Aging demographic could boost healthcare IoT to $410bn by 2022

By 2022, the IoT market for healthcare could be worth $410bn, according to Grand View Research. Geriatric medicine is expected to account for most of the market, with the high prevalence of un-met needs for home healthcare promoting growth in telemedicine and remote patient monitoring. Meanwhile, the transport IoT sector is expecting to see a CAGR of 16.9% between 2016 and 2020, as the sector looks to address challenges in both commercial and passenger systems. 

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A new report from Grand View Research has revealed that the healthcare IoT market will be worth $410 billion by 2022. Key drivers over the forecast period include the launch of advanced connected medical devices, penetration of smart phones and use of software automation to facilitate rapid patient testing and improved accuracy, ease of use and portability. On the demand side, the main drivers are prevalence of chronic diseases such as heart failure, obesity, diabetes and hypertension.

The main segment of the population creating a market for such technology is of the geriatric type. Additionally, the high prevalence of unmet needs for home healthcare and long term healthcare services are pushing for the growth of telemedicine and remote patient monitoring. Data from the Family Caregiver Alliance in 2015 revealed that the population making use of long term healthcare services are people aged above 65 years. This demographic is expected to increase demand for technology enabled healthcare services.

Meanwhile, the transportation IoT sector is expected to see a compound annual growth rate of 16.9% in the period between 2016 and 2020, according to analysts at Technavio. The transportation sector is looking to make use of technology in order to alleviate challenges in management of commercial and passenger transportation systems. These systems serve as the base for global supply chain and logistics management for the distributions of manufactured products.

Commercial vehicles need real-time information systems to transmit data to track consignments in the supply chain systems. The rapid increase in number of passenger and commercial vehicles worldwide has led to numerous transport challenges, such as traffic congestions.

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