Global internet of things (IoT) healthcare market size is expected to reach $267.6 billion by 2023
LONDON, Oct. 11, 2018 /PRNewswire/ -- Internet of Things (IoT) Healthcare Market by Component (Medical Devices, Systems and Software, Services), by Connectivity Technology (Wi-Fi, Bluetooth Low Energy, Near Field Communication, Zigbee, Cellular, Satellite), by Application (Telemedicine, Clinical Operations and Workflow Management, Connected Imaging, Inpatient Monitoring, Medication Management) by End User (Hospitals, Surgical Centers, and Clinics, Clinical Research Organizations, Research and Diagnostic Laboratories), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, Japan, China, India, Australia, Brazil, Mexico, South Africa, Saudi Arabia, U.A.E.) - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023
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Global internet of things (IoT) healthcare market size is expected to reach $267.6 billion by 2023, according to P&S Market Research.
The market is mainly driven by the growing need for remote patient monitoring services, growing demand for advanced healthcare information systems, increasing prevalence of chronic and lifestyle associated diseases, growing demand for mHealth technologies, and increasing support from government organizations.
Insights into market segments
On the basis of component, the IoT healthcare market has been categorized into medical devices, systems and software, and services. Among all types, the sales of medical devices were the largest in this market, accounting for 44.6% share in 2017.
Based on technology, the IoT healthcare market is categorized into Wi-Fi, BLE, NFC, ZigBee, cellular, and satellite. Among these, the fastest growth during the forecast period is expected from Wi-Fi technology, with 32.1% CAGR. This is attributed to the increasing adoption of Wi-Fi gadgets and tools in hospitals for sending the medical data to-and-from the cloud.
IoT in healthcare finds application in telemedicine, clinical operations, medication management, connected imaging, inpatient monitoring, and others. During the forecast period, the market is expected to witness the highest growth from the telemedicine application category, with a CAGR of 32.1%.
The end users for IoT healthcare market include hospitals, surgical centers, and clinics; clinical research organizations; research and diagnostic laboratories; and others. Of these, the market is expected to witness the fastest growth in the hospitals, surgical centers, and clinics category, with a CAGR of 31.1% during the forecast period.
IoT healthcare market projected to witness the fastest growth in APAC
During the forecast period, the IoT healthcare market is expected to witness the fastest growth in Asia-Pacific (APAC), at a CAGR of 34.4%. This growth in the regional-level market is mainly due to the growing geriatric population and surge in the occurrence of various chronic diseases such as diabetes, chronic obstructive pulmonary disease, asthma, and others. Furthermore, North America held the largest share in the global market, contributing over 44.3% revenue in 2017, owing to improved healthcare infrastructure and increased healthcare spending.
Key market players entering partnership agreements to increase their market share
Key players in the IoT healthcare industry are seeking partnerships and acquisitions to provide more effective solutions. For instance, in February 2018, Qualcomm Life Inc., a subsidiary of Qualcomm Incorporated, announced an exclusive strategic licensing agreement with AlertWatch Inc., an Ann Arbor based company, for the development of intelligent care software systems to assist the real-time care of patients in the operating room. The agreement provides Qualcomm Life Inc. with exclusive rights to market and sell AlertWatch, used by clinicians for secondary monitoring of patients in operating rooms.
Besides, in February 2018, Qualcomm Life Inc. announced a strategic reseller agreement with PeriGen Inc. The agreement with PeriGen Inc. would allow the former to license and sell PeriWatch Vigilance, an early warning platform for obstetrics that automatically identifies patients whose condition is worsening, facilitating more timely interventions.
Some of the other key players operating in the IoT healthcare industry are PhysIQ Inc., Adheretech, Proteus Digital Health Inc., Koninklijke Philips N.V., Cisco Systems Inc., General Electric Company, Honeywell International Inc., SAP SE, Stanley Black & Decker Inc., International Business Machines (IBM) Corporation, Medtronic plc, and Microsoft Corporation.
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