The Internet of things (IoT) healthcare market is expected to grow from $41.22 billion in 2017 to $158.07 billion by 2022, at a compound annual growth rate (CAGR) of 30.8% from 2017 to 2022, according to analysis from Research and Markets.
The rise in investments to implement healthcare IoT solutions, implementation of IoT solutions for the reduction in the cost of care, evolution of artificial intelligence technology, and the increasing penetration of connected devices in the healthcare industry are some of the major factors expected to drive the IoT healthcare market across all regions.
The IoT healthcare market is segmented by component (medical devices, systems and software, and service), connectivity technology, application, end user, and region. In the component segment, the systems and software subsegment is expected to offer high growth opportunities and is gaining importance among end users due to the primary focus on device management and integration, information security, data collection, and data analytics.
The inpatient monitoring application is expected to grow at the highest CAGR during the forecast period, as this application involves continuous observation or measurement of patient’s physiological functions for the guidance of management decisions and therapeutic interventions.
IoT healthcare systems, software, and services are used by various end users, such as hospitals, surgical centers, clinics, clinical research organizations (CRO), government and defense institutions, and research and diagnostics laboratories. The CRO end user segment is expected to grow at the highest CAGR during the forecast period as it offers support to biotechnology, pharmaceutical, and medical device industries in the form of research services.
Moreover, it also supports research institutes, universities, and government organizations. The hospitals, surgical centers, and clinics segment is expected to be the largest market in 2017, as this segment is required for the efficient management of medical equipment, patients, and employees.