The global market for Internet of Things (IoT) sensors in healthcare totaled $1.1 billion in 2017 and is estimated to reach $1.9 billion by 2022, growing at a compound annual growth rate (CAGR) of 12.7% for the period of 2017-2022

LONDON, March 5, 2018 /PRNewswire/ -- The global market for Internet of Things (IoT) sensors in healthcare totaled $1.1 billion in 2017 and is estimated to reach $1.9 billion by 2022, growing at a compound annual growth rate (CAGR) of 12.7% for the period of 2017-2022.



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• North American market for IoT sensors in healthcare totaled $295.7 million in 2017 and is estimated to reach $576.0 million by 2022, growing at a CAGR of 14.3% for the period of 2017-2022.
• Asia-Pacific market for IoT sensors in healthcare totaled $253.4 million in 2017 and is estimated to reach $499.2 million by 2022, growing at a CAGR of 14.5% for the period of 2017-2022.

Chapter 1: Introduction
The market for Internet of Things (IoT) sensors for healthcare is growing at a rate of more than 25% per year, driven by new applications for monitoring vital signs, providing alarms and notifications, feeding data to IoT platforms, and administering medical therapies.

Sensors are moving in the direction of broader measurement to report on the context of medical information, increase the frequency and quality of data, and expand the degree of interactivity with data, other devices and external information available to end users.

In addition, sensors are increasingly becoming part of healthcare procedures to inform medical providers of appropriate surgical remedies, disease diagnoses and determine pharmaceutical courses of treatment. Together with nascent analytic platforms, sensors are helping to automate more and more processes within healthcare systems.

Study Goals and Objectives
The goal of this report is to spotlight the important role that sensors play in IoT healthcare applications and to document the opportunities the IoT provides for sensor manufacturers. Opportunities are expressed in terms of potential revenue for the addressable market for IoT sensors in healthcare by geographic region, application type and sensor type. This is a companion report to market research reports provided by BCC Research on the IoT, sensors and connected medical devices.

Reasons for Doing This Study
The purpose of the study is to size the market for IoT sensors in healthcare and the underlying technology. Specifically, hardware, software, networks, and platforms are sized, forecast and discussed in depth. This data will enable manufacturers to determine the most effective research and development, product packaging and marketing and sales strategies.

Scope of Report
This report covers IoT sensors for healthcare, which are defined as electronic components, modules or subsystems whose purpose is to detect events or changes in a healthcare environment or applications and are interconnected with an IoT platform or other sensors.
Within this scope, the report sizes and forecasts the software and hardware revenue for both sensors and interconnection platforms. Technology segments are divided into hardware and software.

The report also segments the market by application in terms of:
• Patient monitoring.
• Therapy administration.
• Diagnostics.
• Treatment.

Information Sources
The primary information sources of the report include global manufacturers and suppliers of IoT sensors and associated products, suppliers of materials for the manufacture of these products, major users of these products, research organizations, governmental agencies, trade associations, and various equipment suppliers. Secondary information sources such as databases, trade literature, specialized journals, and government statistics were also consulted while compiling this report.

Methodology
Both primary and secondary research methodologies were used in preparing this report. Initially, a comprehensive and exhaustive search of the literature on IoT sensors in healthcare was conducted.

Sources included relevant journals and related books, trade literature, marketing literature, other product/promotional literature, annual reports, analyst reports, and other publications. Subsequently, telephone interviews and email correspondence were conducted with marketing executives, product sales engineers, international sales managers, application engineers, and other personnel of connected medical device companies. Other sources included academics, related suppliers, technical experts, and consulting companies.

Geographic Breakdown

In this report, the geographic regions considered for market analysis include, and only include:
• North America.
• Latin America.
• Europe.
• Middle East and Africa.
• Asia-Pacific.
• Rest of world.

IoT Sensors in Healthcare, by Technology
Hardware
Software

IoT Sensors in Healthcare, by End Use
Providers
Patients

IoT Sensors in Healthcare, by Application
Patient Monitoring
Therapy Administration
Diagnostics
Treatment

Chapter 2: Summary and Highlights
The IoT is a broad technology category that includes connected devices working together as a system to deliver data within an application. Quite often, the data is associated with an analytics or decisionsupport engine that enables an actionable outcome.

In this way, the IoT is a two-way system, in which the data that is collected from the system at various points is sent to an aggregation platform, which in turn enables applications that can transmit data back to the device endpoints.

In healthcare, there is ever-growing demand for data collection, aggregation, analysis, and two-way feedback to support increased provider productivity and improve quality of care. This capability can also result in cost savings from the substitution of a digital system for manual systems to collect and analyze healthcare data. IoT applications in healthcare can take the form of patient monitoring, diagnostic assessment and therapeutic medication delivery and often play a role in treatment.

However, none of this interaction is possible without a robust array of sensor technology placed at system end points or within a device to trigger data activity. Sensors can either continuously or periodically transmit a state based on a predetermined condition or activate a processor system receiving a signal.

Sensors have long been a critical part of the healthcare landscape, but the extent of their value is significantly increasing as the reach of the IoT is extended. This is resulting in expanded ability to accumulate the data that sensors provide and expansion of centralized platforms, where aggregation and analysis take place.

In addition to ubiquitous connectivity, IoT sensors in healthcare can be deployed in a number of ways. While innovation in their deployment is still very much under way, the majority are deployed in one of three ways: implanted in patients, worn externally on the patient's body, or connected to a stationary device at the hospital or at home.

The adoption of IoT sensors in healthcare is also driven by regulatory requirements in many countries, where strengthening the digital interconnection between systems and establishing unified electronic healthcare records are key initiatives aimed at cost savings and improving the quality of care. While the regulatory environment advocates for the use of sensors as part of a system, a number of initiatives are underway to standardize their deployment.

A significant issue with sensors in healthcare environments is their potential conflict with radiofrequency signals from various healthcare devices if they are not deployed properly. Historically, many healthcare devices have not worked well with each other. There are a number of interoperability initiatives to solve this issue.

On top of this is the profound challenge posed by security issues. In recent years, healthcare devices and their sensor-bearing devices have become vulnerable to a variety of attacks.

Hackers have been able to find their way into implanted devices and general purpose computing systems. Now that so many devices and systems are connected, once they are compromised, this offers pathways to the entire healthcare network, which greatly increases risks.

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