The market is primarily driven by the evolution of artificial intelligence technology, rise in investments for the implementation of IoT healthcare systems and the increasing penetration of connected devices in healthcare. Moreover, the adoption of IoT healthcare systems and software is increasing due to the need to reduce the cost of healthcare,
The systems and software segment of the IoT healthcare market 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 and software enable a high degree of data security and autonomy.
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. 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 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. Rising demand for cloud-based systems is driving the IoT healthcare market in this region. Countries such as India, Indonesia, and China are expected to witness high growth rates in the IoT Healthcare Market.