IoT technology has made remote monitoring of patient health possible in the healthcare industry, thereby unraveling the potential of the healthcare business for maintaining the health of the patients along with empowering the doctors for delivering excellent patient care. Moreover, IoT healthcare has raised patient engagement & satisfaction as communication with physicians has become easier. The connected technology has assisted in minimizing the hospital stay of the patients and help in reducing the patient re-admission to clinics to a larger extent.
According to the report, the global IoT Healthcare market is predicted to be valued at approximately USD 9,187 million in 2018 and is expected to reach a value of around USD 21,004 million by 2025, at a CAGR of around 12.59 % between 2019 and 2025.
Successful execution of IoT for patient health monitoring to steer the market growth
The successful utilization of the connected things or IoT in remotely monitoring diabetics and asthma patients along with high penetration of connected technology across the health, fitness, & wellness industry will drive the growth of the IoT healthcare market over the forecast timeline.
Furthermore, a decrease in the waiting period at emergency rooms has led to the massive acceptance of connected devices in the medical sector. This, in turn, has embellished the market growth. Additionally, the rise in chronic ailments, a huge need for cost-efficient medical therapies, enhanced drug management activities, seamless experience to patients, and easy availability of high-speed web connectivity will further steer the business growth over the forecast timeline. Nonetheless, a low level of competency in the deployment of IoT solutions will inhibit the market growth over the forecast timeline.
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Systems & Software to lead the component type segment by 2025
The segmental growth during the forecast timeline is attributed to technological breakthroughs along with the rise in the allocation of funds by key industry players for creating new connected solutions for the Biotechnology, Pharmaceutical, and Lifesciences sectors. Apart from this, a prominent bulge in acceptance of digital & connected technologies across the healthcare units is likely to steer the expansion of the segment over the period from 2019 to 2025. Additionally, the requirement of proficiently handling the medical data in the emerging economies will favorably influence the need for system & software services over the forecast timeframe.
Telemedicine segment to dominate the application landscape over the forecast timeframe
The growth of the segment during the forecast period is due to the rapid increase in the acceptance of telemedicine as a result of comfort offered to the patients by telemedicine. Apart from this, it also offers patient monitoring from distant locations by the healthcare service provider.
North America to account major revenue share of the global market by 2025
The regional market growth during the period from 2019 to 2025 is due to advanced healthcare infrastructure and rapid acceptance of connected technology in the healthcare industry along with the large presence of reputed firms in countries like the U.S.
Top Market Players
Some of the key participants in the business include Cerner Corporation, Medtronic Public Limited Company, Diabetizer Ltd. & Co. KG, Infosys Limited, Proteus Digital Health, Qualcomm Life, Inc., STANLEY Healthcare, AdhereTech Inc., Cisco Systems Inc., Apple Inc., Philips, Castlight Health, SAP SE, IBM, Microsoft, Aeris, and PhysIQ.