For many among us, the term Internet of Things (IoT) remains mysterious; but its applications invade progressively our daily life. From smart thermostat at home to fitness and performance trackers and apps, the Internet of Things (IoT) is there to improve our living and working conditions through smart sensors, devices, apps and advanced analytics.
According to Research and Markets, the world internet of things (IoT) healthcare market is expected to reach
$136.8 billion by 2021, registering a CAGR of 12.5% between 2015 and 2021.
Its latest report reveals that, Services and system & software segments
collectively occupies a dominant share in the world IoT healthcare market and Patient
monitoring application segment is expected to maintain its lead position with
$72.7 billion by 2021. Asia-Pacific is projected to be the fastest growing
region in internet of things (IoT) healthcare market, registering a CAGR of 17.0%
during 2015 and 2021. In North America, the U.S. dominates with maximum shares
in IoT healthcare market.
Powerful dynamics within and around the World Internet of Things
in Healthcare Market include:
- Easy availability of wearable smart devices, increasing need for strict regulations and decreasing cost of sensor technology,
- Launch of technological advanced devices (smart shirts, smart lenses, smart bands and others) & analytics software, rising incidence rates of chronic diseases, surging demand for cost-effective treatment & disease management,
- better accessibility of high speed internet and implementation of favorable government regulatory policies,
- Improvement in healthcare infrastructure in developing economies,
- increase in government support, high R&D investments by major players for developing better IoT infrastructure,
- Technological advancements and increasing popularity of wearable sensor devices,
- High adoption of IoT services in remote patient monitoring and growing awareness among individuals would further foster the growth of patient monitoring segment,
However, we are all aware that, factors such as high
costs associated with IoT infrastructure development, data privacy and security
concerns, lack of awareness in developing economies and limited technical expertise
are projected to restrain the market growth.