IoT in Healthcare Market to Garner $457.9 Billion, Globally, by 2025 at 31.1% CAGR, Says Infinium Global Research

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Mar 02, 2020, 09:45 ET

PUNE, India, March 2, 2020 /PRNewswire/ -- Infinium Global Research has recently published a global report on "IoT in Healthcare Market-(Technology - WI-FI, NFC, ZigBee, Bluetooth, and Others; Application - Telemedicine, Clinical Operations, and Workflow Management, Connected Imaging, Inpatient Monitoring, Medication Management, and Others; End User - Hospitals, Surgical Centers, and Clinics, Clinical Research Organization (CRO), Government and Defense Institutions, & Research and Diagnostics Laboratories): Global Industry Analysis, Trends, Market Size and Forecasts to 2025", the reported study estimated the market for IoT in Healthcare will reach up to USD 457.9 Billion, with a compound annual growth rate of 31.1%, in the forecast period (2019-2025).

The global healthcare industry is starting its transformation owing to the demand for high-quality care, the pressure of healthcare costs, and the patient profile shift toward patients who are more informed, empowered, and who eventually turn out to be partners of healthcare providers rather than being passive observers of their own health journey. The global population is rising while healthcare budgets are declining, and the burden of chronic diseases is rapidly increasing across the world. All these challenges are placing pressure on doctors, healthcare providers, and governments to look for new technologies so that they can continue providing high-quality healthcare while decreasing costs. The healthcare sector, where mindsets and regulations are slow to change, has been refurbished by the digitalization of data and the incredible development of new technologies and apps to allow access to data anywhere and at any time.

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Remote Device Management and Data Analytics to Gain Traction in IoT in Healthcare

The IoT is a network of physical devices that uses connectivity to allow the exchange of data. Companies that specialize in healthcare or technology tend to severely invest in IoT. Presently, most tech devices come with some form of connectivity, from wearables such as biosensors to X-ray machines with Wi-Fi or Bluetooth. IoT-enabled medical devices deliver critical data that assist health practitioners to perform their jobs. Tasks such as remote patient monitoring, treatment progress observation, and the housing of vaccines are all abilities of medical devices with integrated IoT. The global IoT in the healthcare market is driven by technological advancements, the increasing prevalence of chronic diseases, collaboration among companies and changing mentality among consumers.

The integration of artificial intelligence with IoT in healthcare is providing better detection and treatment capabilities along with better patient experience, which is also endorsing the adoption of technologies such as AI and IoT in the healthcare industry. Some of the prominent internet of things in healthcare market trends contain the introduction of redefined technology for patient care and well-being as well as providing enhanced patient experience with medical robots. Ongoing advancements, development of innovative technologies, and connectivity solutions have augmented the adoption of IoT in the healthcare sector. Such growing trends are likely to propel the global IoT in healthcare market revenue.

The IoT Opens Up New Opportunities for the Healthcare Industry

The IoT has the potential to reinvent the healthcare sector. It has the potential to change traditional paper-based healthcare treatment through access to real-time patient data and remote patient monitoring. The occurrence of digital healthcare technology has delivered solutions to tackle the growing need for better diagnostics and more personalized therapeutic tools. The IoT plays an important role in a broad range of healthcare applications, from managing chronic diseases to preventing disease, but it also works as a fitness and wellness tracker for athletes. The IoT is changing business models in the healthcare industry; patients and providers both stand to benefit from the IoT for multiple reasons.

However, concerns regarding data privacy and security issues may hamper the market growth. The adoption of the IoT in the healthcare industry require stringent policies, and technical security measures should be introduced to share health data with authorized users, organizations, and applications. Furthermore, IoT technology can create new safety risks if it is not designed appropriately, implemented carefully, and used thoughtfully.

Major Players Along with Healthcare Providers to Invest in Advance Technology-Based Healthcare Solutions

The key players are investing in integrated IoT technology with other technologies such as Artificial Intelligence (AI), Natural Language Processing (NLP), and Machine Learning (ML). Moreover, these players are also collaborating with major regional hospitals to help in research and development, diagnosis, and workflow management, among others. Numerous companies are also providing a wide range of devices and software portfolio to provide advanced solutions to their customers. For instance, GE healthcare launched applications and smart devices by integrating technologies such as AI and IoT for the healthcare industry. Microsoft Corporation provides Azure IoT, which will support the healthcare industry to track devices used for improving the well-being of patients, thereby reducing readmissions (using machine learning), etc.

Rising Government Initiatives Towards High-Quality Health Solutions

North America is projected to continue its dominance in IoT in the healthcare market during the forecast period. Increasing digitization in healthcare management systems across major hospitals, clinics, and healthcare institutions is anticipated to drive the IoT in the healthcare market in the near future. The rising concerns regarding the aging population is one of the disputes for the U.S. government, which is fuelling the demand for remote patient monitoring and wearable devices.

The Asia Pacific is expected to grow at a rapid pace in the near future owing to the rising awareness about health monitoring as the detection of chronic diseases in the young population is increased. This is also expected to boost the adoption of IoT enabled healthcare devices. For example, the advanced healthcare facility is not available in remote locations in India. To cater to the wide demography of the nation, the government of India introduced eHealth policies based on the comprehension and guidelines provided by the information technology sector.

Additionally, the government of China is promoting the development of IoT in the healthcare sector and offering funds for smart healthcare facilities. With the enactment of smart city projects, the Chinese government aims to offer accessible healthcare solutions in remote locations and cities.

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Global in IoT in healthcare Industry Coverage

Chapter - 1 Preface

Report Description
Research Methods
Research Approaches

Chapter - 2 Executive Summary

IoT in Healthcare Market Highlights
IoT in Healthcare Market Projection
IoT in Healthcare Market Regional Highlights

Chapter - 3 Global IoT in Healthcare Market Overview

Introduction
Market Dynamics
Porter's Five Forces Analysis
IGR-Growth Matrix Analysis
Value Chain IoT in Healthcare Market

Chapter - 4 IoT in Healthcare Market Macro Indicator Analysis

Chapter - 5 Global IoT in Healthcare Market by Technology

WI-FI
NFC
ZigBee
Bluetooth
Others

Chapter - 6 Global IoT in Healthcare Market by Application

Telemedicine
Clinical Operations and Workflow Management
Connected Imaging
Inpatient Monitoring
Medication Management
Others

Chapter - 7 Global IoT in Healthcare Market by End User

Hospitals, Surgical Centers, and Clinics
Clinical Research Organization (CRO)
Government and Defense Institutions
Research and Diagnostics Laboratories

Chapter - 8 Global IoT in Healthcare Market by Region 2018-2024

North America
Europe
Asia-Pacific
RoW

Chapter - 9 Company Profiles and Competitive Landscape

Medtronic
IBM
GE Healthcare
Honeywell Life Care Solutions
Royal Philips
Microsoft
SAP
Qualcomm Life
Stanley Healthcare

Browse in-depth TOC on "IoT in Healthcare Market "

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Through our information services and solutions, we assist our clients to improve their performance and assess the market conditions to achieve their organizational goals. Our team of experts and analysts are engaged in continuously monitoring and assessing the market conditions to provide the knowledge support to our clients. To help our clients and to stay updated with the advances and inventions in technology, business processes, regulations and environment, Infinium often conducts regular meets with industry experts and opinion leaders. Our key opinion leaders are involved in monitoring and assessing the progress in the business environment, so as to offer the best opinion to our clients.

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