The Internet of things (IoT) is primed to revolutionize the healthcare sector by bringing in innovative systems and software, medical devices, and services, finds Transparency Market Research (TMR) in a report, titled “Internet of Things (IoT) in Healthcare Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.” The report offers an in-depth study into several drivers as well as a few restraints that are expected to impact the market for IoT in healthcare. It also segments the global market to present a thorough analysis and projects the market to expand at a significant CAGR during the forecast period of 2016 to 2024.
The report observes that the Internet of Things is exceptionally beneficial in remote clinical monitoring of patients, preventive care, chronic disease management, assisted living, and personal fitness monitoring. The use of IoT is transforming the healthcare industry by lowering costs and improving efficiency. The IoT in healthcare market comprises various wearable, implanted, and stationary medical devices that are used in clinical research, diagnostic laboratories, hospitals, clinics, surgical centers, and defense and government institutions.
The Internet of Things also has widespread application in the healthcare sector including clinical operations and workflow management, telemedicine, connected imaging, inpatient monitoring, and medication management. Some of the key connectivity technologies involved in IoT in healthcare include Bluetooth low energy (BLE), ZigBee, satellite, near-field communication (NGC), Wi-Fi, and cellular.
According to the report, some of the factors that are driving the global market for the Internet of Things are the increasing geriatric population, growing awareness levels pertaining to the availability of advanced disease management systems, the rising prevalence of various chronic diseases, the mounting demand for long-term and short-term healthcare services, accurate and secure data management, patient monitoring, and healthcare outcomes. An exponential rise in the use of smartphones and improved internet connectivity are also responsible for the expansion of the IoT in healthcare market, suggests the report.
Geographically, North America leads the market by generating the maximum revenue and analysts predict that the region will continue to dominate due to robust healthcare infrastructure and a high adoptability rate of new technologies. Asia Pacific is identified as an upcoming market with lucrative opportunities.
The report finds that the global market for the Internet of Things in healthcare is highly oligopolistic with a few established players dominating the scene with specific strategies such as collaborative research and development, acquiring startups with potential, and the development of specialized products for specific applications. As a result, it is difficult for smaller and new players to venture into the IoT in healthcare market. Some of the prominent players in this market are: Cisco Systems, Medtronic Inc., Adheretech, Cerner Corporation, PhysIQ, Stanley Healthcare, Qualcomm Life Inc., GE Healthcare, Proteus Digital Health Inc., Microsoft Corporation, Diabetizer Ltd. & Co. KG, Philips, SAP SE, IBM Corporation, and Honeywell Care Solutions.