IoT Healthcare Market Opportunities and Key Market Players

Posted on 2019-11-11 by MarketsandMarkets in Technology // 0 Comments

The IoT Healthcare Market is estimated to grow from USD 41.22 billion in 2017 to USD 158.07 billion by 2022, at a CAGR of 30.8% between 2017 and 2022, as per a report by MarketsandMarkets.

Major growth drivers of the market are evolution of artificial intelligence technology, rise in investment for healthcare IoT solutions and the increasing penetration of connected devices in healthcare. The demand for IoT based medical devices play an important role in data gathering, facilitating communication between various devices, and tracking various activities. Changing market requirements and customer needs have brought a shift in the purpose and usage of the medical devices. Furthermore, the rising adoption of telepresence technology is gaining traction and has become a crucial part of the present-day business strategy. The telepresence technology connects people and devices that helps healthcare organizations improve business and clinical workflows that rely on people, expertise, and information. A majority of money spent in the healthcare industry is spent on the treatment of chronic diseases.

How rising adoption of telepresence technology presents an opportunity in IoT Healthcare?

The telepresence technology connects people and devices that helps healthcare organizations improve business and clinical workflows that rely on people, expertise, and information. A majority of money spent in the healthcare industry is spent on the treatment of chronic diseases. According to a survey by National Health Council, approximately 133 million Americans suffered from a chronic disease in year 2009, and the number continues to increase year-by-year. Telepresence provides physicians an easier way to monitor and engage with chronic care patients while reducing the cost of care. Remote patient monitoring is expected to save up to USD 36 billion globally over the next five years.

For patients, the use of telepresence technology means that minor health concerns can be addressed faster even in home care set-ups. In some instances, remote care programs can provide patients with instant access to a doctor or physician. Key factors driving advancements in the telepresence technology include rising healthcare costs, aging populations, and a rise in the number of people living with chronic diseases.

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Key Market Players for IoT Healthcare Market

Major players in this market include Medtronic Plc (U.S.), Royal Philips (The Netherlands), Cisco Systems Inc. (U.S.), IBM Corporation (U.S.), GE Healthcare (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Qualcomm Life, Inc. (U.S.), Honeywell Life Care Solutions (U.S.), and Stanley Healthcare (U.S.) among others.

Companies such as Medtronic PLC, Royal Philips, Cisco Systems, Inc., and IBM Corporation have adopted collaborations, partnerships, agreements, and new product launches to develop and provide advanced products/solutions by strengthening their product portfolios and expanding their geographic presence in the IoT healthcare market.

Medtronic PLC is one of the leading providers of IoT healthcare solutions in this market. The company caters to a wide client base and designs and manufactures devices to address neurological and spinal conditions, cardiac care, and diabetes. The company’s long-term strategy is focused on partnerships and new product launches to expand its product portfolio and strengthen its capabilities of solutions and services related to IoT in healthcare.

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