Meticulous Research®– leading global market research company published a research report titled “Healthcare IoT Market by Component (Medical Device, Connectivity Solutions, Systems & Software, Services), Application (Telemedicine, Clinical Operations and Workflow Management, Medication Management, Connected Imaging, Inpatient Monitoring), & by End User – Global Forecast to 2025”. According to this latest publication from Meticulous Research®, the global healthcare IoT market is expected to grow at a CAGR of 29.9% to reach $322.2 billion by 2025. The overall growth in the healthcare IoT market is driven by factors such as, increasing number of digital health initiatives from governments across the globe, increasing need to reduce the cost of healthcare, rising focus on patient centric care delivery, and increasing penetration of smartphones and high-speed networking and connectivity solutions.
The global healthcare IoT technologies market study presents historical market data in terms of values (2017 and 2018), estimated current data (2019), and forecasts for 2025- by component (medical devices, connectivity technologies, systems and software, and support services), and application (telemedicine, clinical operations and workflow management, medication management, connected imaging, inpatient monitoring, and others). The study also evaluates industry competitors and analyzes the market at regional and country level.
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On the basis of end user, the healthcare IoT technologies market among hospitals and clinics commanded the largest share of the healthcare IoT technologies market in 2018. Growing adoption of IoT enabled medical devices among healthcare providers in order to improve the efficiency of care delivery and enable patient-centric care delivery services are some of the key factors contributing to the growth of this market. Government initiatives to modernize healthcare infrastructure is also expected to drive adoption of IoT-enabled medical devices among hospitals and healthcare providers and thereby contribute to the growth of the IOT market among hospitals and clinics.
The increasing demand for connected medical devices in emerging economies across APAC and Latin American regions owing to growing and improving healthcare infrastructure in these regions and increasing demand for healthcare services in light of increasing per capita incomes is also expected to contribute to the growth of the healthcare IoT technologies market among hospitals and clinics during the forecast period.
This research report analyzes major geographies and provides comprehensive analysis of North America (U.S., Canada), Europe (Spain, France, Italy, Germany, U.K., and RoE), Asia-Pacific (China, India, Japan, and RoAPAC), Latin America, and Middle East & Africa. North America accounted for the largest share of the healthcare IoT technologies market in 2018. However, during the forecast period, the APAC market is expected to register the fastest CAGR. The growth in this geographic market is primarily attributed to the growing smartphone penetration, widening internet connectivity and high-speed networks, need to manage growing burden of chronic diseases on healthcare providers, and government efforts to improve accessibility of healthcare services to remote locations.
The major players operating in the healthcare IoT technologies (IoT platforms and connectivity technologies) market include Cisco Systems Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), SAP SE (Germany), Qualcomm Life, Inc. (U.S.), Honeywell Life Care Solutions (U.S.). Whereas, the leading players offering IoT-enabled medical devices include GE Healthcare (US), Siemens Healthineers (Germany), Medtronic (US), Philips (Netherlands), Honeywell Life Care Solutions (US), Boston Scientific (US), Johnson & Johnson (US), BIOTRONIK Germany), Omron (Japan), AgaMatrix (US), STANLEY Healthcare (US), AliveCor (US), iHealth Lab (US), and Welch Allyn (US).
Key questions answered in the report-
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