Pune, Aug. 31, 2020 (GLOBE NEWSWIRE) -- The internet of things has opened up an array of applications across diverse industry verticals. Technological advancements through the integration of IoT have been phenomenal. The use of IoT in healthcare and medical devices has allowed faster diagnosis as well as treatment of serious diseases. IoT creates an interconnected network infrastructure which makes it easier for access, storage, and transfer of data. This concept is solving the rural conundrums wherein healthcare facilities were few and far.
The global IoT in healthcare market size is projected to reach USD 176.82 billion by the end of 2026. The increasing demand for efficient healthcare solutions will lead to a wider product adoption in the coming years. According to a report published by Fortune Business Insights, titled “Internet of Things (IoT) in Healthcare Market Size, Share & Industry Analysis, By Component (Devices, Software, and Services), By Software (Remote Device Management, Data Analytics, Compliances & Security, Asset Performance Management, Others), By Application (Telemedicine, Patient Monitoring, Operations and Workflow Management, Remote Scanning, Sample Management), By End-use (Laboratory Research, Hospitals, Clinics) and Regional Forecast, 2019-2026,” the market was worth USD 30.96 billion in 2018 and will exhibit a CAGR of 24.5% during the forecast period, 2018-2026.
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The benefits offered by IoT in healthcare have led to a wider product adoption across the world. The increasing emphasis on the development of efficient products that will help solve and diagnose the complications of serious disorders in a short time will bode well for the growth of the overall market in the coming years. Moreover, the high investment in the integration of technological concepts such as IoT in the healthcare industry will emerge in favor of market growth.
Increasing Number of Company Mergers Will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions has made the highest impact on market growth. The high investment in adoption of technologically sound methods in several healthcare applications by major companies will create several opportunities for market growth. In March 2018, Koninklijke Philips N.V. announced that it has collaborated with Samsung Electronics. Through this collaboration, Philips will look to connect its digital platform with Samsung’s ARTIK Smart IoT platform. The companies will boost their research and development activities associated with integration of IoT in healthcare services. Koninklijke’s collaboration with Samsung Electronics will not just benefit the company but will have a direct impact on the growth of the overall market in the coming years.
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Asia Pacific to Account for the Highest Share; Increasing Awareness Regarding Health Monitoring Services will Aid Growth
The report analyzes ongoing market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The high investment in the development of advanced healthcare systems that can detect and diagnose diseases at an early stage will fuel the demand for the product. Additionally, the growing awareness regarding health monitoring services will emerge in favor of market growth. As of 2018, the market in Asia Pacific was worth USD 12.04 billion and this value is projected to increase further in the coming years.
List of Key Companies Profiled In IoT in Healthcare Market Are:
- Amazon.com, Inc. (AWS)
- Cisco Systems, Inc.
- General Electric Company
- Intel Corporation
- International Business Machines (IBM) Corporation
- Koninklijke Philips N.V.
- Microsoft Corporation
- SAP SE
- Senseonics Holdings, Inc.
- SGH Group
- TeleTracking Technologies, Inc.
- Wipro Ltd.
Industry Developments:
May 2016: SAP SE announced the launch of a new healthcare platform to provide patient-centric solutions. The company states that through this platform, hospitals, healthcare providers, and researchers will be able to reduce operational and maintenance costs and as well as offer connected healthcare services.
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global IoT in Healthcare Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Devices
- Software
- Services
- By Software (Value)
- Remote Device Management
- Data Analytics
- Compliances & Security
- Asset Performance Management
- Others (Data Storage, Electronic Health Record, and Others)
- By Application (Value)
- Telemedicine
- Patient Monitoring
- Operations and Workflow Management
- Remote Scanning
- Sample Management
- Others (Predictive Devices Maintenance, Medication Management, and Others)
- By Component (Value)
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