According to a new report published by Allied Market Research titled, “World Internet of Things (IoT) Healthcare Market – Opportunities and Forecasts, 2014-2021”, the world internet of things (IoT) healthcare market is expected to reach $136.8 billion by 2021, registering a CAGR of 12.5% between 2015 and 2021.
Services and system & software segments collectively occupies a dominant share in the world IoT healthcare market and is expected to drive the growth over the forecast period. Patient monitoring application segment is expected to maintain its lead position with $72.7 billion by 2021.
The world IoT in healthcare market is anticipated to grow at a significant pace, owing to easy availability of wearable smart devices, increasing need for stringent regulations and decreasing cost of sensor technology. Furthermore, launch of technological advanced devices (smart shirts, smart lenses, smart bands and others) & analytics software, rising incidence rates of chronic diseases, surging demand for cost-effective treatment & disease management, better accessibility of high speed internet and implementation of favorable government regulatory policies, are also expected to fuel the growth of this market. Improvement in healthcare infrastructure in developing economies, increase in government support, high R&D investments by major players for developing better IoT infrastructure are expected to offer potential growth opportunities to the market. However, factors such as high costs associated with IoT infrastructure development, data privacy and security concerns, lack of awareness in developing economies and limited technical expertise are projected to restrain the market growth.
Services segment contributed for more than half of the market share in the overall IoT healthcare market in 2015. The segment covers architecture services for integration, consulting services for training & teaching and application development services for support & maintenance. Additionally, devices segment is expected to grow at highest growth rate during the forecast period owing to novel technological advancements and increasing popularity of wearable sensor devices.
Patient monitoring application segment is projected to dominate the market throughout the forecast period. The patient monitoring segment covers in-patient hospitalized patients, remote patient monitoring and tele-health services. High adoption of IoT services in remote patient monitoring and growing awareness among individuals would further foster the growth of patient monitoring segment.
Key findings of the study:
- Devices are projected to be the fastest growing segment in world internet of things (IoT) healthcare market at a CAGR of 16.6% during 2015 and 2021.
- Patient monitoring application segment is expected to continue to dominate the world internet of things (IoT) healthcare market throughout the forecast period.
- Healthcare providers (hospitals, doctors) and patient’s end user segment would continue to lead the market, accounting for more than three fourth share in 2015.
- Fitness and wellness measurement application segment is expected to grow at a CAGR of 15.7% during the analysis period.
- Asia-Pacific is projected to be the fastest growing region in internet of things (IoT) healthcare market, registering a CAGR of 17.0% during 2015 and 2021.
The North American internet of things (IoT) healthcare market is projected to offer beneficial growth opportunities during the forecast period owing to well established healthcare infrastructure, high patient awareness, increasing government supports and high investment from major IoT players. In North America, the U.S. dominates with maximum shares in IoT healthcare market. The key companies profiled in the report are Apple Inc., Cisco Systems Inc., GE Healthcare Ltd., Google (Alphabet), International Business Machines Corporation, Medtronic PLC, Microsoft Corporation, Qualcomm Life Inc., Proteus Digital Health, Koninklijke Philips N.V. and St. Jude Medical Inc.