18-Oct-2021 | Facts and Factors
Facts and Factors Market Research has published a new report titled “IoT Healthcare Market By Component (Devices, Software, & Services), By Application (Telemedicine, Patient Monitoring, Operations & Workflow Management, Remote Scanning, Sample Management, & Others), By End-User (Laboratory Research, Hospitals, Clinics, & Others), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 - 2026”. According to the report, the global IoT Healthcare market is predicted to be valued at approximately USD 78.3 Billion in 2020 and is expected to reach a value of around USD 189.4 Billion by 2026, at a CAGR of around 21.3% between 2021 and 2026.
IoT technology has made remote monitoring of patient health possible in the healthcare industry, thereby unraveling the potential of the healthcare business for maintaining the health of the patients along with empowering the doctors for delivering excellent patient care. Moreover, IoT healthcare has raised patient engagement & satisfaction as communication with physicians has become easier. The connected technology has assisted in minimizing the hospital stay of the patients and help in reducing the patient re-admission to clinics to a larger extent.
Browse the full “IoT Healthcare Market By Component (Devices, Software, & Services), By Application (Telemedicine, Patient Monitoring, Operations & Workflow Management, Remote Scanning, Sample Management, & Others), By End-User (Laboratory Research, Hospitals, Clinics, & Others), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 - 2026” Report at https://www.fnfresearch.com/iot-healthcare-market-by-component-type-medical-devices-297
Successful execution of IoT for patient health monitoring to steer the market growth
The successful utilization of the connected things or IoT in remotely monitoring diabetics and asthma patients along with high penetration of connected technology across the health, fitness, & wellness industry will drive the growth of the IoT healthcare market over the forecast timeline.
Furthermore, a decrease in the waiting period at emergency rooms has led to the massive acceptance of connected devices in the medical sector. This, in turn, has embellished the market growth. Additionally, the rise in chronic ailments, a huge need for cost-efficient medical therapies, enhanced drug management activities, seamless experience to patients, and easy availability of high-speed web connectivity will further steer the business growth over the forecast timeline. Nonetheless, a low level of competency in the deployment of IoT solutions will inhibit market growth over the forecast timeline.
Systems & Software to lead the component type segment by 2025
The segmental growth during the forecast timeline is attributed to technological breakthroughs along with the rise in the allocation of funds by key industry players for creating new connected solutions for the Biotechnology, Pharmaceutical, and Lifesciences sectors. Apart from this, a prominent bulge in acceptance of digital & connected technologies across the healthcare units is likely to steer the expansion of the segment over the period from 2019 to 2025. Additionally, the requirement of proficiently handling the medical data in the emerging economies will favorably influence the need for system & software services over the forecast timeframe.
Telemedicine segment to dominate the application landscape over the forecast timeframe
The growth of the segment during the forecast period is due to the rapid increase in the acceptance of telemedicine as a result of the comfort offered to the patients by telemedicine. Apart from this, it also offers patient monitoring from distant locations by the healthcare service provider.
North America to account for a major revenue share of the global market by 2025
The regional market growth during the period from 2019 to 2025 is due to advanced healthcare infrastructure and rapid acceptance of connected technology in the healthcare industry along with the large presence of reputed firms in countries like the U.S.
Top Market Players
The key market participants for the global IoT healthcare market are Amazon, Inc., Cisco Systems, Inc., General Electricity Company, IBM Corporation, Intel Corporation, Microsoft Corporation, SAP SE, Senseonics Holdings, Inc., SGH Group, TeleTracking Technologies, Inc., Wipro Ltd., Capsule Technologies, Comarch, HQSoftware, R-Style Labs, and STANLEY Healthcare, among others.
This report segments the IoT Healthcare market as follows:
Global IoT Healthcare Market: By Component Segment Analysis
- Devices
- Software
- Remote Device Management
- Data Analytics
- Compliance & Security
- Asset Performance Management
- Services
Global IoT Healthcare Market: By Application Segment Analysis
- Telemedicine
- Patient Monitoring
- Operations & Workflow Management
- Remote Scanning
- Sample Management
- Others
Global IoT Healthcare Market: By End-User Segment Analysis
- Laboratory Research
- Hospitals
- Clinics
- Others
IoT Healthcare Market: By Regional Segment Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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