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Global Internet of Things in Healthcare Market: Industry Insights & Opportunity Evaluation, 2017-2024
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Internet of Things (IOT) In Healthcare Market Overview Internet of things is spreading their wings in every sector and healthcare is one of them. Internet of things offers various benefits in healthcare sectors such as improved medical care, reduced overall cost, better efficiency and also minimized human errors. Moreover, internet of things in healthcare is also improving relation between patient and doctor by offering better communication medium. Internet of things in healthcare sector has been helping hospitals and clinics to keep their patient safe and healthy. Further, hospitals and clinics can use internet of things to keep track of inventory. Market Size & Forecast Global internet of things in healthcare market is anticipated to flourish at a compound annual growth rate (CAGR) of 32.2% over the forecast period i.e. 2017-2024. The global market of internet of things in healthcare stood at revenue of around USD 42.7 Billion in 2016 and is expected to reach at a valuation of about USD 162.2 Billion by the end of 2024. Increasing expenditure in healthcare sector and technological advancement in internet of things are some major factors which are fostering the growth of global internet of things in healthcare market during the forecast period.
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Asia Pacific region is expected to be the fastest growing market of internet of things in healthcare over the forecast period. This rapid growth of Asia Pacific region can be attributed to factors such as increasing disposable income of consumers, expanding investment in research & development of healthcare sector and emergence of new advanced IT-healthcare services in this region. Market Segmentation Our-in depth analysis of the global internet of things in healthcare market includes the following segments: By Component Medical Devices System & Software Service & Hardware Connectivity Technology
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By Technology Bluetooth Low Energy (BLE) Wi-Fi Zigbee Near Field Communication Cellular By Application Clinical operations Telemedicine Inpatient Monitoring Medication Management Connected Imaging Work Flow Management By Region Global smart wearable device market is further classified on the basis of region as follows: North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium) Market size, Y-O-Y growth & Opportunity Analysis
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Growth Drivers & Challenges Global internet of things in healthcare market is primarily driven by the factors such as increasing expenditures in research and development of healthcare sector and increasing disposable income of the consumers. Further, rising demand for internet of things in health care sector due to their beneficial abilities such as batter care of patients and tracking of inventory coupled with technological advancement in internet of things are expected to foster the growth of global internet of things in healthcare market over the forecast period. Additionally, increasing penetration of critical diseases like cancer is propelling the demand for internet of things in healthcare sector in order to provide better treatment to the patients. Moreover, use of internet of things in medical processes like telemedicine and impatient monitoring are expected to propel the growth of this market in near future.
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Further, rising adoption of smart devices including smart wearable medical devices, health tracking devices is likely to foster the growth of internet of things in healthcare market in near future.
Key Players Medtronic PLC Company Overview Key Product Offerings Business Strategy SWOT Analysis Financials Royal Philips Cisco System Inc. IBM Corporation GE Healthcare Microsoft Corporation SAP SE Qualcomm Life Inc. Honeywell Life Care Solution Stanley Healthcare Scope & Context Overview of the Parent Market Analyst View Segmentation
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The global internet of things in healthcare market is segmented as follows: By Component Market Size & Y-O-Y Growth Analysis By Technology Market Size & Y-O-Y Growth Analysis By Application Market Size & Y-O-Y Growth Analysis By Region Market Size & Y-O-Y Growth Analysis Market Dynamics Supply & Demand Risk Competitive Landscape Porter’s Five Force Model Geographical Economic Activity Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio Recent Trends and Developments Industry Growth Drivers and Challenges Key Information for Players to establish themselves in current dynamic environment
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