Internet of Things (IOT) in Healthcare Market- Industry Trends & Revenue Growth by the end of 2024
Recent report published by research nester titled “Internet of Things (IOT) in Healthcare Market: Global Demand Analysis & Opportunity Outlook 2024”delivers detailed overview of the global internet of things (IOT) in healthcare market in terms of market segmentation by component, by technology, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global internet of things (IOT) in healthcare market is segmented into component such as medical devices, system & software, service & hardware, and connectivity technology. Among these segments, system & software segment is expected to witness remarkable growth in the market over the forecast period. The growth of the system & software segment is driven by growing need for high level data security and autonomy. Moreover, this segment includes solutions such as remote device management, network bandwidth management, data analytics and applications security.
Global internet of things (IOT) in healthcare market is expected to register a 32.2% CAGR over the forecast period. Moreover, the global Internet of things (IOT) in healthcare market was valued at USD 42.7 Billion in 2016. Further, continuous enhancements in healthcare sector are likely to drive the global Internet of things (IOT) in healthcare market at a valuation about USD 162.2 Billion by the end of 2024.
The telemedicine segment by application is likely to grow at remarkable pace during the forecast period. Growing consumer’s preference for virtual consultation is a major factor which is driving the growth of this segment.
Increasing elderly population
Geriatric population across the globe is rising at an extreme pace. Further, rising number of diabetic patients and rising prevalence of chronicle diseases in aging population are some of the major factors which are fostering the growth of global internet of things (IOT) in healthcare market.
Rising penetration of connected devices
Rising number of patients who are suffering from critical diseases such as cancer is a major factor which is anticipated to fuel the adoption of connected devices in healthcare during the forecast period. Further, need for continuous health monitoring of patients is also a key factor which is projected to fuel the growth of global internet of things (IOT) in healthcare market in near future.
Although, the growth of internet of things (IOT) in healthcare market is likely to be hampered by a number of factors such as high cost associated with IOT infrastructure development and data privacy & security concerns.
This report also provides the existing competitive scenario of some of the key players of the global internet of things (IOT) in healthcare market which includes company profiling of Medtronic PLC, Koninklijke Philips N.V., Cisco System Inc., IBM Corporation, GE Healthcare, Microsoft Corporation, SAP SE, Qualcomm Life Inc., Honeywell Life Care Solution, Stanley Healthcare.