IoT is gaining much traction in several industries and devices are becoming intelligent, instrumental and interconnected. The IoT technology is changing the way people live and work. IoT is transforming healthcare industry as well by redefining how devices, applications and people connect to deliver healthcare solutions. The constant development of new tools and efficiencies to upgrade healthcare system is helping in improving patient care, reducing treatment costs as well as treatment outcomes.
Healthcare technology is changing the way healthcare sector works. For instance, the patients’ information are now recorded in digital format by adopting Electronic Health Record (EHR) system. The patients’ medical stats and information can be saved on the cloud and allow patients’ and doctors to can carry this information wherever they go through apps on their smart devices such as smartphones, laptops, tablets etc. This provides the patients’ with an ease to store their healthcare data at one place and eliminate the need to carry bundle of reports containing healthcare data every time they visit the doctor.
Also, several healthcare applications enable patients’ to schedule an appointment without needing to call the clinic or hospital. Also, these application sends reminder to the patient as well as doctors about the scheduled appointment. Connected medical devices such as thermometers, glucose monitors, ultrasounds etc. helps in tracking patients’ health for follow-ups. Another IoT in healthcare application Medical Management, enable care givers of elderly and chronically ill patients about missing doses of medication prescribed by sending alerts and uploading information to the cloud.
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The global IoT in Healthcare market was estimated at US $20.2 billion in 2015. This market is expected to grow at a CAGR of 21.2% between 2016 and 2025, to reach US $135.9 Billion in 2025.
The global IoT in Healthcare market has been segmented by Solution into medical systems & devices; and software solutions & tools. The medical systems & devices market is further sub-segmented into on-body wellness, on-body healthcare and implanted devices. Furthermore, the software solutions & tools market is sub-segmented into data analytics tools & solutions, network management solutions and security solutions. On the basis of services, the market is bifurcated into professional and integration services. The application segment of IoT in Healthcare market is classified into medication management, patient monitoring, fitness & wellness measurement, clinical workflow management and others. Also, by end-user, the market is categorized into patients & individuals, diagnostic & research centers and labs, hospitals & healthcare institutes and government authority. The hospital & healthcare institutes under end-user segment had accounted for the largest share of the IoT in Healthcare market in 2015 and is expected to continue its dominance to grow at the highest CAGR of 21.7% between 2016 and 2025.
The major industry players in the IoT in Healthcare market include GE Healthcare (US), IBM Corp. (US), Koninklijke Philips N.V. (Netherlands), Medtronic plc. (Ireland), Microsoft Corporation (US), Proteus Digital Health, Inc. (US), Qualcomm Life, Inc. (US), Siemens Healthcare GmbH (Germany), STANLEY Healthcare (US) and Verily Life Sciences LLC (US).
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