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.
Full research report on Internet of Things in
Healthcare Market analysis: http://www.grandviewresearch.com/industry-analysis/internet-of-things-iot-healthcare-market
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.
Get more information on " Internet of Things in Healthcare Market " or
request for TOC of this research report at: http://www.grandviewresearch.com/industry-analysis/internet-of-things-iot-healthcare-market/toc
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.
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.
To Get Sample Copy of Report visit
@ http://www.grandviewresearch.com/industry-analysis/internet-of-things-iot-healthcare-market/request
