Global Internet of Things (IoT) in Healthcare Market - Segmented by Type, Application, Component, End-users, and Geography - Growth, Trends, and Forecast (2018 - 2023)
IoT system includes every device that is connected to the internet for a wide range of applications, such as tracking patients or equipment, collecting data, and analyzing the collected data. The global Internet of Things (IoT) in the healthcare market is expected to register a CAGR of 28.6% during the forecast period (2018 - 2023).
Need to Contain Healthcare Expenditure
The high per capita expenditure on healthcare in developed regions, such as North America and Europe, is expected to increase further. According to a WHO report, in 2014, the United States spent 17.14% of GDP (which is an increase by approximately 2% from 2005) on healthcare, exclusively. More than one-sixth of the GDP being spent on one sector shows the importance of that sector, but this also limits the resource for other developmental schemes. In countries, such as Germany and France, the expenditure on healthcare as a percentage of GDP, has increased by approximately 1% in the last decade. In Germany, healthcare expenditure increased from approximately USD 350 billion in 2007 to USD 437 billion in 2014, which is a 25% increase in just eight years. There is a need to contain the expenditure on healthcare and regular monitoring, as the costs are becoming too high.
To contain the expenditure on health, there is an urgent need to decrease the total cost of such regular monitoring. The overall cost of regular monitoring includes transportation cost, hospitalization cost, and service cost. These costs can be minimized or eliminated with the help of remote patient monitoring device, a healthcare IoT product. Remote patient monitoring device, as the name suggests, involves the monitoring of a patient from a different location. This eliminates the need for commuting to the hospital and the need for being hospitalized for less severe conditions. This need is driving the market for IoT.
The emergence of big data in healthcare, increase in the adoption of information technology in the healthcare sector, need to reduce hospital re-admissions, and advancements in the field of information technology, are some of the other factors contributing to the growth of the market.
Data Privacy Concerns
The advent of IoT in the healthcare sector has led to the emergence of privacy concerns among the hospitals and patients. Concerns regarding breach exist as with any other digital technology. Although traditional, on-premise digitalization helps in strengthening the process and efficiency, it does not provide enhanced security for medical data, which is very critical. Hackers may alter the data, which can affect the entire functioning of an organization. According to a report published by the American National Standards Institute, health information privacy of nearly 18 million Americans has been breached electronically over the last two years. These privacy breaches result in loss of trust by patients, who expect their health information privacy to remain protected and hence hampering the growth of the market.
Additionally, high initial investments and lack of skilled labor are also restraining the Internet of Things (IoT) in Healthcare market growth.
Asia-Pacific to Register the Highest CAGR
The global internet of things (IoT) in healthcare market is segmented by type, application, component, end-users and geography. By geography, it is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
The high growth rate in the Asia-Pacific IoT healthcare market can be attributed to the increase in a number of hospitals and surgical centers in this region. The rise in the demand for cloud-based solutions from the manufacturing and other verticals, is driving the IoT healthcare market in this region. Countries, such as India, Indonesia, and China are expected to witness high growth rates in the IoT healthcare market.
Major players: INTERNATIONAL BUSINESS MACHINES CORPORATION (IBM), INTEL CORPORATION, ERICSSON, KONINKLIJKE PHILIPS NV, PROTEUS DIGITAL HEALTH INC., MEDTRONIC, CISCO SYSTEMS INC., MICROSOFT CORPORATION, GE HEALTHCARE, AND QUALCOMM, amongst others.
Reasons to Purchase The Report
Market analysis for the global Internet of Things (IoT) in healthcare market, with region-specific assessments and competition analysis on a global and regional scale
Analyze various perspectives of the industry, with the help of Porter’s five forces analysis
The treatment type that is expected to dominate the market
Regions that are expected to witness the fastest growth, during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 month analyst support, along with the market estimate sheet (in Excel)
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.