Global IoT in healthcare market is expected to reach nearly USD 410 billion by 2022 according to a new report by Grand View Research Inc. The introduction of technologically advanced connected medical devices, penetration of smart phones, and use of software automation, to enable faster patient testing, and provide better accuracy, ease of usage, and portability are expected to serve the Internet of Things in healthcare market as high-impact rendering drivers over the forecast period.
Increasing prevalence of chronic diseases such as heart failure, obesity, diabetes and hypertension are boosting the demand for technologically advanced medical devices. The new generation connected medical devices enable real-time patient monitoring and help the medical professionals to swiftly respond to the patient needs. For instance, the vital sign monitors, activity monitors, safety monitors and medication monitors are routinely used for patent monitoring and medication management.
The growing geriatric population, and the high unmet medical needs for home healthcare and long term healthcare services are driving the growth of telemedicine and remote patient monitoring and these factors are expected to positively reinforce theIoT in Healthcare market over the forecast period.
According to the data published by the U.S. based Family Caregiver Alliance (FCA) in 2015, nearly 63% of the population availing long term healthcare services are people aged above 65 years. This population is expected to drive the demand for technology enabled healthcare services.
The healthcare practitioners are increasingly using technology platforms to serve the growing hospital and patient needs. Moreover, various routine activities such as 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.
The growth of big data analytics, cloud services and artificial intelligence for healthcare applications is gaining significant traction. Several leading technology firms are investing huge resources to tap the potential of the IoT in healthcare market. For instance, IBM has developed the Watson platform for oncology, drug discovery, and clinical trial matching. This platform has combined the power of supercomputing with the huge amount of healthcare research and patient data.
Further more, the use of RFID tags for medication management, asset tracking and asset transportation and development of novel products such as smart pills and smart beds are expected to boost the IoT in Healthcare market over the forecast period.
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Further key findings from the study suggest:
- In 2014, systems and software segment accounted for the maximum revenue of USD 22.8billion. Key factors attributed include growing awareness regarding remote patient monitoring, preventative maintenance, diagnostics and software up gradation.
- However, Medical devices is expected to be the fastest growing segment with a CAGR of 28.3% over the forecast period, on account of growing demand for remote and continuous physiological data management and growing interest from various private and public companies in the IoT-MD domain. (Internet of Thing in Medical Device)
- In 2014, North America held the maximum share of 32.4%. Key factors attributed for the high market share include growing prevalence of chronic diseases, increasing geriatric population prone to various chronic diseases.
- Active collaboration between the high tech software industries and the medical device manufacturers, healthcare practitioners, and technology universities, is a key factor for building the right eco-system for the market growth and expansion.
- Moreover, the IoT in healthcare market is gaining significant interest from the venture capitalists and hedge fund managers owing to the huge potential in changing the healthcare delivery models and improving patient outcomes.
- Asia Pacific is expected to register lucrative growth over the forecast period with a CAGR of over31%. Key factors attributing to its rapid growth include growing penetration of connected medical devices, presence of high unmet clinical needs, and constant economic developments in the region.
- The governments are proactively engaging in using digital health solutions to transform this regions healthcare services capability and improve access to healthcare. Increase use of cloud, SAS, big data and other software platforms for electronic data management, real time patient monitoring, and telemedicine is expected to drive the market growth in this region over the forecast period.
- Major companies such as Medtronic Inc., Philips, Cisco Systems, IBM Corporation, GE Healthcare, Microsoft Corporation, Qualcomm Life Inc., and Stanley Healthcare are investing a huge amount in R&D of connected diagnostic laboratories. These companies are more focused in the development of software with their devices in an attempt to stabilize their market position.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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