According to the report, the global internet of things (IoT) healthcare market accounted for $60 billion in 2014 and is projected to garner $136.8 billion by 2021, registering a CAGR of 12.5% over the forecast period.
Rapid technological advancements, increase in demand for low-cost disease management and treatment, and surge in prevalence of chronic disease have boosted the growth of the global IoT healthcare market. However, data privacy and security, lack of awareness among consumers in emerging regions and lack of expertise in the developing regions hamper the market growth. On the contrary, rapid development of low-power wide-area networks (LPWANs) is expected to create lucrative opportunities in the near future.
The global IoT healthcare market is divided on the basis of component, application, end user, and geography. Based on component, the market is segmented into devices, system and software, and services. The devices segment is expected to manifest the fastest growth, registering a CAGR of 16.6% during the forecast period. However, the services segment held the largest share in 2017, contributing more than half of the market. The segment is further divided into architecture (system integration), consulting, and application development (support and maintenance).
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On the basis of application, the market is bifurcated into patient monitoring, clinical operation and workflow optimization, connected imaging, fitness and wellness measurement, and drug development. The patient monitoring application segment is projected to dominate the market share throughout the study period. However, the fitness and wellness measurement application segment is projected to register a CAGR of 15.7% during the forecast period.
Based on end user, the market is segmented into healthcare providers, patients, healthcare payers, research laboratories (biotech/pharma), and government authority. The healthcare providers (hospitals, doctors) and patients end user segment is expected to continue to its dominance, accounting for more than three-fourths of the market in 2015.
On the basis of geography, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific segment is estimated to be the fastest growing region in the market, registering a CAGR of 17.0% during the study period. The market in the North America region expected to create lucrative opportunities during the forecast period, owing to well-established healthcare infrastructure, high patient awareness, and increase in investment from major IoT players.
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The report includes analysis of the major market players such as Cisco Systems Inc., Apple Inc., Google (Alphabet), GE Healthcare Ltd., Medtronic PLC, International Business Machines Corporation, Qualcomm Life Inc., Microsoft Corporation, Proteus Digital Health, Koninklijke Philips N.V., and St. Jude Medical Inc.
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