The global market for IoT in the healthcare sector was valued at around USD 50.1 billion in 2016 and is expected to reach USD 210.9 billion by 2023, growing at a CAGR of around 23.1% during the forecast period of 2017 to 2023. The Internet of things (IoT) is the inter-networking of physical devices and vehicles, (also referred as connected devices and smart devices), embedded with electronics, software, sensors, actuators, and network connectivity that enable objects to collect and exchange data to create a more efficient healthcare system in terms of time, energy and cost. By implanting IoT-enabled devices in medical equipment, healthcare professionals will be able to monitor patients more effectively and use the data collected from the devices to figure out who needs the most hands-on attention. The IoT has numerous applications in healthcare, from remote monitoring to smart sensors and medical device integration. It has the potential to not only keep patients safe and healthy, but to improve how physicians deliver care as well. Healthcare IoT can also boost patient engagement and satisfaction by allowing patients to spend more time interacting with their doctors.
Efficient remote health monitoring, reduction of patient’s hospital stay, increasing number of applications, advanced disease management systems, improvement in patient monitoring and better patient outcomes are the key driving factors for the growth of this market. In addition, rise in prevalence of chronic diseases, rise in base of aging population, growing preference for remote clinical monitoring, and introduction of large number of smart wearables into the market is further expected to boost the market growth in coming years. The technological advancements have streamlined and automated the critical practices of data collection, electronic record maintenance, and data analysis to enable fast and accurate healthcare treatments. For example, products such as fitness bands, smartglass wearables like Google Glass, NFC-enabled medical ID bracelet, medical jewelry are enabling transmission of vital medical data form patient’s location to the medical staff in real time. Gradually, Internet of Things startups are finding new applications within healthcare and leveraging connected sensors to better diagnose, monitor, and manage patients and treatment. Many companies are focused on clinical-grade wearables to more robustly track patient data, while others see opportunity for sensor networks within hospitals and practices to optimize healthcare delivery and monitor patient adherence. Lack of government and regulatory body’s support, safety of patients, privacy issues, design encounters, and huge amount of patient’s data, which is a big challenge for hospital IT to manage, are some of the key restraining factors that could hinder the market growth.
Geographically, North America is the leading contributor to the market and is expected to retain its position during the forecast period due to high awareness, large base of patients with greater affordability, rise in investments, and various initiatives by government in the healthcare sector. However, Asia-Pacific market is expected to grow at a faster rate during the forecast period. This is predominantly due to increased healthcare awareness, technological advancements, significant investments and growing awareness among the population about the treatment options available in the market.
Honeywell Life Care Solutions,
Koninklijke Philips N.V.,
Apple Inc., etc.