Patient Monitoring Segment to Grow at Faster CAGR During 2016–2025
According to our new research study on “IoT in Healthcare Market Forecast to 2025 –Global Analysis – by Solution, Services, Application, and End User,” the market is expected to reach US$ 135.87 billion in 2025 from US$ 20.15 billion in 2015; it is estimated to grow at a CAGR of 21.2% from 2016 to 2025. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The growth of the artificial intelligence in healthcare market is attributed to the increased adoption of smart devices and wearables, need for workforce optimization, and decreasing cost of sensors. However, high cost associated with smart devices and IoT infrastructure, security and privacy concerns and varying standards and lack of interoperability are the major factor hindering the market growth.
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Based on application, the IoT in healthcare market is segmented into medication management, patient monitoring, fitness & wellness measurement, clinical workflow management and others. The patient monitoring segment held the largest market share in 2015, also the same segment is estimated to dominate the market during the forecast period. Rising awareness among people for the measurement and monitoring of their self-health offer lucrative opportunities for the growth of patient monitoring segment.
The IoT in healthcare market is expected to witness substantial growth post-pandemic. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth in many areas. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. Factors such as use of robots and IoT devices like smart bracelet that is worn by patients to check patients' temperatures, monitor their heart rates and sugar levels will eventually drive the market growth in forecast period.
GE Healthcare, IBM Corporation, Koninklijke Philips N.V., Medtronic Public Limited Company, Microsoft Corporation, Proteus Digital Health, Inc., Qualcomm Life, Inc., Siemens Healthcare Gmbh, Stanley Healthcare and Verily Life Sciences LLC. are among the leading companies operating in the IoT in Healthcare Market.
The report segments IoT in healthcare market as follows:
By Solution
Medical Systems & DevicesOn-Body WellnessOn-Body HealthcareImplantedSoftware Solutions & ToolsData Analytics Tools & SolutionsNetwork Management SolutionsSecurity SolutionsBy Services
Professional ServicesIntegration ServicesBy Application
Medication ManagementPatient MonitoringFitness & Wellness MeasurementClinical Workflow ManagementOthersBy End- User
Patients & IndividualsDiagnostic & Research Centers and LabsHospital and Healthcare InstitutesGovernment AuthorityBy Geography
North AmericaUSCanadaMexicoEuropeFranceGermanyUKSpainItalyRest of EuropeAsia Pacific (APAC)ChinaIndiaJapanAustraliaSouth KoreaRest of APACMiddle East & Africa (MEA)Saudi ArabiaUAESouth AfricaRest of MEASouth and Central America (SCAM)BrazilArgentinaRest of SCAM
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