How the IoT is transforming healthcare
Internet of Things (IoT)-based healthcare systems play a key role in the growth of medical information systems. Tracking, tracing, and monitoring of patients are essential to enhance healthcare. However, due to an inadequate healthcare situation, current medical technologies with the available tools cannot meet the same accuracy.
Dependency of healthcare on IoT is increasing day by day to improve access to care, enhance the quality of care, and most importantly to limit the cost of care. IoT eliminates the need for a healthcare professional by providing a ubiquitous monitoring system using sensors, gateways, and the Cloud, to analyse and store the data and communicate it wirelessly to medical professionals for further analysis.
The emergence and need for inventory management, improving workflow management, growing digitalisation in healthcare management systems, and the increasing penetration of connected devices is expected to boost the demand for Internet of Things (IoT) in the healthcare market in the coming years. However, high initial cost of investment is expected to be one of the restraints that hinder the market. The global market for Internet of Things (IoT) in healthcare is anticipated to expand at a volume CAGR of 20.6% during the forecast period from 2017-2025. The market is expected to reach $322.77bn by 2025.
IoT is a combination of various technologies that empower a diverse range of appliances, devices, and objects to interact and communicate with each other using different networking technologies. Healthcare systems make use of interconnected smart devices to establish an IoT network for healthcare analysis and patient monitoring, automatically identifying situations where physician involvement is needed.
The global IoT in healthcare market can be segmented based on component, application, technology used, end-use and region. In terms of component type, the IoT in healthcare market can be divided into hardware, software, and service. The hardware segment is further segmented into portable diagnostic devices (on-body wearable devices) and non-portable diagnostic devices.
The market is further segmented based on applications into telemedicine, medication management, clinical operations, patient monitoring, and connected imaging. In terms of technology, the market is segmented into Bluetooth, Wi-Fi, NFC, Zigbee, RFID, and other technologies. Geographically, the IoT in healthcare market can be divided into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America is expected to hold the largest share in the market. Asia Pacific is expected to witness highest CAGR during the forecast period due to growing adoption of IoT components in healthcare industry in the emerging countries in the region such as China and India.
The global IoT in healthcare market is highly fragmented with a number of companies. Leading players are currently focusing on providing cost competitive products to customers. Moreover, as part of this strategy, the companies are engaging in various strategic partnerships, acquisitions, and focusing on expanding their business through new service additions and geographical presence.