The proliferation of IoT in healthcare industry opens up an immense amount of opportunities. The data generated by these IoT connected devices holds the huge potential to transform the healthcare industry.Market Overview
The proliferation of IoT in healthcare industry opens up an immense amount of opportunities. The data generated by these IoT connected devices holds the huge potential to transform the healthcare industry. The major advantages of IoT in healthcare include improved treatment, faster disease diagnosis, error reduction, and better drug & equipment management among the others.The continued adoption of wireless health related devices, equipment, and services in the healthcare industry are mainly driving the IoT adoption in the healthcare industry. For instance, according to the Cisco Systems Inc., there are more than 7.1 million patients using connected medical devices. Further, the global wireless healthcare market is expected to reach approximately USD 110 billion by 2020. Thus, this scenario is expected to provide the significant opportunities for the IoT in the healthcare market in the upcoming years. Rising need for remote patient monitoring worldwide is boosting the growth of the market. IoT is exploring the new dimensions of patient care through the real time health monitoring and access the patient health data remotely. For instance, Center of Connected Health Policy conducted a study that indicates that there was a 50% reduction in 30-day readmission rate because of remote patient monitoring on heart failure patients. In addition to this, some of the other driving factors are increasing investment in the healthcare industry, progression in the artificial intelligence technology, and development of IoT solution across the globe to reduce the cost of care are expected to fuel the market growth in the coming years. Segmentation
By component (Software, services), by application (work flow management, telemedicine, medication management, and others), by end User (Hospitals and Clinics, Clinical Research Organizations (CRO), Government and Defense Institutions, and Diagnostic Laboratories), by region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)In the component segment, services segment is expected to hold the major market share during the forecast period. This is mainly due to the growing demand for enhance security, and informed decision-making in real-time in the health care market. Among the application segment, telemedicine is anticipated to hold the major market share, mainly due to rising prevalence of chronic diseases and remote patient monitoring across the globe. On the basis of end user, hospitals and clinics is likely to gain the largest market share during the forecast period. On the basis of geographical analysis, IoT in healthcare market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe is likely to dominate in the market, in terms of market share, during the forecast period. This is mainly due to early technology adoption, well developed infrastructure and presence of major key players in the region. Apart from this, Asia Pacific region is anticipated to grow at highest growth rate during the forecast period, due to rising need to reduce the cost of healthcare in the developing economies such as India and China. Competitive Analysis
Some of the major companies in the IoT in healthcare market are Microsoft Corp. Koninklijke Philips N.V.; Cisco Systems, Inc.; IBM Corp.; and Cerner Corp. among others. Collaboration with other companies, investment in the R&D, and merger & acquisition are some of the major strategies adopted by these companies to gain the competitive advantage over other in the market. The companies that specialize in the technologies and healthcare are heavily investing in the IoT.