IoT in the healthcare sector: Key market research findings
- Increasing adoption of connected healthcare solutions drives market growth
- Americas dominates the market geographically
- Key vendors – include Newforma, Viewpoint, Procore, ComputerEase, and BuilderTREND
Technavio’s market research analysts predict the global IoT market in the healthcare sector to surpass $160 billion in terms of market value by 2020. The growing adoption of connected healthcare solutions is the primary driving force behind the growth of this market. During 2015, the Americas dominated the global Internet of things (IoT) market in the healthcare sector by accounting for more than 39% of the overall market share. Favorable legislations to promote the adoption of latest technologies, such as telehealth, mHealth, and nanomedicine, coupled with the highly competitive nature of the healthcare market in the region is expected to drive growth in the IoT market in the healthcare sector in this region during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the IoT segments in the healthcare sector based on the product.
“The growing demand for predictive analysis is an ongoing trend in the market. IoT adoption has led to the generation of large volumes of data, which results in the adoption of big data analytics technologies and solutions. IoT integration also enables communicative transfer of real-time data between machines and networks,” says Amrita Choudhury, Lead Analyst, ICT, Technavio Research.
The medical devices segment accounts for more than 55% of the revenue and will dominate the global IoT market in the healthcare sector during the estimated period. Some of the most popular and commonly used IoT-enabled healthcare devices include wearable and home health monitoring devices that assist patients in their ongoing diagnosis and treatment. IoT allows medical devices to be interactive and informative for patients. Furthermore, such devices transmit vital medical data of patients from home to hospital staffs for real-time monitoring.
The key vendors in the market include Newforma, Viewpoint, Procore, ComputerEase, and BuilderTREND. The construction management software market appears highly fragmented due to the presence of several internationally established companies and small scale vendors. The growth of the smartphone market has aided software mobility and companies have started offering cloud-based solutions instead of desktop solutions. Major building estimating software companies have also started acquiring smaller companies to establish their global presence and gain a considerable share of the market.
A more detailed analysis is available in the Technavio report, Global IoT Market in the Healthcare Sector 2016-2020.
We can customize reports by other regions and specific segments upon request.
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