Internet of Things (IoT) refers to the concept of connecting several
devices to the internet which operated previously as stand-alone
units without any interconnectivity. Sensors based on
micro-electromechanical systems are being deployed widely for IoT
applications. Increasing innovations in higher performance, lower
cost, smaller, and more robust IoT sensors are continuing to spur the
demand for these sensors and the systems in which they are deployed.
The established MEMS-based IoT sensors are being adopted widely into
diverse application areas. The major application areas these sensors
include automotive, consumer electronics, industrial, retail, safe &
security, healthcare, power & utilities and building & home
automation among others.
The proliferation of the Internet of Things (IoT) in the healthcare
market, which comprises systems and software, medical devices, and
services, has had a significant impact on the overall healthcare
sector and been immensely beneficial in remote clinical monitoring,
chronic disease management, preventive care, assisted living, and
personal fitness monitoring. Termed as a true game-changer for the
healthcare industry, the Internet of Things has transformed the
sector by lowering costs, improving efficiency, and bringing the
focus back to quality patient care.
The IoT in healthcare market includes a number of implanted,
wearable, and stationary medical devices used in clinical research
organizations, research and diagnostic laboratories, hospitals,
clinics, and surgical centers, and defense and government
institutions. In the healthcare industry, the Internet of Things can
be put to several applications, including clinical operations and
workflow management, inpatient monitoring, telemedicine, connected
imaging, and medication management. Bluetooth low energy (BLE),
ZigBee, satellite, Wi-Fi, near-field communication (NFC), and
cellular are some of the key connectivity technologies involved in
IoT in healthcare.
Considering that the global healthcare industry has been undergoing
several changes in a bid to provide accessible, affordable, and
quality patient care, advanced and cutting edge technologies are
being developed to help the industry cope with these changes. The
introduction of IoT in the healthcare sector has transformed the way
health services are being delivered.
Evaluating Future of Industry Developments in the Field of IoT in
Healthcare:
There are a number of factors driving the global market for IoT in
healthcare. These include increasing global geriatric population,
rising prevalence of various chronic diseases, the surging awareness
levels pertaining to the availability of advanced disease management
systems, the mounting demand for long-term and short-term healthcare
services, and an overall improvement in data management, patient
monitoring, and healthcare outcomes. The growing use of smartphones
and the improved internet connectivity across the globe are also
responsible for the expansion of the IoT in healthcare market.
The global market for IoT in healthcare is geographically segmented
into North America, Europe, Asia Pacific, and Rest of the World.
North America continues to be the highest revenue generating region
and analysts predict that the region is likely to retain its lead in
the global IoT in healthcare market throughout the forecast period.
The rapid growth of the North America IoT in healthcare market can be
attributed to the presence of advanced and sophisticated healthcare
infrastructure, major technological advancements in the field of
healthcare software and medical devices, increased levels of R&D
initiatives in IoT, and high levels of disposable income.
The Asia Pacific market for IoT in healthcare has been identified as
the most lucrative region and this geographical segment is projected
to witness strong growth in the coming years. Rapid economic growth
is one of the primary reasons for the future expansion of the IoT in
healthcare in Asia Pacific, especially in countries such as China and
India. Other factors impacting this regional market include
improvement in healthcare infrastructure, rising disposable income
levels, growing presence of IT-enabled healthcare services,
increasing affordability of smartphones and various wearable medical
devices, and changes in lifestyle habits.
Adheretech, Cerner Corporation, PhysIQ, Stanley Healthcare, Qualcomm
Life Inc., Cisco Systems, Medtronic Inc., GE Healthcare, Proteus
Digital Health Inc., Microsoft Corporation, Diabetizer Ltd. & Co.
KG, Philips, SAP SE, IBM Corporation, and Honeywell Care Solutions
are some of the top companies competing in the global IoT in
healthcare market. The nature of this market is immensely
oligopolistic, wherein a handful of large, established players
dominate the scene with strategies such as collaborative research and
development, development of specialized products for specific
applications, and acquiring startups with immense potential. This in
turn, makes it difficult for smaller players and new entrants to
venture into the IoT in healthcare market.
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