The global market for internet of things (IoT) in healthcare – the market for items designed to be connected to the internet and to other devices – is estimated to have a value of nearly $103 billion for 2019, according to a new market research report by Kalorama Information.
The industry adoption of technology in healthcare is driven by an increase in government mandates, staffing shortages, the need to improve clinical outcomes, and increasing pressures on healthcare functions. There are 21 companies generating over $1 billion each from healthcare IoT revenues, according to the report.
By 2020, it’s estimated that there will be 21 billion internet-connected devices in the world, up from more than 3.9 billion connected devices in 2016. For point of comparison, approximately 4.9 million devices were connected to the internet in 2015 — indicating that the number of connected devices went from millions to billions in just a year.
The continued adoption of internet-related equipment, devices, and services in the health industry is expected to drive the market to reach $170.3 billion by 2024. The growing availability of services and vendors will increase access to complex systems and provide more options directly focused on meeting the demands of the health industry. Revenue growth is expected to remain steady, averaging more than 10% annually.
IoT can be used to increase diagnostic throughput and improve accuracy, enabling healthcare providers to make fast, more informed decisions for patients. There is a severe shortage of physicians worldwide, and rates of incorrect diagnosis are skyrocketing. Medical professionals are under more pressure than ever before, and IoT can make a meaningful impact on the healthcare industry.
Due to the rapidly growing elderly population, health issues are increasing, while there is a concerted effort to control costs. IoT healthcare devices provide a lower-cost and less intrusive way to manage health wearables and deliver medication reminders, while IoT-enabled portable diagnostic devices reduce the number of visits to the doctor and increase the level of care.
Kalorama’s new report provides an overview of the IoT market and highlights some of the technological advancements in IoT in healthcare. This is not an exhaustive list of the many devices in development or on the market but rather highlights some of the more innovative advancements.
The internet of things in healthcare market is fragmented and diverse in its participation of vendors, from medical device giants such as Medtronic to leading technology and infrastructure providers such as Cerner and Google.
The report, “Internet of Things (IoT) in Healthcare,” reveals there are approximately 20 companies that generate healthcare-related IoT sales above $1 billion. These are listed in Kalorama Information’s report.