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.
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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