The global IoT in Healthcare market accounted for US$ 20.2 Bn in 2015 and is expected to grow at a CAGR of 21.2% during the forecast period 2016 - 2025, to account for US$ 135.9 Bn in 2025.
The IoT in Healthcare helps in delivery of healthcare facilities through improved communication, between patients and healthcare providers, via connected medical devices. IoT in Healthcare enable the stakeholders particularly, providers and patients, to enhance patient care, reduce costs related to healthcare, reduction in errors, improved patient experience, and improved patient outcomes along with better disease management. IoT in Healthcare solutions and services are replacing the tradition diagnosis and treatment procedures with advanced technology. The IoT in Healthcare market is constantly growing with medical devices and pharmaceutical companies either competing with each other or collaborating with tech companies to offer enhanced and advanced solutions. The rising incidences of chronic diseases and number of elderly population along with the need to reduce the costs associated with healthcare is expected to drive the IoT in Healthcare market growth. Several companies are partnering with each other to offer enhanced and improved solutions to the customers in order to increase their IoT in Healthcare market share. IBM Corp., Microsoft Corporation, GE Healthcare and Koninklijke Philips N.V. are few of the major players operating in the IoT in Healthcare market.
Wearable healthcare devices to boost the IoT in Healthcare market
IoT has a significant role to play in monitoring the health and safety of individual. Numerous pioneering wearable technologies have been developed in recent years that intent to revolutionize healthcare industry. Integration of IoT and wearable devices such as smart watch or health bands help to empower and educate patients to take control of their health and in turn boost the growth of IoT in Healthcare market. Some wearable devices also send data related to functioning of organs and disease markers to the physicians and helping in monitoring and diagnosing disease. Other wearable or portable health monitoring devices such as blood glucose level monitor helps diabetes patients in monitoring blood glucose levels, track food intake and deliver insulin and transmit the related data to their physicians. The number of health benefits of wearable devices and integration of IoT is further expected to result in reducing the overall treatment time and ease doctor patient interactions. Hence, wearable healthcare devices are expected to fuel the growth of IoT in Healthcare market in the coming years.
Adoption of connected medical devices fuelling the growth of IoT in Healthcare market
The adoption of IoT in Healthcare solution is witnessing a high growth and increasing need for integration and connectivity tools in escalating operations of healthcare organizations are the factors driving the growth of IoT in Healthcare market. The constantly decreasing costs of sensors embedded in these devices have resulted in falling prices of connected devices and hence, the adoption of connected medical devices have further increased. These devices connected to the internet and enable the healthcare professionals to get real-time information regarding patients’ health and helps in efficient monitoring. Furthermore, these devices send alerts to the nearby hospital in case of any emergency. Also, connected medical devices save lengthy communicating process between patients and healthcare providers. The valuable data recorded in the cloud through these devices helps in better diagnosis and analysis thereby, improving patients’ care. This trend is expected to further increase the growth of IoT in Healthcare market.
Market initiative was observed as the most adopted strategy in global IoT in Healthcare market. Few of the recent strategies by some of the players in IoT in Healthcare market landscape are listed below-
2016: The Office of the National Coordinator for IT (ONC) released Interoperability Standards Advisory (ISA) for the year 2017. This will enable patients’ to easily access their health data. This is an update to the ISA released in 2016.
2016: European Institute of Innovation and Technology for Health (EIT Health) funded a new research project in which Florida Atlantic University, Siemens Healthcare GmbH, Universitätsklinikum Erlangen along with other European partners will work together to develop a hybrid device for quicker diagnosis and treatment of strokes.
2016: IBM Watson Health partnered with Finnish Funding Agency for Innovation with an aim to enable Finland to utilize Watson cognitive computing to facilitate doctors enhance the health of Finland’s citizens, and support and develop the Finnish innovation and business ecosystem in the fields of health and well-being.
Global IoT in Healthcare - Market Segmentation
By Software Solutions & Tools