Global IoT Healthcare Market Report, published by Variant Market Research, forecast that the global market is expected to reach $205 Billion by 2024 from $54 Billion in 2016, growing at a CAGR of 20.2 % from 2016 to 2024. By geography, Asia-Pacific and RoW are expected to grow at a CAGR of 22.2% and 20.6%, respectively, during the forecast period.
"IoT Healthcare Market (Wireless Sensor Networks, Embedded Sensor Networks, Automation Systems, Control Systems; Web-Based, On-Premises, Cloud-Based; Telemedicine, Clinical Operations and Workflow Management, Connected Imaging, Impatient Monitoring; North America, Europe, Asia-Pacific, RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
The factors driving the growth of the global IoT healthcare market is growing technological advancements, increasing demand for cost-effective treatment, and accessibility to high speed internet. Furthermore, growing need for remote patient monitoring and fitness & wellness tracker for athletes are boosting the growth of the market. Insufficient of IoT technical skills and security of data may hamper the growth of market. Additionally, growing R&D and market expansion would provide several growth opportunities of the market in the upcoming years.
The global IoT Healthcare market has been categorized into component type, delivery mode, application, end-user and geography. Delivery mode segment is classified into on-premises, web-based, and cloud-based. In 2016, web-based segment held the largest market share in delivery mode segments, driven by easily accessibility of internet. Component type is further bifurcated into embedded sensor networks, wireless sensor networks, control systems, automation systems, and other components types. Wireless sensor networks accounted for the highest market share in 2016, and it is also expected to grow at the fastest CAGR during the forecast period. The growth would be driven by growing usages of heart rate monitor, blood pressure monitor, and others. Moreover, application segment includes clinical operations and workflow management, connected imaging, telemedicine, medication management, impatient monitoring, and others. Telemedicine accounted for the largest market share in 2016. End-user is further bifurcated into surgical center and clinics, hospitals, clinical research organization, research and diagnostic laboratory and others.
Geographically, the global IoT Healthcare market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America accounted for the largest market share of 48.8% in 2016, owning to be increasing chronic diseases, growing government facilities in the region. Asia-Pacific is anticipated to attained the fastest CAGR during the forecast period 2016 – 2024. The growth is attributed to developing countries, increasing number of IT healthcare services, and increasing disposable income.
The major key players operating in the IoT Healthcare market are Cisco Systems Inc., Apple Inc., GE Healthcare Ltd., International Business Machines Corporation, Microsoft Corporation, Google (Alphabet), Proteus Digital Health, Qualcomm Life Inc., Medtronic PLC, and St. Jude Medical Inc, among others.