The market is projected to grow from USD 41.22 Billion in 2017 to USD 158.07 Billion by 2022, at a CAGR of 30.8% from 2017 to 2022.
Northbrook, IL -- (SBWIRE) -- 08/27/2018 -- According to a new market research report "IoT Healthcare Market by Component (Medical Device, Systems & Software, Service, Connectivity Technology), Application (Telemedicine, Work Flow Management, Connected Imaging, Medication Management), End User, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is projected to grow from USD 41.22 Billion in 2017 to USD 158.07 Billion by 2022, at a CAGR of 30.8% from 2017 to 2022.
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Browse 61 market data Tables and 59 Figures spread through 155 Pages and in-depth TOC on "IoT Healthcare Market"
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The market is primarily driven by the evolution of artificial intelligence technology, rise in investments for the implementation of IoT healthcare solutions and the increasing penetration of connected devices in healthcare. Moreover, the adoption of IoT healthcare systems & software is increasing due to the need to reduce the cost of healthcare,
Based on component, the systems & software segment is expected to grow at the highest CAGR during the forecast period
Based on component, the IoT Healthcare Market has been segmented into medical devices, systems & software, service, and technology. The systems & software segment is expected to grow at the highest CAGR from 2017 to 2022. IoT healthcare systems and software include remote device management, network bandwidth management, data analytics, applications security, and network security solutions. Systems & software provide solutions to the IoT healthcare market which create a high degree of data security and autonomy. This factor is driving the systems & software segment in the IoT Healthcare Market.
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Based on application, telemedicine accounted for the largest share of the IoT Healthcare Market in 2017
Based on application, the telemedicine segment is expected to account for the largest share of the IoT Healthcare Market in 2017. Telemedicine enables the exchange and transfer of medical information from one site to another via telecommunication infrastructure to improve, sustain, or assist in providing information about the health status of a patient. The growth of this segment is attributed to the increased efficiency of processes and convenience for patients, while reducing the number and length of hospital stays.
The Asia-Pacific IoT Healthcare Market is projected to grow at the highest CAGR during the forecast period
The IoT Healthcare Market has been studied for North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The high growth rate in the Asia-Pacific IoT healthcare market can be attributed to the increase in number of hospitals and surgical centers in this region. Rise in the demand for cloud-based solutions from the manufacturing and other verticals is driving the IoT healthcare market in this region. Countries such as India, Indonesia, and China are expected to witness high growth rates in the IoT Healthcare Market.
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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.
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