The global healthcare IoT market was valued at USD 66,102.3 million in 2017, and is projected to reach USD 305,980.9 million by 2025, growing at a CAGR of 21.2% during 2018–2025.
Figure 1: Global Healthcare IoT Market Revenue, 2018–2025 (USD Million)
Source: GMI Research
The key factors bolstering the market growth are rising occurrence rates of chronic disorder, and evolution of artificial intelligence technology.
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Based on product type, medical device is anticipated to lead the market during 2018–2025
Medical device is expected to hold the largest share in the market during the forecast period due to innovations and technological advancement in the field of healthcare. Systems and software product type is predicted to exhibit a high growth rate during the forecast period owing to surging adoption among healthcare professionals and patients due to its characteristics, such as high stability and technological advanced properties. Integration of IoT and wearable devices, such as smart watch or health bands is helping to empower and educate patients to take control of their health.
Based on application type, inpatient management is expected to lead the market during 2018–2025
Inpatient monitoring is expected to hold maximum share in the market during the forecast period due to innovations, technological advancement and regular monitoring in the field of medical devices. Telemedicine predicted to exhibit a high growth rate during the forecast period owing to surging adoption of technology among healthcare professionals.
Based on end user, hospitals and clinics setting dominates the market, and is projected to grow at the highest rate
The end user segment includes, clinical research organizations, diagnostic laboratories, hospitals and clinics, and others. Technological advancement in the healthcare industry and increasing research & development activities are likely to drive the growth of these segments. IoT has been playing a crucial role in the healthcare facilities, especially in hospitals and clinics. The healthcare practitioners are increasingly using technology platforms to serve the growing demand from hospitals and patients. Moreover, several routine activities like patient data recording, data storage and data analysis have been streamlined using software’s and cloud storage systems, leading to significant reduction in healthcare operational costs and errors.
Key market players are investing a lot in the research & development activities. The companies are focusing on product launches for keeping their leadership in global healthcare IoT market.
Figure 2: Global Healthcare IoT Market Revenue, by Region, 2017
Source: GMI Research
North America held the largest share in global health care IoT market in 2017, owing to growth in government and private funding on healthcare infrastructure, improved medical tourism and increased technological awareness in healthcare. Asia-Pacific is predicted to be the second most attractive regional market in the healthcare IoT market, globally, and is likely to show the maximum growth in the next few years.
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Various notable players operating in the global healthcare IoT market include Cisco Systems, Inc., Koninklijke Philips N.V, IBM Corporation, Stanley Healthcare, Medtronic plc, Qualcomm Life, Inc, Honeywell Care Solution, Microsoft Corporation, GE Healthcare & Apple Inc and others.
The global healthcare IoT market has been segmented on the basis of product type, application type, end user and key geographies. Based on product type, the market comprises of medical devices, systems & software, and services. The application type includes clinical operations and workflow management, telemedicine, inpatient management and others. The end user includes clinical research organizations, diagnostic laboratories, hospitals and clinics, & others.
The research report global healthcare IoT market provides in-depth analysis of the healthcare IoT market, globally, based on: product type, application type, end user and major geographies for the forecast period from 2018 to 2025. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report provides market size and forecast for healthcare IoT market. The report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
Key questions answered in this research report:
1. At what pace is the healthcare IoT market growing worldwide? What will be the growth trend in future?
2. What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the coming years?
3. What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global healthcare IoT market?
4. What are the various application areas and how they are poised to grow?
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