IoT healthcare market has been forecast to witness remarkable growth prospect in the years ahead, subject to the robust enhancements in healthcare infrastructure. Digitization, having paved its way toward healthcare, has prompted numerous hospitals and regional governments to undertake initiatives to deploy IoT in the healthcare sector, owing to the rise in the requirement for mobility and communication in medical care. With the implementation of IoT facilities, healthcare service providers may be able to deal with the challenges related to consumer data sharing, since this technology is highly capable of dealing with patient data operations very efficiently. The emergence of the internet of things has significantly impacted the overall IoT in healthcare industry trends since the last few years. Statistically, in 2016, IoT in healthcare market held a revenue of more than USD 2 billion.
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The emergence and rising need for inventory management services, growing digitalization services in the healthcare industry, enhancing workflow management, and increasing penetration of the IoT connected devices are anticipated to boost the demand for the IoT healthcare market. For instance, healthcare systems use smart interconnected devices to establish an IoT network for patient monitoring, analysis, and automatically identifying situations for efficient healthcare services.
Advancing healthcare infrastructure trends across the world are projected to boost the demand for the IoT healthcare market in the forecast timespan. For instance, Mt. Sinai Medical Center in the U.S. managed to cut down the waiting time for the emergency rooms by 50% by using the technologies in identifying the patients requiring emergency medical assistance. Additionally, the accessibility of high-speed internet across the world is bound to increase the IoT healthcare market.
The hardware segment of the IoT healthcare market has a high demand owing to an increase in the use of portable diagnostic devices. Portable diagnostic devices, such as heart rate monitors, can help warn the patients about increasing blood pressure or impending heart attacks. In terms of technology, the IoT healthcare industry encompasses the use of Wi-Fi, Zigbee, NFC, and RFID for effective and immediate treatment of the patients.
North American region including the U.S. and Canada is projected to hold the largest IoT healthcare market share owing to the progressive smart technology infrastructure development, the strong financial ability of the healthcare sector, and the patients to afford these services. The Asia Pacific region including India, Japan, and China is projected to witness a significant growth in the IoT healthcare industry owing to the rising integration of IoT components in the healthcare systems in this region.
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The players in the IoT healthcare market include Microsoft Corporation, IBM Corporation, Cisco Systems, Inc., General Electric, Honeywell International, Inc, Qualcomm, Inc., SAP SE, Stanley Healthcare, and Medtronic, Inc. The players are investing highly in R&D to offer cost-competitive products to the patients. Furthermore, as part of this strategy, the players are entering into partnerships with various technology players to enhance their healthcare services and gain a foothold in the IoT healthcare market.
Some Points From Table Of Content: –
Chapter 5. IoT Healthcare Market, By Technology
5.1. Global IoT healthcare industry share by technology, 2016 & 2024
5.2.1. Market estimates and forecast, 2013 – 2024
5.2.2. Market estimates and forecast, by region, 2013 – 2024
5.3.1. Market estimates and forecast, 2013 – 2024
5.3.2. Market estimates and forecast, by region, 2013 – 2024
5.4. Connectivity technology
5.4.1. Market estimates and forecast, 2013 – 2024
5.4.2. Market estimates and forecast, by region, 2013 – 2024
5.5.1. Market estimates and forecast, 2013 – 2024
5.5.2. Market estimates and forecast, by region, 2013 – 2024
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