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This market research report presents a detailed segmentation of the global IoT market in the healthcare sector by product type (medical devices, software and system applications, and connecting technologies), and by geography (the Americas, APAC, and EMEA). The primary vendors in the market are GE, Cisco, IBM, Philips, and Qualcomm Life.
Technavio’s market research analysts have estimated the global IoT market in the healthcare sector to grow at a tremendous CAGR of around 37% by 2020. Increased instances of chronic disease and the inability to travel to hospitals all the time led to the recent rise in adoption of wireless patient monitoring systems. IoT-enabled devices help doctors to monitor patient functions from remote locations and are also capable of sharing patient data in real time for effective decision making. Medical practitioners and institutions emphasize on using IoT-enabled devices that will subsequently increase the demand for personalized healthcare services. Additionally, the need to record patient history to track illness and check drug compatibility will also augment in the use of IoT in healthcare.
Development in sensor technologies and communication devices is identified as one of the major trends that will gain traction in the market in the next four years. Advancements in technology have led to the availability of a wide range of sensors for various industries. Due to the focus on reducing operational costs, several industries have started embracing IoT to automate and control processes from remote locations. Moreover, the increased adoption of communication services and the emergence of new players in the market will also lead to the introduction of affordable communication devices, which will further increase the adoption of IoT in the healthcare sector.
During 2015, the medical devices segment dominated the IoT market in the healthcare sector and accounted for about 55% of the total market share. Rising instances of chronic illness and the increased use of wearable devices are the major factors that drive market growth in this segment. With the help of IoT, fitness bands can send immediate alerts to users irrespective of their location and also allows patients to speak directly with an expert.
In this global market research, analysts have estimated that APAC would dominate the IoT market in the healthcare sector during the forecast period and will account for about 42% of the total market share by 2020. Increasing vendor investment to develop products targeting medical practitioners and the rise in mobility in the healthcare sector will fuel market growth in this region.
Due to the presence of several healthcare technology companies, this market appears highly fragmented. Major international vendors have started acquiring regional vendors to increase their global presence and gain a greater share of the market. There are also several new vendors making their entry into the market, which is likely to intensify the level of competition in the market during the forecast period.
The leading vendors in the market are -
The other prominent vendors in the market are Ericsson, Honeywell Life Care Solutions, Intel, Medtronic, Microsoft, NXP, SAP, Stanley Healthcare, Temboo, Cognizant, and Zebra Technologies.
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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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