Global Internet of Things in Healthcare Market - Segmented by Component (Hardware, Software, Service), Application (Patient Monitoring, Mobile Health), and Region - Growth, Trends and Forecasts (2018 - 2023)
In 2017, the global Internet of Things in Healthcare Market was worth USD 40.861 billion and is projected to reach a value of USD 243.782 billion by 2023, registering a CAGR of 33.8% during 2018-2023 (the forecast period).The scope of this report is limited to the solutions that are offered by the major market players, which includes providers of software, hardware, and services. The regions considered in the scope of this report include North America, Europe, and various others, with respective country-wise analysis. Apart from this, the report also discusses communication and network technologies that are used in the market. Also, the study emphasizes on how the emergence of big data and growing adoption of IoT in healthcare is driving the market growth.
Of all the industries, healthcare is expected to be the most beneficial and impactful one when it comes to adopting the concept of IoT. As the technology continues to evolve, internet of things in the healthcare market is likely to grow at an impressive rate, as it could be highly useful in improving the current healthcare setup. Integrating IoT features into medical devices improves the quality and effectiveness of service, which is beneficial, specifically for the elderly patients with chronic conditions and the ones requiring constant supervision. Moreover, by 2025, spending on the healthcare IoT solutions is likely cross the trillion dollar mark and hopefully, set the stage for highly personalized, accessible, and on-time healthcare services for everyone. However, these solutions and various end user cases are just the beginning and far from omnipresent. More advanced and streamlined approaches, within the scope of the digital transformation of healthcare, are expected to be used with regards to health data aspects, where IoT plays an increasing role, as it does in specific applications, such as smart pills, smart home care, personal healthcare, robotics, and Real-Time Health Systems (RTHS).
Emergence of Big Data and Technological Advancements to Drive the Market
With the rapid adoption of technological solutions in healthcare, such as connected devices and services, a person can now book an appointment online as well as can view his/her report online on a real-time basis. With an interconnected and secured database, medical records are easily available to concerned healthcare professionals and physicians, while reducing multiple form fill-ups at the consumer end. It also helps doctors by increasing operational efficiency as they can carry all the information of a patient in their smart devices and can view from anywhere irrespective of the locations. Moreover, through real-time data, errors can be reduced. Apart from this, through connected healthcare services, resources can be optimized by providing enhanced, secure, and cost-effective solutions for consumers, to facilitate better engagement between clinicians and patients.
Hardware to witness the Highest Market Share
Hardware is the largest adopter of IoT technology, as it offers several advantages not only to the end consumer of healthcare services, but also to medical device manufacturers. While patients can gain the most from personalized healthcare and proactive medical treatments, the manufacturers are expected to be benefited by monitoring usage and error patterns of the medical devices. Moreover, IoT-enabled medical machines are likely to not only restructure the healthcare delivery value chain, but also transform the way manufacturers perform lifecycle management and aftermarket support for medical devices. Also, by the end of 2020, about 50 billion of these IoT devices are estimated to be connected wirelessly.
Asia Pacific to Show the Highest Growth Rate
Asia-Pacific is expected to witness the highest growth rate, owing to the initiative taken by the governments to provide healthcare access to its population. The Philippines nearly doubled its budget within the last two years. It provides a strong foundation, where investments into new healthcare practices are made possible. Singapore is sprinting toward the goalpost of being the world’s first Smart Nation. In this country, e-health is taking center stage and rapidly becoming one of the top verticals that are leveraging technology for a better tomorrow. Earlier in 2016, the government unveiled a USD 19 billion plan to support its R&D efforts over the next five years, indicating an 18% increase from last year’s budget. Fuelled by these robust investments, the nation-state has some of the region’s strongest and most advanced infrastructure frameworks and is a home to many of the fastest growing local, regional, and global healthcare establishments, placing it at the forefront of digital transformation.
Key Developments in the market
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