Internet of Things (IoT) in Healthcare Market Set to Exhibit Momentous Revenue Share at US $322.77 Billion by 2025
Internet of Things (IoT) based healthcare systems play a key role in the growth of medical information systems. Tracking, tracing, and monitoring of patients are essential to enhance the healthcare system. However, due to an inadequate healthcare situation, current medical technologies with the available tools cannot meet the same accurately. Dependency of healthcare on IoT is increasing day by day to improve access to care, enhance the quality of care, and most importantly to limit the cost of care. IoT eliminates the need for a health care professional by providing a ubiquitous monitoring system using sensors, gateways, and cloud, to analyze and store the data and communicate it wirelessly to medical professionals for further analysis.
The emergence and need for inventory management, improving workflow management, growing digitalization in healthcare management systems, and the increasing penetration of connected devices is expected to boost the demand for Internet of Things (IoT) in the healthcare market in the coming years. However, high initial cost of investment is expected to be one of the restraints that hinder the market. The global market for Internet of Things (IoT) in healthcare is anticipated to expand at a volume CAGR of 20.6% during the forecast period from 2017-2025. The market is expected to reach
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The market overview section of the report showcases the market dynamics and trends such as the drivers, restraints, and opportunities that influence the current nature and future status of this market. The report also provides the value chain analysis for the market. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the market growth.
The report segments the global Internet of Things (IoT) in healthcare market on the basis of component into hardware, software, and service. The hardware segment is further segmented into portable diagnostic devices (on-body wearable devices) and non-portable diagnostic devices. The market is further segmented in terms of applications into telemedicine, medication management, clinical operations, patient monitoring, and connected imaging. Based on technology, the market is segmented into Bluetooth, WI-Fi, NFC, Zigbee, RFID and other technologies. Thus, the report provides an in-depth cross-segment analysis of the Internet of Things (IoT) in healthcare market and classifies it into various levels, thereby providing valuable insights at the macro as well as micro levels. Revenue data is estimated for all the above mentioned segments.
The report also includes competitive profiling of the key players associated with the market around the globe. The important business strategies adopted by leading players, their market positioning, financials, SWOT analysis, and recent developments have also been identified in the research report. The competitive landscape section of the report also gives an overview of the major contributing regions/countries by these key players in order to strengthen their market position in the future.
The Internet of Things (IoT) in healthcare market data estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. In order to compile the research report, we conducted in-depth interviews and discussions with a wide range of key industry participants and opinion leaders. Primary research represents the bulk of our research efforts, supplemented by extensive secondary research. Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews on the global IoT in healthcare market, across geographies. Primary interviews are usually conducted on an ongoing basis with industry experts and participants in order to get latest market insights and validate the existing data and analysis. Primary interviews offer new and fresh information on important factors such as market trends, market size, competitive landscape, growth trends, etc. These factors help to validate and strengthen secondary research findings. Moreover, the data collected and analyzed from secondary and primary research is again discussed and examined by our expert panel. We reviewed key players' product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a study of recent trade journals, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants' insights, and recognizing business opportunities.
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Major strategies adopted by Internet of Things (IoT) in healthcare solution providers include strategic acquisitions and partnerships. Some of the key players active in the market includes
During the forecast period, it is estimated that the established players in the market would either get merged into large enterprises or would give tough competition to the emerging players in the market. It is estimated that large Internet of Things (IoT) in healthcare solution vendors would acquire regional players to improve their distribution networks in domestic as well as international markets. Details such as financials, business strategies, SWOT analysis, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling.
Market Segmentation
Global Internet of Things (IoT) in Healthcare Market, by Component
Hardware
Portable Diagnostic Devices
On-body Wearables
Others
Non-Portable Diagnostic Devices
Software
Service
Global Internet of Things (IoT) in Healthcare Market, by Application
Telemedicine
Medication Management
Clinical Operations
Patient Monitoring
Connected Imaging
Others
Global Internet of Things (IoT) in Healthcare Market, by Technology
Bluetooth
Wi-Fi
NFC
Zigbee
RFID
Others (Cellular, Satellite, Zwave,
Global Internet of Things (IoT) in Healthcare Market, by End-user
Hospitals
Pharmaceuticals
In addition, the report provides analysis of the global Internet of Things (IoT) in healthcare market with respect to the following regions:
The
Rest of
Rest of
Rest of MEA
Rest of
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