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Internet of Things in Healthcare Market Size, Share to Hit USD 477.9 Bn By 2025 – Industry News

Author : Market Study Report | Published Date : 2020-12-24 

IoT in healthcare integrates next-generation technology with medical equipment to exchange or collect data, which can be utilized for creating a fully organized healthcare system with respect to cost, time, and energy. Incorporation of IoT with healthcare devices aids in monitoring patients more efficiently. Data attained from device assists healthcare providers and physicians to make wise decisions about patients needing more attention and care. Additionally, IoT in the medical field supports in proactive management of diseases by offering early diagnosis with precise data.

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According to the report, a significant component of the IoT powered healthcare management system is electronic health or e-health. Besides several other digital services, online appointment is one of the most used e-health services. Booking an appointment online allows quick as well as easy access to the digital health records of patients together with online interaction with a physician. Apart from this, the service also monitors and tracks the location of patients and specialist and warns users before equipment expires.

The report cites that the surging prevalence of chronic illnesses such as neurological disease, cancer, and cardiovascular disease, rising demand for affordable disease management, enhancement in the internet of things technology, and deployment of favorable government regulations are some of the prime factors supporting the growth of the global IoT in the healthcare market.

In this study, the global Internet of Things in healthcare market is bifurcated with respect to end user, component, application, and technology. In terms of component, the market is further divided into services, medical devices, and system & software. The report cites that the system & software segment is anticipated to observe the highest growth during the predicted time slab. System & software segment is further partitioned into data analytics, remote device management, network management, and application & network security. Medical devices market segment is further fragmented into stationary, implantable, and wearable medical gadgets. Services segment by component is further categorized into 3 major classes comprising support & maintenance services, system integration & consulting services, and managed services.

As per the end user spectrum, the market is segmented into clinics and surgical centers, hospitals, clinical research organization, defense & government institutes, and diagnostics & research labs. CRO fragment is projected to amass immense growth during the forecast timeline, cites the report. Surging utilization of IoT in the biotechnology and pharmaceutical industry for developing efficient healthcare infrastructure is scheduled to boost the growth prospects of this segment in the worldwide market.

The leading players profiled in this business space include Stanley Healthcare, Honeywell Life Care Solutions, Koninklijke Philips N.V., Qualcomm Life, Inc., SAP SE, Microsoft Corporation, GE Healthcare, IBM Corporation, Cisco Systems, Inc., Royal Philips, and Medtronic PLC. Leading players in this market concentrate on strategic partnership, launching innovative products, and geographical expansion to expand their foothold in the IoT in the healthcare market.

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