London, March 19, 2020 (GLOBE NEWSWIRE) -- With rising demand for quality care, increasing cost of healthcare, and shift towards value-based care, the healthcare industry has started to transform and IoT play a crucial role in this transformation. Internet of Things in healthcare can be defined as a network of medical devices that connect directly with each other to capture, share, and monitor crucial data automatically. This technology has a significant impact in healthcare, particularly in remote monitoring, diseases management, preventive care, and assisted living for elderly patients.
According to a new market research report “Internet of Things (IoT) in Healthcare Market by Component (Medical Device, Connectivity Solutions, Systems and Software, Services), Application (Telemedicine, Clinical Operations and Workflow Management, Medication Management, Connected Imaging, Inpatient Monitoring), and End User - Global Forecast to 2025”, published by Meticulous Research® , the IoT in healthcare market is expected to grow at a CAGR of 29.9% from 2019 to 2020 to reach $322.2 billion by 2025.
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The growth of the global healthcare IoT market is mainly attributed to the factors such as rising need for cost-containment in healthcare delivery, growing penetration of smartphone & increasing adoption of high-speed networking technologies, increasing focus on patient-centric care delivery, and digital health initiatives across the globe. In addition, increasing focus on active patient engagement and rising need for healthcare in remote sites further supports the growth of the market. However, the factors such as high cost of IoT infrastructure deployment & cost of ownership and dearth of IT professionals across healthcare organizations are likely to hinder the market growth. Furthermore, growing focus on telehealth technologies will serve as growth opportunity for this market.
List of the Key Companies Operating in the Healthcare IoT Market:
- Technology Providers
- 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.)
- Medical Device Manufacturers
- 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)
- Welch Allyn (US).
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Based on component, medical devices accounted for the largest share of overall Internet of Things in healthcare market. The largest share of this segment is primarily attributed to the higher adoption of medical devices as a basic need for treatment of diseases; rising prevalence of chronic diseases associated with aging population; and increasing prevalence of lifestyle associated disorders such as obesity, diabetes, and others among adult population.
Based on end-users, hospitals & clinics are the major adopters of Internet of Things (IoT) and held the largest share of overall Internet of Things (IoT) in healthcare market. The largest share of this segment is primarily attributed to rising burden of patients in hospitals owing to various chronic diseases; rising patient data; growing adoption of IoT enabled medical devices among hospitals to improve quality care delivery & enable patient-centric care delivery services; and growing need to improve operational & clinical workflow within and outside the hospital environment.
Geographically, North America accounted for the largest share of the overall healthcare IoT market. However, Asia-Pacific is expected to be the fastest-growing market during the forecast period owing to increasing penetration of smartphone; improved internet connectivity and high-speed networks; rising need to manage growing burden of chronic diseases; and government efforts to improve accessibility of healthcare services to remote locations.
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in Healthcare IoT market including 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-
- Which are the high growth market segments for IoT healthcare in terms of medical devices, connectivity technologies, systems and software, and IoT support services segments?
- What was the historical market for healthcare IoT technologies across the globe?
- What are the market forecasts and estimates for the period 2018-2025?
- What are the geographical trends and high growth regions/ countries?
- What are the major drivers, restraints, opportunities, and challenges in the global IoT healthcare market?
- Who are the major players in the global IoT healthcare market?
- How is the competitive landscape and who are the market leaders in the global IoT healthcare market?
- What are the recent developments in the global IoT healthcare market?
- What are the different strategies adopted by the major players in the global IoT healthcare market?
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Browse Adjacent Reports:
Healthcare IT Market by Product (EMR, mHealth, PHM, RIS, PACS, RCM, Healthcare Analytics, Telehealth, SCM, HIE), Component (Software, Service), Delivery Mode (Web, Cloud) and End User (Hospital, Payer, Pharmacy, Ambulatory, Homecare) - Global Forecast to 2027
Precision Medicine Software Market by Delivery Mode (On-Premise, Cloud-Based), Application (Oncology, Pharmacogenomics, rare diseases), End User (Healthcare Providers, Pharmaceutical and Biotechnology Companies), and Geography - Global Forecast to 2025
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