With an Objective to Improve Patient Engagement and Safety, Internet of Things in Healthcare Market to Witness Increased Rate of Adoption, Finds TMR Report

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ALBANY, New York, Feb. 26, 2020 /PRNewswire/ -- A new research report published by Transparency Market Research speaks about different factors that are exerting their influence for the overall development of the global internet of things in healthcare market. The research report predicts that the global market will exhibit a mammoth 20.9% CAGR for the given period of forecast ranging from 2019 to 2027. With such a massive rate of growth, the internet of things in healthcare market is estimated to reach to a valuation of around US$469.4 bn by the end of 2027. In 2019, the market was valued at US$102.8 bn.

"The companies operating in the global internet of things healthcare market are striving to provide highly advanced solutions to the domain. With increasing focus on patients' safety and health, the companies are now working towards developing products that will cater to these exact demands. Furthermore, the products are designed in a manner to improve the levels of patient satisfaction and engagement. Such trends are expected to give solid impetus to the development of the global market," find TMR analysts.

Key Findings in the Research Report

• The global internet of things in healthcare market can be broadly segmented in terms of component, application, end-use, technology, and region.
• Based on component, the global market is segmented into hardware, software, and services. The segment of hardware is further segmented into portable diagnostic devices and non-portable diagnostic devices.
• Based on application, the market is classified into connecting imaging, patient monitoring, clinical operations, medication management, and telemedicine. The segment of telemedicine is projected to witness a transformative growth in coming years of the forecast period as technological advancements will allow more number of people to gain access to their physicians and consultants and ask for advice remotely. The segment of patient monitoring is also projected to have an encouraging rate of growth in the near future.
• Based on end-use the global market is segmented into clinics and laboratories, pharmaceuticals, and hospitals. In the coming years, the segment of hospitals is projected to witness a promising growth.
• In terms of technology, the global internet of things in healthcare market is divided into RFID, Zigbee, NFC, Wi-Fi, Bluetooth, and others (EnOcean, Zwave, satellite, and cellular).

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Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Internet of Things (IoT) in Healthcare Market By Component - Hardware {Portable Diagnostic Devices (On-body Wearable and Others), Non-Portable Diagnostic Devices}, Software, Service; By Application - Telemedicine, Medication Management, Clinical Operations, Patient Monitoring, Connected Imaging, Others; By Technology - Bluetooth, Wi-Fi, NFC, Zigbee, RFID, Others; By End-use - Hospitals, Pharmaceuticals, Clinics and Laboratories

Global Internet of Things in Healthcare Market – Key Driving Factors

• The internet connect equipment and devices have been launched to diagnose and monitor patients in different health conditions. Tracking information about health is imperative for majority of patients whether the data flows in from temperature monitors, blood glucose level monitors, fetal monitors, and electrocardiograms among others.
• A vast majority of these applications need a follow-up interaction with the medical professionals. This is expected to create viable business opportunities for the development of the internet of things in healthcare market as these devices will deliver important data by eliminating the requirement for direct interaction between physician and patient.
• Increased investment put in by the leading companies for development of newer and more innovative devices is also expected to drive the development of the global market in the near future.
• Another key factor for the development of the global market for internet of things in healthcare is the increasing awareness about the benefits of using these modern systems. These system can directly upload the medical data, keep accurate records, and minimize the chances of error. Such benefits are improving the adoption rate and thus helping the overall growth of the global market.

Global Internet of Things in Healthcare Market – Key Restraining Factors

• One major challenge for the global market service providers is to keep these connected devices secure from cyber-attacks.
• This is expected to pose a challenge for market growth as these cyber-attacks get more sophisticated in nature.

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Global Internet of Things in Healthcare Market – Regional Outlook

• North America region is expected to continue its domination in the global market for the given period of forecast. Increasing digitization in the healthcare management systems across major healthcare institutions, clinics, and hospitals is expected to act as a key driving factor for the development of the regional market.
• On other hand, the regional segment of Asia Pacific is projected to witness an encouraging rate of growth in the upcoming years of the assessment period. Increasing demand for such devices from emerging economies such as China, Indonesia, and India are projected to drive the development of the internet of things in healthcare market in Asia Pacific.

Analyze Internet of Things in Healthcare market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.

Global Internet of Things in Healthcare Market – Key Players

Some of the most prominent brands operating in the global internet of things are AdhereTech Inc., Cerner Corporation, IBM Corporation, Qualcomm Technologies Inc., Cisco Inc., General Electric Company, Ericsson AB, Honeywell International, Medtronic Inc., SAP SE, Vodafone and Zebra Technologies.

Market Segmentation:

IoT in Healthcare Market Analysis, by Component

• Hardware
• Portable Diagnostic Devices
• On-body Wearable
• Others
• Non-Portable Diagnostic Devices
• Software
• Services

IoT in Healthcare Market Analysis, by Application

• Telemedicine
• Medication Management
• Clinical Operations
• Patient Monitoring
• Connected Imaging
• Others

IoT in Healthcare Market Analysis, by End-Use

• Hospitals
• Pharmaceuticals
• Clinics & Laboratories

IoT in Healthcare Market Analysis, by Technology

• Bluetooth
• Wi-Fi
• NFC
• Zigbee
• RFID
• Others (Cellular, Satellite, Zwave, EnOcean)

IoT in Healthcare Market Analysis, by Region

• North America
• The U.S.
• Canada
• Rest of North America
• Europe
• Germany
• France
• UK
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• Rest of Asia Pacific
• Middle-East & Africa
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Rest of South America

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SOURCE Transparency Market Research