The worldwide market size for the Internet of Things (IoT) in Healthcare is estimated to grow at a CAGR of 19.1% during 2018 to 2025. Internet of Things (IoT) technology aims at adding new internet sharing devices in information and communication technology by integrating short-range mobile transceivers into devices such as camera pills, 3D printed organs, fridge controller, and predictive assistance devices. This technology is used in hospitals, biotechnology, diagnostic laboratories and pharmaceutical companies to utilize their assets more efficiently. Hospitals are highly adopting IoT technology for providing essential medications in real-time and cost effective information. Sensors integrated with monitoring medical devices are used to track patient’s health in critical care units. IoT has various applications in healthcare such as OpenAPS-closed-loop insulin delivery, tracking cancer treatment, and ingestible sensors.
In terms of healthcare, IoT is integrated into medical devices to monitor various health parameters such as blood pressure, heart rate, and blood glucose level. IoT integrated medical device assist physicians and healthcare provider in real time and early diagnosis of chronic diseases such as diabetes, neurological and cardiovascular disorders.
Growing prevalence of chronic disease, high demand for cost-effective disease treatment, increasings need for real time diagnosis, advancement in IoT technology, and favorable government regulations are some of the major factors expected to boost growth of global Internet of Things (IoT) in the healthcare market. However, high cost associated with development of IoT infrastructure, security and data privacy concerns, and lack of technical knowledge regarding implementation of technology are the major factors restraining growth of IoT in healthcare market.
Increasing investments in R&D by major market players to develop efficient platform for establishing better healthcare infrastructure coupled with supportive government for IoT are some of the factors expected to fuel growth of Internet of things in healthcare market over the forecast period.
The global Internet of Things (IoT) in healthcare market is segmented on the basis of component, technology, application, and end user. On the basis of component, the global Internet of Things (IoT) in healthcare market is segmented into system and software, medical devices, and services. The system and software segment is projected to witness high growth during the forecast period. System and software segment is further categorized into network management, remote device management, data analytics, application and network security. The medical devices segment is further segmented into implantable, stationary, and wearable medical devices. The services segment by component is further segmented into three major categories including managed services, system integration & consulting services, and support & maintenance services.
By technology, the global IoT in healthcare market is further segmented into Radiofrequency Identification Device (RFID), sensor, and connectivity technology. These technologies allow patients to collect and share their medical data with healthcare providers. Increasing adoptions of sensors integrated medical devices to monitor health parameters are expected to propel growth of the segment in the global IoT in healthcare market. On the basis of application, the global Internet of Things (IoT) in healthcare market is further segmented into clinical operations and workflow management, telemedicine, connected imaging, medication management, inpatient monitoring, and fitness and wellness measurement.
By application, telemedicine segment is estimated to account for major share in the global IoT in healthcare market. The telemedicine helps to provide data form through telecommunication network. Innovations in devices to meet medical requirements of customers and improved privacy and security by telemedicine are expected to propel growth of this segment in the global IoT in healthcare market.
By end user, the global IoT in healthcare market is further segmented into hospitals, clinics and surgical centers, clinical research organization, diagnostics and research labs, and defense and government institutes. Clinical Research Organization (CRO) segment is projected to witness highest growth during the forecast period. Increasing adoption of IoT in pharmaceutical and biotechnology industry for development of efficient healthcare infrastructure is expected to drive growth of the segment in the global market.
By geography, the global Internet of Things (IoT) in healthcare market is segmented into five major regions, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America accounted for major share in global Internet of Things (IoT) in healthcare market. Well established healthcare infrastructures and high adoption advanced medical devices are key factors contributing to growth of the market in the region. The Asia Pacific is expected to grow at high CAGR during the forecast period, owing to increasing awareness regarding IoT in healthcare coupled with major investments by government for development of better healthcare infrastructure in region are the factors expected to propel the growth of market in this region over the forecast period.
The key players operating in global IoT healthcare market include Medtronic PLC, Royal Philips, Cisco Systems, Inc., IBM Corporation, Microsoft Corporation, SAP SE, Qualcomm Life, Inc., GE Healthcare Ltd., Koninklijke Philips N.V., Honeywell Life Care Solutions, and Stanley Healthcare among others. Major market players are focused on strategic partnership and innovative product launches to maintain their positions in the IoT healthcare market.