The world market for connected healthcare is expected to reach £95.85bn ($136.8bn) by 2021, according to a report published by Allied Market Research
According to the new report titled, World Internet of Things (IoT) Healthcare Market - Opportunities and Forecasts, 2014-2021, the world IoT healthcare market is expected to reach £95.85bn by 2021, registering a Compound Annual Growth Rate (CAGR) of 12.5% between 2015 and 2021.
Services and system and software segments collectively occupies a dominant share in the world IoT healthcare market and is expected to drive the growth over the forecast period and according to the report, the patient monitoring application segment is expected to maintain its lead position with £50.9bn ($72.7bn) by 2021.
The world IoT in healthcare market is anticipated to grow at a significant pace, owing to easy availability of wearable smart devices, increasing need for stringent regulations and decreasing cost of sensor technology, according to Allied Market Research.
Furthermore, the company said that the launch of technological advanced devices (smart shirts, smart lenses, smart bands, etc.), analytics software, rising incidence rates of chronic diseases, demand for cost-effective treatment and disease management, better accessibility of high speed internet and implementation of favourable government regulatory policies, are also expected to fuel the growth of this market.
The study revealed that improvement in healthcare infrastructure in developing economies, increase in government support and high R&D investments by major players for developing better IoT infrastructure are expected to offer potential growth opportunities to the market.
However, it also suggested that factors such as high costs associated with IoT infrastructure development, data privacy and security concerns, lack of awareness in developing economies and limited technical expertise are projected to restrain the market growth.
Additionally, the devices segment is expected to grow at highest growth rate during the forecast period owing to novel technological advancements and increasing popularity of wearable sensor devices, according to Allied Market Research.
Patient monitoring application segment, covering in-patient hospitalised patients, remote patient monitoring and tele-health services, is projected to dominate the market throughout the forecast period, the company report showed.