IoT Healthcare Market to Surge to USD 14,660 Million By 2022

With the presence of a large pool of participants, the global IoT healthcare market is displaying a highly competitive business landscape. Cerner Corporation, Diabetizer Ltd. & Co. KG, Infosys Limited, Medtronic Public Limited Company, Microsoft Corporation, and Proteus Digital Health Incorporation are some of the key vendors of IoT healthcare across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development states the IoT healthcare market study. Citing an instance, in September 2018, Schneider Electric SE- a key player in energy management & automation sector, declared to form an association with PennFIRST team for designing and constructing a state-of-the-art pavilion for Penn Medicine Company.

EcoStruxure for Healthcare—IoT driven digital hospital architecture—is expected to assist Penn Medicine in minimizing costs, enhancing energy usage, and improve employee efficiency. As estimated in this report, the global IoT healthcare market stood at USD 5,800 million in the year 2014. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in this IoT healthcare market is expected to reach USD 14,660 million by the end of the forecast period. The main components available in this IoT healthcare market are medical devices, services, and systems & software. Among the three, the demand for systems & software is relatively higher and the trend is anticipated to remain so over the next few years, notes the IoT healthcare market research report.

Massive implementation of cloud computing across healthcare sector along with shrinking costs of connected devices is anticipated to drive IoT healthcare market revenue over the years ahead. Apart from this, IoT has found rampant applications for monitoring diabetes & asthma in patients across developed countries. In addition, mammoth penetration of fitness & wellness equipment in healthcare sector has resulted in rise in sales of IoT healthcare systems. This, in turn, is expected to push up the growth of IoT healthcare market in the forthcoming years. Inconsistency in interconnectivity, interoperability, and security issues, however, are some of the aspects that can halt the growth of IoT healthcare market over the next few years.

Regionally, North America has been leading the worldwide IoT healthcare market and is anticipated to continue on the dominant position in the years to come, states the IoT healthcare market study. The high acceptance rate of IoT systems in healthcare sector along with modernization of healthcare services in the region is the main factor behind the dominance of the North America IoT healthcare market. The high number of market players being headquartered in North America is another significant factor that is supporting the growth of this regional IoT healthcare market. – Zion Market Research