Global Healthcare IoT Market (2018-2025)-GMI Research Global Healthcare IoT Market (2018-2025)-GMI Resea | Page 2

better quality of healthcare, patient oriented, cost effective, real time disease
management and rapid outcome.
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In 2016, National Institute of Health (NIH) funded Census Bureau report stated
that approximately 617 million of the world’s population were aged 65 years &
above. Growing percentage of geriatric population is anticipated to reach 1.6
billion by 2050. With aging populace, likelihood of life-threatening disease like
diabetes, cardiovascular disease, oncology, respiratory disorder such as asthma
and Behavioral health disorder are probably going to increases. Accordingly,
demand for monitoring and diagnostic technology also increases which further
boost the growth pf healthcare IoT market during the forecast period.
Healthcare IoT market growth is mainly driven by factors such as rising
incidence rates of chronic diseases, increase in investment for healthcare IOT
solutions and rising penetration of connected devices in healthcare. In addition,
high adoption rate of cloud computing in healthcare, falling prices of electronic
components, collaboration of top IT companies with healthcare companies,
increasing healthcare expenditure, and demand for better quality of healthcare
is expected to bolster revenue growth of the market during the forecast period.
However, Government regulation with respect to implementation of IoT device,
data privacy & security and lack of device standardization may hinder the
growth of this market during the forecast period.
North America is expected to dominate the market due to the exponential rise in
the healthcare market. Canada and North America are investing a huge aid in the
healthcare IT market which is a major driving factor for growth of the healthcare
IOT market in the region. Asia Pacific countries records a significant growth in
the Healthcare IOT market during the forecast period due to large pool of buyers,
increasing cases of acute and chronic diseases, increasing healthcare
awareness and expenditure, increasing internet penetration rates, governmental
policies, increasing demand for quality diagnosis and treatment, and upcoming
era of adoption of cloud computing. As of 2017, many countries like Austria,
Japan, New Zealand, aims to target at the highest IOT penetration rates.
Various notable players operating the Healthcare IoT market include Medtronic
PLC, Cisco Systems, Inc., Koninklijke Philips N.V, IBM Corporation, Stanley
Healthcare, Qualcomm Life, Inc., Honeywell Life Care Solutions., Honeywell Life
Care Solutions, Microsoft Corporation, Apple Inc and others.