IoT in Healthcare Market to be Dominated by Telemedicine Segment through 2026
Rising awareness of self-health
monitoring and the government initiatives promoting digital health is expected
to drive the demand for global IoT in healthcare market in the forecast period.
According to TechSci Research report, “IoT
in Healthcare Market - Global Industry Size, Share, Trends, Opportunity and
Forecast, 2016-2026 Segmented By Component (Medical Devices, System and
Software, Services), By Medical Devices (Stationery Medical Devices, Implants,
Wearables), By System and Software (Remote Device Management, Data Analytics,
Application Security and Others), By Services (Managed Services, Professional
Services), By Application (Telemedicine, Remote Patient Monitoring, Clinical
Operations and Workflow Management, Connected Imaging and Others), By End-User
(Hospitals and Clinics, Clinical Research Centres and Diagnostic Labs) and By
Region”, the global IoT in healthcare market is expected to grow at an
impressive CAGR for the forecast period, 2022-2026. Healthcare institutions are
introducing the internet of things technology to improve and enhance patient
monitoring services and reduce the costs to provide effective healthcare
services. The growing demand for the reduction of the waiting time in emergency
rooms to address patients requiring immediate healthcare services is
contributing to the global IoT in healthcare market growth.
However, the increasing concerns of data
security and cyber-attacks may restrain the global IoT in healthcare market
growth for the forecast period.
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Global IoT in healthcare market is segmented into component,
application, end-user, regional distribution, and company. Based on the
component, the market can be divided into medical devices, system and software,
and services. The medical devices segment is dominating the market and is
expected to hold a major market share for the forecast period, 2022-2026. The
medical devices segment is further segmented into stationery medical devices,
implants, and wearables. With the growing adoption of internet of things
technology by the healthcare institutions and the rise in the dependency on
connected medical devices such as stationery medical devices, wearable devices,
implantable for monitoring the health condition of patients is expected to
drive the medical devices segment growth for the predicted period. Based on the
application, the market can be divided into telemedicine, remote patient
monitoring, clinical operations and workflow management, connected imaging, and
others. The telemedicine segment is expected to witness significant growth for
the next five years. High penetration of affordable internet services and the
proliferation of smart devices is expected to demand of telemedicine segment
across the globe for the next five years. The growing penetration of home
healthcare services and the surging need to improve the accessibility and reach
of healthcare services in remote locations are influencing the growth of the
segment. Based on the end-user, the market is segmented into hospitals and
clinics, clinical research centers, and diagnostic labs. The hospitals and
clinics segment is expected to account for a major market share for the next
five years. The rise in the adoption of IoT-enabled medical devices among
healthcare facilities to provide quality healthcare treatment to patients is
expected to fuel the demand of the hospitals & clinics segment all over the
world. To provide the personalized healthcare treatment by the adoption of
connected devices and the presence of skilled doctors and specialized departments
in hospitals & clinics is expected to boost the segment demand.
Medtronic, Inc., Koninklijke Philips N.V., General Electric
Company, IBM Corporation, Microsoft Corporation, Cerner Corporation, AgaMatrix
Hong Kong Ltd, Cisco Systems, Inc., GE Healthcare, Huawei Technologies, Intel
Corporation, Siemens Healthcare GmbH, AdhereTech, Inc., Bosch Healthcare
Solutions GmbH, SAP SE are the leading players operating in global IoT in
healthcare market. Service providers are increasingly focusing on research and
development process to fuel higher growth in the market. To meet evolving
customer demand with respect to better efficiency and durability, several IoT
in healthcare service providers are coming up with their technologically
advanced offerings.
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“Market
players are making high-end investments for research and development activities
for the technological up-gradation of the existing healthcare IT infrastructure
and introduce innovative features like generating notifications in case of
potential system malfunction to take appropriate steps is expected to fuel the
growth of the market. The adoption of the latest technologies such as
artificial intelligence, deep learning, machine learning, and others to improve
the operational efficiency, predict enhancement, facilitate automation and the
surge in the use of connected technology to efficiently manage the operational
workflow, as well as the clinical tasks, is expected to propel the global IoT
in healthcare market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“IoT in Healthcare
Market - Global Industry Size, Share, Trends, Opportunity and Forecast,
2016-2026 Segmented By Component (Medical Devices, System and Software,
Services), By Medical Devices (Stationery Medical Devices, Implants,
Wearables), By System and Software (Remote Device Management, Data Analytics,
Application Security and Others), By Services (Managed Services, Professional
Services), By Application (Telemedicine, Remote Patient Monitoring, Clinical
Operations and Workflow Management, Connected Imaging and Others), By End-User
(Hospitals and Clinics, Clinical Research Centres and Diagnostic Labs) and By
Region” has evaluated the future growth potential of global IoT
in healthcare market and provided statistics & information on market size, shares,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the of global IoT in
healthcare market.
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