IoT in Healthcare Market to 2025 – Global Analysis and Forecasts by Solution, Services, Application and End-user

IoT has been gaining attention in every industry, healthcare industry is among the fastest to adopt the internet of things. IoT has various application in healthcare such as smart sensor, remote monitoring and device integration. IOT helps to keep the patients the safe and healthy. Healthcare IoT gives satisfaction to the patient by allowing patient to spend more time interacting with the doctors. Internet of thing (IoT) transform the traditional healthcare treatment into healthcare IoT through simplifying access of patient data and remote patient monitoring. The rise of this digital healthcare technology has provide the better diagnostics and targeted therapeutic tools. Healthcare IoT technology also works as fitness tracker for athletes for athletes and a dose reminder for patient. IoT in healthcare includes some of the benefits such as better patient engagement, real-time data for care managers, increases interest level of patient, reduce healthcare cost, better chronic care management, reduce scope of error and enhanced drugs and medication management.
The Internet of Things (IoT) in Healthcare comprises of solutions and services such as mobile applications, wearable devices, software etc. to benefit the patients and healthcare professionals in reduction of costs as well as increasing efficiency. Microsoft, Philips and GE Healthcare are among the major players operating in this market. North America, being a technologically advanced region along with the rising incidences of chronic diseases such as obesity, has witnessed highest adoptions of IoT in Healthcare services and solutions. Europe is the second largest adopter of IoT in Healthcare, while APAC region with increasing adoption of smart devices and need for better and efficient healthcare technologies is growing at a faster rate. Global IoT in Healthcare market is expected to grow from US$ 20.15 billion in 2015 to US$ 135.87 billion by 2025 at a CAGR of 21.2% between 2015 and 2025.

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The major factor which drives the market for IoT in healthcare are increasing demand for remote monitoring of patient, remote monitoring of patient in home is increasing with popularity of various mobile device developed to enable remote caring. It has become easier to monitor patient health by sharing the health information to health care such as nurse, doctors and specialist and rising penetration of smart wearable to monitor patient, healthcare IoT includes number of wearable, implanted and stationary medical devices used in research & diagnostic laboratories, hospitals, clinics and surgical centers. In addition to this there are several other factors fueling the market for IoT in healthcare such as reduce operating cost, enhance the decision-making process, improve disease management, enhance management of drugs and improve patient experience. However, the factor which hinders the growth of IoT in healthcare is security & privacy of patient, complexity and safety. Rising demand for management device operating in the system, high penetration of fitness & wellness device is expected to fuel the market for IoT in healthcare over the forecasted period.

IoT in healthcare market is segmented on the basis of solution which includes medical systems & devices, on body wellness, on body healthcare, implanted, software solutions & tools, data analytics tools & solutions, network management solutions and security solutions and the market is further breakdown on the basis of services such as integration services and professional services. Similarly, the market is further segmented on the basis of application such as medication management, patient monitoring, clinical workflow management, fitness & wellness measurement and others and the market is further segmented as end user which includes patients & individuals, diagnostic & research centers and labs, government authority and hospital & healthcare institutes.

The market is segmented into major regions that include North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America (SAM). The major countries included are considered in the scope of the study such as U.S, Canada, Mexico, France, Germany, Italy, Spain, UK, Japan, China, India, Australia, South Arabia, UAE, South Africa and Brazil. Some of the key players which dominate IoT in healthcare are Koninklijke Philips N.V., Medtronic Plc., Siemen Healthcare GmbH, Proteus Digital Health, Inc., IBM Watson Health, General Electric Healthcare, Microsoft Corporation, Qualcomm Life, Inc., STANLEY Healthcare and Verily Life Sciences LLC (Alphabet-Google).

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