The global IoT Healthcare Market was valued at around USD 5,800 million in the year 2014 and it is expected to reach approximately USD 14,660 million by 2022. The global IoT Healthcare market is expected to exhibit a CAGR of more than 11.0% between 2017 and 2022.
The increasing implementation of diverse equipment (Diagnostic as well as therapeutic) in detecting and maintaining the health outcomes of patients is one of the major factors that drive the growth of the global IoT Healthcare devices market. In major developed countries, IoT has been successfully implemented in remote monitoring of diabetes and asthma patients, coupled with high penetration of fitness and wellness devices owing to which the sales of the IoT Healthcare systems will grow in the future years.
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Our research analysts observed that there will be an increasing demand for the IoT Healthcare market from the Telemedicine sector.
The global IoT Healthcare market is segmented on the basis of the component type, application, connectivity, end user, and the geographical regions.
Several types of components are being used in the manufacturing of healthcare IoT devices. The systems and software are having a huge demand in the Global IoT Healthcare Market owing to increasing applications in all the medical devices, as it is the skeleton of medical devices to perform its actual functioning of interconnection between two devices. Systems and Software segment is expected to grow with a CAGR of 12.6% over the forecast period.
The wearable external medical devices are dominating the Global IoT Healthcare Market in medical devices segment due to the increased adoption of IoT technology in advanced healthcare and fitness devices. The remote patient monitoring experienced a huge leap in 2016. Total 7.1 million patients were enrolled in some form of digital healthcare program featuring connected medical devices that used the patients own mobile devices. Owing to the rising popularity and increasing demand, the segment is likely to grow at a higher CAGR of 11.3% over the forecast period.
Professional service is a services type segment that is leading the Global IoT Healthcare Market owing to the increased adaptation of the professional services by the end users. Hence the global professional service segment is estimated to reach a market value of USD 1973.7 by end 2022.
Data Analytics is dominating the Global IoT Healthcare Market in system and software type segment. This is due to the growing applications of IoT derived data in several domains of data analytics.
By Application Telemedicine is the most recent application utilizing the IoT technology in maintaining the patient data and tracking the where about of the patient. Hence Telemedicine is a leading Application type segment in Global IoT Healthcare market. The telemedicine application type segment is likely to cross-market value of USD 4164.3 million by end of 2022 and is growing at a CAGR of 12.7% over the forecast period.
The region that is having an influential share in the Global IoT Healthcare Market is North America region. Owing to the huge developments and a higher rate of adoption, North America IoT healthcare market contributes the highest market share of 40.3% in 2016. Whereas higher adoption rate and growing popularity amongst healthcare professionals are like to boost the IoT healthcare market in the Asia Pacific. The IoT healthcare market is likely to grow at a CAGR of 12.9% over the forecast period.
The major market players in the IoT Healthcare market are Cerner Corporation., Diabetizer Ltd. & Co. KG, Infosys Limited, Medtronic Public Limited Company, Microsoft Corporation, Proteus Digital Health, Inc. among others.
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