Internet of Things healthcare market is expected to reach $136.8 billion (£97.31bn) by 2021 worldwide, a new report by researchers Allied Market Research suggests.
The paper, entitled “World Internet of Things (IoT) Healthcare Market – Opportunities and Forecasts, 2014 – 2021”, suggests that the IoT in healthcare will register a compound annual growth rate of 12.5 per cent between 2015 and 2021.
The biggest segments are services and system & software segments, as well as patient monitoring segment, both of which are expected to drive growth and stay dominant.
More than half of the market share in the overall IoT healthcare market last year was attributed to the services segment, which covers architecture services for integration, consulting services and app development.
The patient monitoring segment covers in-patient hospitalised patients as well as remote patient monitoring and tele-health services.
Going into more detail over what will fuel growth for the world IoT in the healthcare market, the report focuses on a couple of elements: the easy availability of smart devices, decreasing costs of sensor technology, wearables, analytics software, the rise of incidence rates among chronic diseases and the higher demand for cost-effective treatment.
Better accessibility of high-speed internet, as well as the implementation of favourable government regulatory policies are also considered important.
But the world of IoT is far from perfect – the developing world will mostly hold back its growth, usually because the infrastructure development comes at a high cost, and those countries usually lack awareness of the benefits IoT brings.
The full report can be found on this link.