Global Market for IoT Sensors in Healthcare to Reach $1.9 Billion by 2022

March 07, 2018

WELLESLEY, Mass., Mar. 07, 2018 – The maturation of communication capabilities to allow data transmission over a network or into a control system and the increasing use of MEMS technologies are pushing growth in the healthcare sensor market. In a new report, Internet of Things (IoT) Sensors in Healthcare: Global Markets and Technologies, BCC Research estimates the global market for Internet of Things (IoT) sensors in healthcare will reach $1.1 billion and $1.9 billion in 2017 and 2022, respectively, indicating a compound annual growth rate (CAGR) of 12.7%.

The healthcare industry faces growing demand for data collection, aggregation, analysis and two-way feedback to support increased provider productivity and improve quality of care. However, none of this interaction is possible without a robust array of sensor technology placed at system endpoints or within a device to trigger data activity. Sensors can either continuously or periodically transmit a state based on a predetermined condition or activate a processor system receiving a signal. Sensors have long been a critical part of the healthcare landscape, but the extent of their value is significantly increasing as IoT extends its reach.

The market for Internet of Things (IoT) sensors for healthcare is growing at a rate of more than 25% per year, driven by new applications for monitoring vital signs, providing alarms and notifications, feeding data to IoT platforms and administering medical therapies. Long-life expectancy and the growing healthcare expenditures of emerging economies are driving the demand for new applications of medical sensors. Also, more stringent regulations – specifically in the mature U.S. and European markets – has compelled medical device manufacturers to launch sophisticated devices that incorporate new materials, focus on in-depth indications and generate additional new data.

Research Highlights

  • The slower rate of penetration of advanced medical systems in developing regions remains a key constraint for this market.
  • The Asia-Pacific region is expected to experience the fastest market growth, followed by North America and Europe.
  • The confluence of connectivity technology capabilities and the need for improved medical devices is driving a robust market for global adoption of IoT sensors in healthcare.

“Sensor manufacturers face several challenges and restraints, especially when catering to medical applications,” said Michael Sullivan, BCC Research senior editor and author of this report. “The challenges include slower penetration in developing regions, price pressure, lack of awareness, compliance with various regulations, product development time, increasing communication, product safety and reliability, and battery power management. Despite these challenges and restraints, the market for sensors in medical applications is expected to continue to experience revenue growth.”

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Internet of Things (IoT) Sensors in Healthcare: Global Markets and Technologies( IFT152A )
Publish Date: Feb 2018    

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