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.
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.
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.
Geographically, North America dominated the global market of IoT in healthcare in 2014; whereas the Asian market is expected to witness the fastest growth, a CAGR of 41.6%, during the forecast period.
Some of the key companies operating in the global IoT in healthcare market include Medtronic Plc., Koninklijke Philips N.V., General Electric Company, Qualcomm Incorporated, Honeywell Life Care Solutions, SAP SE, Stanley Black & Decker Inc., International Business Machine (IBM) Corporation, Microsoft Corporation, Cerner Corporation, Diabetizer Ltd. & Co. KG, Proteus Digital Health Inc., AdhereTech Inc., and fPhysIQ, Inc.
News Courtesy: P&S Market Research