Global IoT Healthcare Market: Overview
The internet of things in the healthcare market consists of services, software, and medical devices. It has created an overall impact on the healthcare market as it is very beneficiary in the remote clinical monitoring, preventive care, personal fitness monitoring, chronic disease management, and assisted living. The advantages of including internet of things in the healthcare sector are very prominent. Some of the benefits are improved efficiency, low costs, and improved quality of the patient care.
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The global IoT healthcare market is segmented into system and software, connectivity technologies, services, types of medical devices, applications, and end users. On the basis of the types of medical devices, the global market is segregated into stationary medical devices, wearable external medical devices, and implanted medical devices. Based on the systems and software, the market is categorized into network bandwidth management, application security, remote device management, data analytics, and network security. Depending on the connectivity technologies, the market is classified into BLE, ZigBee, satellite, Wi-Fi, NFC, and cellular. On the basis of services, the market is bifurcated into support and maintenance, system integration, and professional service. Based on the applications, the market is divided into clinical operations and workflow management, inpatient monitoring, telemedicine, connected imaging, medication management, and others. The various end users of the IoT healthcare are research and diagnostic laboratories, clinical research organizations, government and defense institutions, hospitals, surgical centers, and clinics.
The global healthcare industry has undergone numerous changes in order to give quality, accessible, and affordable patient care. There are various technological advancements made in this industry so that it can improve its services which are boosting the growth of the market. The factors that are contributing to the market growth include the increasing population of the aged people, increasing awareness of the people about the advanced disease management system, and the increasing cases of the chronic diseases. Some other benefits of including IoT in the healthcare industry include the improvement that is made in managing the huge amount of data, healthcare outcomes, and level of monitoring the patients has increased. The increasing use of the smartphones and the improving internet connectivity are other factors that contribute to the market growth.
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Regionally, the IoT healthcare market is diversified into regions such as North America, Asia-Pacific, Europe, and Rest of the World. The region that dominates the IoT healthcare market is the North America and will continue to do so in the coming years. The factors that contribute to this market growth include the presence of the best healthcare infrastructure in the region, the increased initiatives that are taken for the R&D in IoT, the technological advancements that are made in this region, and the increasing disposable income. Following North America is Asia Pacific region. The emerging economies such as India and China are contributing a major share in the market growth.
Market Competitive Players
The major market players in the IoT healthcare market include Adheretech, PhysIQ, Qualcomm Life Inc., Medtronic Inc., Proteus Digital Health Inc., Diabetizer Ltd. & Co. KG, SAP SE, Honeywell Care Solutions, Cerner Corporation, Stanley Healthcare, Cisco Systems, GE Healthcare, Microsoft Corporation, Philips, and IBM Corporation.
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