IoT technology is becoming an essential element of healthcare. A recent report uses extensive research and data to forecast the trend of the IoT healthcare industry from 2019 until 2026.
In developing countries, IoT technology can connect patients who would otherwise struggle to see a practitioner to access healthcare. In developed countries, the technology can help medical institutions to respond to budget cuts and improve services.
IoT healthcare technology — such as Telemedicine — is already being used in many countries. The NHS is already using VR in a healthcare context, while remote monitoring of vital signals is becoming increasingly common. As the technology becomes more refined and inexpensive, greater adoption is expected across the globe. The report gives more detailed insight into the industry.
Internet of Things (IoT) in Healthcare Market report
The IoT in healthcare report details forecasts for 2019 through 2026, including major technologies and trends, market value and growth, restraints, and driving forces. It also highlights market segments individually, analyzes key industry players, and breaks down the market by region.
The report is based on historical studies, in-depth research, primary interviews and expert reviews. Secondary research comes from annual reports, broker and financial reports, government documents, company white papers and statistical databases, among other sources. The report, therefore, provides a comprehensive analysis of the IoT healthcare industry.
The industry analysis for ‘opportunity’ includes A ‘Five Force’ approach that examines buyer bargaining power, supplier bargaining power, the threat of new entrants, the threat of substitutes and the degree of competition.
The report is available in full for those who want to purchase it, but here is a summary of some of the key findings. It’s easy to see that the IoT healthcare industry is growing rapidly, yet steadily. The report also suggests which specific technologies and market segments are making the most ground.
Market Value – The Market value of the global IoT healthcare industry was $5,800 million in 2014.
According to the report, this is expected to reach $14,000 million by 2024. The compound annual growth rate (CAGR) is expected to be 12.2% between 2017 – 2024.
What are the main reasons for this growth?
Drivers – One of the major driving forces behind the growth of the IoT healthcare industry is greater adoption and accessibility. More healthcare institutes around the world are introducing IoT technology, and patients are more able to use them. IoT services are becoming more cost-effective. Cloud computing is a key factor in growth because it makes data more accessible to practitioners, manufacturers and service providers.
Restraints – Lack of consistency in interconnectivity and interoperability is a key restraint in the market that needs to be overcome. There are also security issues. Healthcare data is sensitive and, as such, it demands the highest levels of encryption and security. Reduction in the cost of connected devices has been identified as a key opportunity in the market.
Market Segments – Systems and software is the largest market segment by component type and is expected to grow at a CAGR of 12.6%. This includes IoT sensors and accompanying software for medical devices that measure temperature, heart rate and blood pressure. There are already over 16.5 million patients worldwide whose signals are being remotely monitored. When it comes to application type, telemedicine accounts for the largest market share and is proving particularly effective in developing countries.
Regions – When it comes to regions, North America is by far the largest, having 40.3% market share in 2016. This is due to advanced healthcare facilities. Europe also owns a large market share and is growing at a CAGR of 11.7%. Asia-Pacific, the Middle East and Africa, and Central and South America have all been identified in the report as promising regions, where growth rates are expected to be high in the coming years.