Internet of Things (IoT) in Healthcare
By 2020, it is estimated that there will be 21 billion connected devices in the world. That will be five times as many as just four years ago. This fact affects healthcare as much as any industry. Internet of Things (IoT) in Healthcare tracks the trends around IoT in healthcare and makes specific market estimates and forecasts.
The industry adoption of technology in healthcare is driven by an increase in government mandates, staffing shortages, improving clinical outcomes, and increasing pressures on healthcare functions. The continued adoption of Internet-related equipment, devices and services in the health industry is expected to drive the market to reach nearly $200 billion by 2024. The growing availability of services and vendors will increase access to complex systems and provide more options directly focused on meeting the demands of the health industry. The rise of the IoT is producing some exciting advancements and demand is expected to grow exponentially in the next five years.
This report covers the following segments:
- Artificial Intelligence
- Cloud Solutions
- Medical Devices
IoT can be used to increase diagnostic rates and improve accuracy, allowing for caretakers to make fast, more informed decisions for patients. There is a large physician shortage across the world and misdiagnosis rates are skyrocketing. With medical professionals under more pressure than ever before, IoT can have a meaningful impact on the healthcare industry.
Due to the rapidly growing elderly population, health issues are increasing, while there is a concerted effort to control costs. IoT healthcare devices provide a lower cost and less intrusive way to manage health. Wearables, medication reminders, and portable diagnostic devices reduce the number of visits to a doctor and increase the level of care.
As part of this report's coverage, IoT spending estimates are provided for the following regions
- United States
- Rest of World
IoT in Healthcare provides an overview of the IoT market and highlights some of the technological advancements in IoT in healthcare. This is not an exhaustive list of the many devices in development or on the market but rather a highlighting of some of the more innovative advancements. This study includes the following data points:
- Global Internet of Things in Healthcare Market, 2019-2024 ($ billions)
- Vendor Market Share for IoT in Healthcare Sales, 2019 (%)
- IoT in Healthcare Market Breakdown by Segment, 2019 (%) (Artificial Intelligence, Cloud Solutions, EHR/EMR, Medical Devices, Telemedicine)
- IoT in Healthcare Market Breakdown by Segment, 2024 (%) (Artificial Intelligence, Cloud Solutions, EHR/EMR, Medical Devices, Telemedicine)
- Internet of Things in Healthcare Market, Segment Growth CAGR, 2019-2024 (%) (Healthcare AI, Cloud Solutions, EHR/EMR, Telemedicine, Medical Devices)
- IoT Healthcare Market by Global Region, 2019 and 2024 ($ billions) (U.S., Europe, Asia Pacific, RoW)
- Health Spending and HIT Spending by Country, 2019 Estimates ($ billions) (Australia; Brazil; Canada; China; France; Germany; India; Italy; Japan; Korea, Rep.; Mexico; Russian Federation; Spain; United Kingdom; United States)
Companies covered include:
- Abbott, Inc
- Boston Scientific
- Cerner Corporation
- Cisco Systems, Inc.
- Epic Systems Corporation
- GE Healthcare, Inc.
- IBM, Inc.
- Intel, Inc.
- Koninklijke Philips, Inc.
- Medtronic, Inc.
- Microsoft, Inc.
- Proteus Digital Health
- SAP SE
- Siemens Healthineers GmbH
- Stanley Healthcare
The base year is 2019, with forecasts provided through 2024. The market was evaluated via a combination of disease prevalence trends, population trends, device innovations, federal and industry standards and regulations, global penetration, economic influences, and other macro and micro indicators. Both primary and secondary sources were consulted in developing market estimates.