Northrook, IL -- (SBWIRE) -- 10/14/2019 -- According to a new market research report "IoT Healthcare Market by Component (Medical Device, Systems & Software, Service, Connectivity Technology), Application (Telemedicine, Work Flow Management, Connected Imaging, Medication Management), End User, and Region - Global Forecast to 2022" published by MarketsandMarkets™, the overall IoT Healthcare Market estimated to grow from USD 41.22 billion in 2017 to USD 158.07 billion by 2022, at a CAGR of 30.8% between 2017 and 2022.

Major growth drivers of the market are evolution of artificial intelligence technology, rise in investment for healthcare IoT solutions and the increasing penetration of connected devices in healthcare. The demand for IoT based medical devices play an important role in data gathering, facilitating communication between various devices, and tracking various activities. Changing market requirements and customer needs have brought a shift in the purpose and usage of the medical devices. Furthermore, the rising adoption of telepresence technology is gaining traction and has become a crucial part of the present-day business strategy. The telepresence technology connects people and devices that helps healthcare organizations improve business and clinical workflows that rely on people, expertise, and information. A majority of money spent in the healthcare industry is spent on the treatment of chronic diseases.

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61- Tables
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Based on component, the systems & software segment is expected to grow at the highest CAGR during the forecast period

Based on component, the IoT Healthcare Market has been segmented into medical devices, systems & software, service, and technology. The systems & software segment is expected to grow at the highest CAGR from 2017 to 2022. IoT healthcare systems and software include remote device management, network bandwidth management, data analytics, applications security, and network security solutions. Systems & software provide solutions to the IoT Healthcare Market which create a high degree of data security and autonomy. The growth of remote device management for proper functioning of devices connected to the internet is imperative for the operations of IoT infrastructure. Hence the device management and other software and services will help the market to grow.

Based on application, telemedicine accounted for the largest share of the IoT Healthcare Market in 2017

Based on application, the telemedicine segment is expected to account for the largest share of the IoT Healthcare Market in 2017. Telemedicine enables the exchange and transfer of medical information from one site to another via telecommunication infrastructure to improve, sustain, or assist in providing information about the health status of a patient. Another reason for the growth in the adoption of telemedicine is the gap in providing patient care, due to inaccessibility, especially in the rural areas. Patients in the rural areas have limited access to medical specialists. The growth of this segment is attributed to the increased efficiency of processes and convenience for patients, while reducing the number and length of hospital stays.

The Asia-Pacific IoT Healthcare Market is projected to grow at the highest CAGR during the forecast period

The IoT Healthcare Market has been studied for North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The high growth rate in the Asia-Pacific IoT Healthcare Market can be attributed to the increase in number of hospitals and surgical centers in this region. Emerging countries in Asia-Pacific, namely, India, Indonesia, Brazil, and China have made significant investments in IoT healthcare. In addition, the number of hospitals and surgical centers is also increasing in this region. Start-up companies and mergers & acquisitions in the healthcare sector has aided the growth of the healthcare industry in these economies.

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Major players in this market include Medtronic Plc (U.S.), Royal Philips (The Netherlands), Cisco Systems Inc. (U.S.), IBM Corporation (U.S.), GE Healthcare (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Qualcomm Life, Inc. (U.S.), Honeywell Life Care Solutions (U.S.), and Stanley Healthcare (U.S.), among others.

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