The global IoT in Healthcare market was valued at $24,666.7 million in 2014, and it is expected to grow with a CAGR of 37.6% during 2015 – 2020. Among the various components, the system and software segment is expected to witness the fastest growth during the forecast period, with a CAGR of 40.7%.
The global IoT in healthcare market is growing at a significant rate, due to increasing demand for advanced healthcare information system, and growing prevalence of chronic and lifestyle associated diseases. In addition, the growing need for remote patient monitoring services, increasing demand of mHealth technologies, and increasing support from government organizations are also driving the growth of the global IoT in healthcare market.
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The IoT applications in healthcare, such as telemedicine, medication management, clinical operations and workflow management, inpatient monitoring, helps in compiling services related to diagnosis, treatment, care, and rehabilitation. It improves communication between patients and healthcare providers, to reduce medication errors and provide better coordinated care.
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According to the World Health Organization (WHO), 9.6 million people were diagnosed with tuberculosis and 1.5 million died due to the disease in 2014. Similarly, according to the WHO, globally 130 million to 150 million people had chronic hepatitis C infection in 2014. Moreover, according to the WHO in 2014, 1.2 million people died from HIV related causes globally and 2 million people were newly infected with HIV.
However, lack of security; insufficient memory, computational and energy limitations; and inadequate healthcare infrastructure in developing economies are inhibiting the growth of the market. The increasing number of collaboration and partnerships, growing number of product launches and increasing popularity of IoT healthcare devices are the major trends observed in the global IoT in healthcare market.
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GLOBAL IOT IN HEALTHCARE MARKET SEGMENTATION
By Component
- Medical Devices
- Wearable External Devices
- Implanted Medical Devices
- Stationary Medical Devices
- Software and Systems
- Remote Device Management
- Network Bandwidth Management
- Data Analytics
- Application Security
- Network Security
- Services
By Connectivity Technology
- Wi-Fi
- Bluetooth Low Energy (BLE)
- Zigbee
- Near Field Communication (NFC)
- Cellular
- Satellite
By Application
- Telemedicine
- Medication Management
- Clinical Operations
- Connected Imaging
- Inpatient Monitoring
- Others
By End User
- Clinical Research Organization (CRO)
- Hospitals & Clinics
- Research and Diagnostic Laboratories
- Others
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