NEWSBYTE The global Internet of Things (IoT) in healthcare market is expected to grow from a value of $55.5 billion this year to $188.0 billion by 2024 – representing a compound annual growth rate (CAGR) of just under 28 percent.
That’s according to a new report published on Marketsandmarkets.com, The IoT in Healthcare Market, which embraces medical devices, sensors, systems, software, services, and connectivity.
Key factors driving the boom in this space include: an expanding focus on active patient engagement and patient-centric care; a growing need for the adoption of cost-control measures in the sector; and the growth of high-speed network technologies for IoT connectivity.
According to the report, telemedicine – the remote electronic delivery of diagnostic and healthcare services – will be the biggest single market in IoT healthcare over the next five years. Meanwhile, the clinical research segment will grow at the highest rate during the forecast period.
Clinical research organisations are one of the largest IoT solution adopters among all market subsections. They support research institutes, universities, and government organisations, with many clinical research institutions specifically providing clinical study and trial support for drugs and/or medical devices.
Overall, North America will represent the biggest regional sector of the market, with US states such as Texas being among the world’s fulcrums of medical research excellence.
The Texas Medical Center, which includes 21 hospitals and other institutions in Houston along with a technology accelerator programme, is the world’s biggest single medical centre.