Published: Jan, 2019
The global IoT in healthcare market is anticipated to show high growth opportunities in the forthcoming years, as reported by Transparency Market Research (TMR). The global internet of things (IoT) in healthcare market has a highly competitive vendor landscape. The key players in the global IoT in healthcare market are expected to allocate their resources into research and development. Several vendors are also seen focusing on strategic collaborations with other companies in order to gain traction in the market.
Another key trend being leveraged on by vendors in the global IoT in healthcare market is increased focus on in-patient monitoring solutions. Recently, GE Healthcare introduced a wide product portfolio for patient monitoring. They include patient monitors, care ports, cuff accessories, and networking. Such instances are likely to boost uptake in the global internet of things in healthcare market.
Key vendors operating in the global internet of things in healthcare market are Microsoft Corporation, General Electric Company (GE Healthcare), IBM Corporation, Honeywell International Inc., and Medtronic Inc.
According to TMR, the global IoT in healthcare market is anticipated to rise at a 20.6% CAGR over the forecast period 2017 to 2025. The market is projected to rise to US$ 322.77 Bn by the end of the forecast period.
Adoption of Connected Technology to Amplify Sales
The health sector has greatly benefited by the emergence of connected technology. These instruments are primarily used for patient monitoring, reading, pattern observation and patient notification in the event of an abnormality. The technology is also used in risk monitoring and informed decision-making. One of the key drivers of the market is also the increasing use of connected technology in healthcare environments for operational workflow management and for clinical tasks. It has made it possible for market players to create a platform to notify system downtime in future by automatically alerting them.
The segment's large revenue share is also responsible for the increased investments in hospitals to accelerate the adoption of digital technologies. The internet of things in hospital is also driven by a shifting trend from fees for services to value- based care in developed economies.
Cellular Technology to Emerge as Lucrative Market Opportunity
Massive amounts of data can be sent to users over long distances using cellular connectivity technologies. Cellular technology is considered a safe, efficient and faster remote monitoring connectivity solution. It also increases portability, usability and diversity of medical devices connected to it. Cellular technology is considered to be a safe, convenient and quicker remote monitoring connectivity solution. It also enhances the portability for connected medical devices, usability and flexibility. The global healthcare IoT (Internet of Things) should enhance technological advances in communication and interconnectedness.
The study presented here is based on a report by Transparency Market Research (TMR) titled, “Internet of Things (IoT) in Healthcare Market (Component - Hardware (Portable Diagnostic Devices, Non-Portable Diagnostic Devices), Software, Service; Application - Telemedicine, Medication Management, Clinical Operations, Patient Monitoring, Connected Imaging; Technology - Bluetooth, Wi-Fi, NFC, Zigbee, RFID; End use - Hospitals, Pharmaceuticals, Clinics and Laboratories) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
The market is segmented for detailed study in the following way:
IoT in Healthcare Market Analysis, by Component
- Portable Diagnostic Devices
- On-body Wearable
- Non-Portable Diagnostic Devices
- Portable Diagnostic Devices
IoT in Healthcare Market Analysis, by Application
- Medication Management
- Clinical Operations
- Patient Monitoring
- Connected Imaging
IoT in Healthcare Market Analysis, by End-use
- Clinics & Laboratories
IoT in Healthcare Market Analysis, by Technology
- Others (Cellular, Satellite, Zwave, EnOcean)
IoT in Healthcare Market Analysis, by Region
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle-East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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