Valuation of global IoT healthcare market set to hit $410bn by 2022
The global IoT in healthcare market is set to hit $410 billion by 2022 and be driven by demand for technologically advanced medical devices on account of the increasing prevalence of chronic diseases such as heart failure, obesity, diabetes and hypertension, according to the latest release from Grand View Research.
Other supplementary factors playing their role in the market’s growth include the launch of advanced connected medical devices, penetration of smart phones, and use of software automation to facilitate rapid patient testing and offer better accuracy, ease of usage, and portability.
The new generation connected medical devices offer real-time patient monitoring and facilitate quicker response to patient requirements. The key target market for these products is people aged above 65 years, who comprise nearly 63% of the population availing long term healthcare services, according to the data published by the U.S. based Family Caregiver Alliance (FCA) in 2015. This population segment is anticipated to drive the demand for technology enabled healthcare services.
The perfect ecosystem for market growth and expansion is being facilitated by collaboration between the high tech software industries and the medical device manufacturers, healthcare practitioners, and technology universities. The market is also on the receiving end of substantial interest from venture capitalists and hedge fund managers on account of the vast potential for transformation in healthcare delivery models and improving patient outcomes.
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