IoT in Healthcare Market - Competitive Landscape, Segmentation and Key Regions to 2024

Improved internet connectivity across various regions followed by the increasing penetration of smartphones will drive the IoT in Healthcare Market. The technology has huge potential to transform the industry pertaining to the advantages offered such as streamline various processes and significant cost reduction. In addition, it provides patient data in real-time helping the concerned authorities to provide simplified access to patient data as well as monitoring in real-time.

IoT in Healthcare Market is expected to grow at over 15% CAGR to reach USD 10 billion by 2024.

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Managed service segment in IoT in Healthcare Market is expected to grow considerably over the forecast timespan. The growth can be credited to the capability of the service providers to integrate various systems, deployment of the technological solutions and providing support & maintenance services to the users. Hiring such service providers could be beneficial to the users in terms of minimizing risk as well as reducing costs in business operations. In addition, the use of such services helps in reduction of total cost of ownership and let the firm's valuable resources to focus more on their core competencies.

Growing demand for remote monitoring of patients is anticipated to fuel the industry growth over the forecast timeline. Adoption of smart digital solutions is on the rise across the sector. The increasing implementation of the technology to enhance various operations and improve the doctor-patient interaction provides impetus to the IoT in Healthcare Market growth.

Companies operating in the industry include: Cisco Systems Inc., Qualcomm Inc., Honeywell International Inc, IBM Corporation, Stanley Healthcare, SAP SE and General Electric. The industry players are increasingly investing on R&D in order to develop more advanced solutions to manage patient data and provide diagnosis in an effective way.

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Presence of a number of advanced healthcare establishments is predicted to drive the North America IoT in Healthcare Market growth. Rise in investments on improvising the infrastructure by implementing advanced and intelligent technological solutions contributes to the industry demand across the region. The solution providers offer the facilities with easy and convenient way of data transfer with patients through mobile-based applications.

Emergence of advanced digital solutions in the industry is addressing the needs for remote clinical monitoring and provide preventive care solutions. Rising instances of chronic diseases coupled with the demand for cost-effective diagnostic solutions provide impetus to the IoT in Healthcare Market growth. The technology is capable of lowering the risks associated with location-based services where various movements and activities of patients are tracked.

Connected devices allows automatic transfer and exchange of data ruling out the need for re-entering information. Concerns associated with the integration of different components in a network, their ability to work on different systems is a major challenge to mass adoption of such solutions. Factors such as lack of interoperability of devices coupled with the data security & privacy concerns might curb the IoT in Healthcare Market growth.

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Increasing penetration of wearables embedded with smart sensors providing crucial health information is expected to boost the IoT in Healthcare Market growth. The wearable devices are increasingly used by individuals for monitoring body activities such as heart rate, pulse rate, muscle engagement activities and other fitness purposes. The real-time data obtained from these devices are analyzed and used to enhance the efficiency of the users resulting in occurrence of less errors. Adoption of such advanced technological solutions are on the rise and provides significant growth opportunities.

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