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IoT in Healthcare Market – What Factors will drive the industry in Upcoming Years?

Author : Ronak Bora | Published Date : 2020-09-11 

IoT in healthcare market has been forecast to witness remarkable growth prospect in the years ahead, subject to the robust enhancements in healthcare infrastructure. Digitization, having paved its way toward healthcare, has prompted numerous hospitals and regional governments to undertake initiatives to deploy IoT in the healthcare sector, owing to the rise in the requirement for mobility and communication in medical care. With the implementation of IoT facilities, healthcare service providers may be able to deal with the challenges related to consumer data sharing, since this technology is highly capable of dealing with patient data operations very efficiently. The emergence of the internet of things has significantly impacted the overall IoT in healthcare industry trends since the last few years. Statistically, in 2016, IoT in healthcare market held a revenue of more than USD 2 billion.

Nowadays, medical research institutes and healthcare product manufacturers have been joining hands to accelerate digitalization across the healthcare sector by deploying technologically advanced digital health products. For instance, Oxford University and National Institute for Health Research (NIH) have signed a five-year agreement with the London based giant in IoT in healthcare market, Drayson Technologies to build and commercialize digital healthcare tools. Through this research agreement, the Oxford Biomedical Research Center aims to deliver excellent benefits to patients from hospital to the comfort of their homes. For this research and development program, NIH has provided funding to Drayson Technologies, which also raised USD 53 million from several other funding agencies.

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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.

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.

Recently, the integration of the internet of things with artificial intelligence (AI) has changed the outlook of healthcare institutions, having fortified medical care data maintenance with improved storage capability, robust connectivity, and high security. The well-known participants in IoT in healthcare market are also focusing on AI-based IoT healthcare facilities. For instance, IBM has recently developed an AI system for hospitals that will help to carry out tedious tasks much more efficiently and flawlessly than humans. In fact, IoT has helped bring about a paradigm shift in healthcare, subject to the introduction of smart devices that help provide and secure patient data. IoT also enables doctors to get in touch with patients staying in remote areas very easily through video conferencing, on account of which patients can eliminate the need for routine checkups. With numerous benefits under consideration, healthcare professionals are increasingly adopting IoT systems, which is certain to have a positive impact on IoT in healthcare industry.

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.

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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.

Table of Contents (ToC) of the report:

Chapter 5.   IoT in Healthcare Market, By Technology

5.1.  Global IoT healthcare market share by technology, 2016 & 2024

5.2.  Sensor

5.2.1. Market estimates and forecast, 2013 - 2024

5.2.2. Market estimates and forecast, by region, 2013 – 2024

5.3.  RFID

5.3.1. Market estimates and forecast, 2013 - 2024

5.3.2. Market estimates and forecast, by region, 2013 – 2024

5.4.  Connectivity technology

5.4.1. Market estimates and forecast, 2013 - 2024

5.4.2. Market estimates and forecast, by region, 2013 - 2024

5.5.  Others

5.5.1. Market estimates and forecast, 2013 - 2024

5.5.2. Market estimates and forecast, by region, 2013 – 2024

Chapter 6.   IoT in Healthcare Market, By Component

6.1.  Global IoT healthcare market share by component, 2016 & 2024

6.2.  Hardware

6.2.1. Market estimates and forecast, 2013 - 2024

6.2.2. Market estimates and forecast, by region, 2013 – 2024

6.3.  Software

6.3.1. Market estimates and forecast, 2013 - 2024

6.3.2. Market estimates and forecast, by region, 2013 – 2024

6.3.3. Data management

6.3.3.1.    Market estimates and forecast, 2013 – 2024

6.3.3.2.    Market estimates and forecast, by region, 2013 – 2024

6.3.4. Streaming analytics

6.3.4.1.    Market estimates and forecast, 2013 – 2024

6.3.4.2.    Market estimates and forecast, by region, 2013 – 2024

6.3.5. Security

6.3.5.1.    Market estimates and forecast, 2013 – 2024

6.3.5.2.    Market estimates and forecast, by region, 2013 – 2024

6.3.6. Remote monitoring

6.3.6.1.    Market estimates and forecast, 2013 - 2024

6.3.6.2.    Market estimates and forecast, by region, 2013 – 2024

6.3.7. Bandwidth management

6.3.7.1.    Market estimates and forecast, 2013 – 2024

6.3.7.2.    Market estimates and forecast, by region, 2013 – 2024

6.3.8. Others

6.3.8.1.    Market estimates and forecast, 2013 – 2024

6.3.8.2.    Market estimates and forecast, by region, 2013 – 2024

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/iot-healthcare-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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