The Internet of Things (IoT) healthcare market is expected to earn $136.8 billion by 2021 according to research performed by Allied Market Research.
This shows significant growth compared with the estimated market size of $60 billion in 2014, said the researchers.
“The IoT healthcare market is anticipated to grow at a significant pace, owing to the easy availability of wearable smart devices, increasing need for stringent regulations and decreasing cost of sensor technology,” said Allied Market Research.
“Furthermore, launch of technological advanced devices (smart shirts, smart lenses, smart bands and others) & analytics software, rising incidence rates of chronic diseases, surging demand for cost-effective treatment & disease management, better accessibility of high-speed internet and implementation of favourable government regulatory policies, are also expected to fuel the growth of this market.”
However, several factors are expected to stop the market from growing even more, including:
- High costs associated with IoT infrastructure development
- Data privacy and security concerns
- Lack of awareness in developing economies
- Limited technical expertise
According to the research, the patient monitoring application segment is expected to continue dominating the IoT healthcare market throughout the forecast period.
The full report is available for download here.