According to our new research study on “IoT in Healthcare Market Forecast to 2025 –Global Analysis – by Solution, Services, Application, and End User,” the market is expected to reach US$ 135.87 billion in 2025 from US$ 20.15 billion in 2015; it is estimated to grow at a CAGR of 21.2% from 2016 to 2025.
The report highlights the key factors driving the market growth and prominent players with their developments in the market. The growth of the IoT in Healthcare market is primarily attributed to the changing perception toward the use of IoT in Healthcare products and increasing investments by market players. However, the side effects associated with the use of IoT in Healthcare hampers the market growth.
Companies Profiled in this report includes: Koninklijke Philips N.V., Medtronic Plc, Siemen Healthcare GmbH, Proteus Digital Health, Inc., IBM Watson Health, General Electric Healthcare, Microsoft Corporation, Qualcomm Life, Inc., STANLEY Healthcare, Verily Life Sciences LLC (Alphabet-Google)
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The report segments IoT in healthcare market as follows:
- Medical Systems & Devices
- On-Body Wellness
- On-Body Healthcare
- Software Solutions & Tools
- Data Analytics Tools & Solutions
- Network Management Solutions
- Security Solutions
- Professional Services
- Integration Services
- Medication Management
- Patient Monitoring
- Fitness & Wellness Measurement
- Clinical Workflow Management
By End- User
- Patients & Individuals
- Diagnostic & Research Centers and Labs
- Hospital and Healthcare Institutes
- Government Authority
The IoT in healthcare market is expected to witness substantial growth post-pandemic. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth in many areas. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. Factors such as use of robots and IoT devices like smart bracelet that is worn by patients to check patients’ temperatures, monitor their heart rates and sugar levels will eventually drive the market growth in forecast period.
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