IoT has a significant role to play in monitoring the health and safety of individual. Numerous pioneering wearable technologies have been developed in recent years that intent to revolutionize healthcare industry. Integration of IoT and wearable devices such as smart watch or health bands help to empower and educate patients to take control of their health and in turn boost the growth of IoT in Healthcare market. Some wearable devices also send data related to functioning of organs and disease markers to the physicians and helping in monitoring and diagnosing disease.
Other wearable or portable health monitoring devices such as blood glucose level monitor helps diabetes patients in monitoring blood glucose levels, track food intake and deliver insulin and transmit the related data to their physicians. The number of health benefits of wearable devices and integration of IoT is further expected to result in reducing the overall treatment time and ease doctor patient interactions. Hence, wearable healthcare devices are expected to fuel the growth of IoT in Healthcare market in the coming years.
The adoption of IoT in Healthcare solution is witnessing a high growth and increasing need for integration and connectivity tools in escalating operations of healthcare organizations are the factors driving the growth of IoT in Healthcare market. The constantly decreasing costs of sensors embedded in these devices have resulted in falling prices of connected devices and hence, the adoption of connected medical devices have further increased. These devices connected to the internet and enable the healthcare professionals to get real-time information regarding patients’ health and helps in efficient monitoring.
Furthermore, these devices send alerts to the nearby hospital in case of any emergency. Also, connected medical devices save lengthy communicating process between patients and healthcare providers. The valuable data recorded in the cloud through these devices helps in better diagnosis and analysis thereby, improving patients’ care. This trend is expected to further increase the growth of IoT in Healthcare market.
Major Key Players Operating in this Study:
- Koninklijke Philips N.V.
- Medtronic Plc
- Siemen Healthcare GmbH
- Proteus Digital Health, Inc.
- IBM Watson Health
- General Electric Healthcare
- Microsoft Corporation
- Qualcomm Life, Inc.
- STANLEY Healthcare
- Verily Life Sciences LLC (Alphabet-Google)
Key findings of the study:
North America is anticipated to account the largest IoT in healthcare market share and would register a CAGR of 23.1%.
In North America, various initiatives taken by the Federal government in the U.S. has led to increase in the market share of North America region. Also, the region is known for its early adoption of technology, which can be another reason for the demand growth for IoT in Healthcare in North America.
Based on the application type, patient monitoring is projected to dominate the market.
The government of China has signed 15 memorandum of understanding with Korean companies which enabled these companies to accelerate their technological advancement in Chinese market by introducing telemedicine into healthcare sector of China. Such initiatives have led to increased growth in IoT in Healthcare market in APAC. Also, countries such as Singapore are adopting IoT in Healthcare technologies.
Technology up gradation, government initiatives to deploy IoT solutions in healthcare industry, rising incidences of chronic diseases, and continuously increasing adoption of smart devices are some of the key driving factors for this market. Many healthcare institutions and providers are adopting IoT in healthcare solutions to deliver better care to their patients and optimize their clinical workflow.
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The global IoT in Healthcare market is broadly classified into solution (medical systems & devices and software solutions & tools), services (professional services & integration services) application (medication management, patient monitoring, fitness & wellness measurement, clinical workflow management and others) and end-user (patients & individuals, diagnostic & research and labs, hospitals & healthcare institutes and government authority); and geography.
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