The global Internet of Things (IoT) in healthcare market size to grow at a CAGR of 27.6%

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Dec 26, 2019, 11:20 ET

The global Internet of Things (IoT) in healthcare market size to grow at a CAGR of 27.6% during the forecast period

NEW YORK, Dec. 26, 2019 /PRNewswire/ --

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The IoT in healthcare market size is projected to grow from USD 55.5 billion in 2019 to USD 188.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 27.6% during the forecast period. The IoT in healthcare market is driven by factors, such as advancement in technology coupled with rising demand for self-health management service and rise of digitalization and increase in the overall level of connectivity and innovations taking place in the modern healthcare ecosystem. However, lack of skilled digital workforce, and challenge for organizations due to security concerns related to the violation of crucial patient information are expected to retrict thre growth of the IoT in healthcare market.

Systems and Software segment to grow at the highest CAGR during the forecast period
The IoT in healthcare market by component is segmented into medical devices, systems and software, services, and connectivity technology.The systems and software segment is expected to grow at a rapid pace during the forecast period.

Systems and software are the most promising components in the IoT in healthcare market as they create a high degree of smart characteristics and autonomy in the IoT ecosystem. They are designed to meet interoperability challenges that occur due to varied heterogeneous devices, along with managing large volumes of data and offering them security and privacy.
Hospitals, surgical centers, and clinics segment to hold the largest market size during 2019
The IoT in healthcare market by end user has been segmented into hospitals, surgical centers, and clinics; clinical research organizations; government and defense institutions; and research and diagnostic laboratories. IoT solutions in the healthcare sector are majorly catered by this segment that consists of hospitals, surgical centers, and clinics, as they are the most approached care centers by patients.

APAC to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Factors, such as flexible economic conditions, industrialization- and globalization-motivated policies of the governments, as well as expanding digitalization, would support the growth of the IoT in healthcare market in the region.

In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the IoT in healthcare market.
• By Company: Tier I: 45%, Tier II: 40%, and Tier III: 15%
• By Designation: C-Level Executives: 40%, Directors: 35%, Managers: 15% and Others: 10%
• By Region: North America: 15%, APAC: 35%, Europe: 40%, and RoW: 10%

The report includes the study of key players offering IoT in healthcare solutions and services.It profiles major vendors in the global IoT in healthcare market.

Major vendors in the IoT in healthcare market are Agamatrix (US), Armis (US), Capsule Technologies (US), Comarch SA (Poland), Cisco Systems (US), GE Healthcare (US), IBM Corporation (US), Intel (US), KORE Wireless (US), Medtronic (Ireland), Microsoft Corporation (US), OSP Labs (US), Resideo Technologies (US), Royal Philips (Netherlands), SAP SE (Germany), Sciencesoft (US), Softweb Solutions (US), STANLEY Healthcare (US), Telit (UK), and Welch Allyn (US). It further includes an in-depth competitive analysis of key players in the IoT in healthcare market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.

Research Coverage
The market study covers the IoT in healthcare market across segments.It aims at estimating the market size and the growth potential of this market, across different segments, such as component, application, end user, and region.

The study further includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall IoT in healthcare market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.

The report further helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

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