Healthcare IoT Market

Introduction

Internet of Things-enabled network connectivity shows the potential to cure ailing healthcare system in remote areas, and turn them into efficient and well-integrated patient-centric systems. By enhancing network connection reliability, solution and service providers are focused on transforming present medicinal care to well-being and wellness in collaboration with governments, thereby lessening healthcare expenditure burden through holistic measures. Though technology cannot substitute doctors, network-enabled healthcare equipment with cloud connectivity can enable medical professionals store and access the health data of patients in remote and under-developed areas. Key players in the healthcare IoT market are focused on developing innovative remote clinical monitoring systems and clinical communication platforms for in-home and out-patient remote monitoring.

Advancements in mobile data connectivity, portable devices, sensor technologies, application development, cloud computing, and big data analytics have made smart healthcare the most promising remedy with respect to increasing per capita expenditure in healthcare. Local companies are making huge investments in order to upgrade smart sensing healthcare by continuous research & development in information and communication technology, broadband data connectivity, e-location technology, and data management technology. All these factors bode well for the expansion of the healthcare IoT market size over the coming years.

Healthcare IoT Market Trends

Accommodation of a smart healthcare infrastructure using IoT is increasing at a very fast rate during the ongoing COVID-19 crisis. Healthcare IoT is being adopted by hospitals, CROs, rehabilitation centers and residential end-users on a global level. The

Assembled Deployment of Solutions to Enhance Healthcare IoT Market Attractiveness: Significant growth in the wearable devices market is expected to lead to greater opportunities for the integration of IoT sensors in the healthcare industry, to develop smarter wearable devices for patient monitoring and diagnostic purposes. There is integration of other connectivity platforms such as Bluetooth, RFID, ZigBee, and HomeRF to connect IoT sensors in healthcare to network infrastructure in households and workplaces. This way, more IoT sensors in healthcare can be added to the system, and remote access distance can be increased. A well-managed IoT solution & service provider can focus holistically on a healthcare institution and deduce a suitable end-to-end approach. This approach can include device management, connectivity, network management, deployment, and logistics processes for the provider, and present lucrative growth opportunities in the healthcare IoT market.

Initiatives Taken by Governments Fuelling Growth of Healthcare IoT Market: Use of cloud computing in healthcare helps reduce costs and maintain the quality of healthcare services. Various reforms initiated worldwide aim to reduce cost and improve the quality of healthcare services. According to the Healthcare Information and Management Systems Society (HIMSS), which focuses on better health services with the help of information technology, in 2012, total IT spending in hospitals across Europe was approximately USD 1.65 billion. In December 2012, the European Commission passed the eHealth Action Plan 2012 – 2020, which focuses on empowering patients and healthcare workers with modern healthcare IoT devices and technologies to promote personalized medicine in the region. With the rise in programs initiated by governments to encourage the use of healthcare IoT, the market for healthcare cloud computing is expected to grow at fast pace.

Extremely contagious nature of pandemic is motivating residential end-users to procure healthcare IoT for self-quarantine measures. During the ongoing pandemic, the adoption of healthcare IoT is increasing significantly among other end-users in correctional facilities and hospitality industry. COVID-19 is motivating end-users to procure efficient clinical communication and collaboration tools in order to ensure swift diagnostics and quarantine measures. An increase in remote patient monitoring solution and service deployments has been observed in developing economies of India, Spain, Italy and Brazil.

Regional Outlook of Healthcare IoT Market

In terms of value, North America and Europe holds a major healthcare IoT market share, owing to increasing investments by healthcare IoT companies in accelerating the upgradation of smart sensing healthcare through continuous developments in information & communication technology, broadband data connectivity, as well as e-location technology, in these regions. However, growth of the healthcare IoT market in the Asia Pacific region is anticipated to take place at a significant rate, due to increased adoption of wearable devices such as smart watches, augmented reality glasses, and fit bands in the healthcare sector.

Analysts’ Viewpoint

A comprehensive view of the healthcare IOT market has led our analysts to conclude that, the market is escalating at a significant rate. Healthcare IoT facilitates real-time data analysis that helps diagnose the symptoms of various diseases before it is too late, thus aiding timely intervention and proactive treatment. Integration of IoT sensors in healthcare equipment and machinery results in the mitigation of errors while dealing with a large quantity of sensitive patient data. Thus, integrating IoT sensors is an effective way to eliminate human error and help reduce process-related time, cost, and power consumption. This is expected to drive global healthcare IoT market growth over the forecast period.

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