Healthcare Application Outlook (Revenue, USD Million, 2014 - 2025)
IoT in Healthcare Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East & Africa
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