03 Dec 2020
Internet of Things (IoT) advantages in healthcare turn around the improvement of care as such with remote monitoring and telemonitoring.UsingIoT, tracking, monitoring and maintenance of assets can be possible in healthcare industry. Mostly, IoTtechnologyis more popular in the field of medical devices. IoT is used for the data collection, monitoring electronic health recordsand analysis for research which has personally identifiable information, protected health information and for other machine-generated healthcare data. IoT plays an important role in digital transformation of healthcare. Internet of Things (IoT) is used in specific applications such as smart pills, smart home care systems, personal healthcare, robotics and real-time health systems (RTHS).
"IoT in Healthcare Market is valued at USD 95.24 Billion in 2019 and expected to reach USD 326.23 Billion by 2026 with the CAGR of 19.2% over the forecast period"
Global IoT in Healthcare Market Dynamics–
Rising prevalence of chronic diseases such as COPD, genetic diseases, respiratory diseases and others, penetration of high-speed internet and implementation of favorable government regulatory policies are someof the major factors drivingthe growth of global IoT in healthcare markets.In addition, growing demand for cost-effective treatment and disease management, increased adoption of smart and wearabledevices, increasing interest in self-health measurement and improvement in healthcare infrastructure in developing countriesare also expected to boost the market growth within the forecast period. According to WHO, rise in cardiovascular diseases, 7.9 million people died per year, accounting for around 31% of deaths globally.
As per World Bank, from 2006 to 2016, the number of internet users has increased by nearly 28% from 206.01 million to 286.94 million in the U.S.According to Cellular Telecommunications Industry Association, the total number of mobile wireless connections in the U.S. was over 400 million in 2017. Furthermore,the recent occurrence of COVID-19 has led internet of things (IoT) in healthcare market and provides opportunities for the manufacturers in various applications in the healthcare sectors across the globe.Thus,Covid-19 has improved the demand of internet of things in healthcare marketwithin forecast period.
Global IoT in Healthcare Market Regional Analysis –
North America is expected to dominate the global IoT in healthcare market with the potential rate due to the rising use of fast-emerging digital technologies, such as data analytics, AI, IoT, cloud computing and all Internet-based servicesin healthcare industry, rapid technological advancements and increasing investments from top IoT companies in this region. In addition, supportive governmental rules to promote IoT in healthcare, rise in prevalence of chronic disease patient population and increase in demand for cost effective disease treatment in the region are also fostering the market growth. According to recent report of United Nations Conference on Trade and Development, IoT devices were an estimated to grow from 9.9 billion in 2019 to 21.5 billion in 2025 and the United States accounts for around 50% of global IoT spending on the devices.
The U.S. media and entertainment (M&E) industry is the largest in the world by U.S. government.According to the PewResearchCenter, estimates that 92 percent of Americans have cell phones and 45 percent have access to a tablet computing device.According to World Bank, almost 287 million internet users accessed the web from United States. According to Pew Research Center, around 26% of adults in the U.S. access the internet almost constantly and also about 98% of respondents in the U.S. from age 18 to 29 were internet users in 2018.According to American Heart Association, approximately 6 Million adults currently have HFin the USand it is expected to increase by 40% by 2035.
Top IoT in Healthcare Companies:
GE Healthcare is an American multinational Company established in 1994 and headquartered in Chicago. Specialties in Healthcare and Biotechnology.
Alphabet Inc. is an American multinational established in 2015 and headquartered in California, United States. Alphabet is a parent company of Google.
International Business Machines Corporation is an American multinational technology and consulting company established in 1911 and headquartered in Armonk, New York, NY. Specialties in Cloud, Mobile, Cognitive, Security, Research, Watson, Analytics, Consulting, Commerce, Experience Design, Internet of Things, Technology support, Industry solutions, Systems services, Resiliency services, Financing, and IT infrastructure.
Qualcomm is an American public multinational corporation established in 1985 and headquartered in San Diego, CA. Specialties in Semiconductors, Wireless, LTE, Mobile, Networking, Wi-Fi, Small Cells, Wireless Health, Wireless Power, Wireless Electric Vehicle Charging, Augmented Reality, Display Technology, Location Services, and Internet of Things.
Abbott Laboratories is an American multinational medical devices and health care company established in 1888 and headquartered in Abbott Park, Illinois United States. Specialties in Nutrition, Diagnostics, Medical Devices, and Branded Generic Pharmaceuticals.
Key Benefits for IoT in Healthcare Market Report–
Global IoT in healthcare Market report covers in depth historical and forecast analysis.
Global IoT in healthcare Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global IoT in healthcare Market report helps to identify opportunities in market place.
Global IoT in healthcare Market report covers extensive analysis of emerging trends and competitive landscape.