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.
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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.
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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.
Companies
profiled:
Cisco Systems,
Medtronic,
IBM Corporation,
GE Healthcare,
Microsoft Corporation,
Honeywell Life Care Solutions,
Koninklijke Philips N.V.,
Apple Inc., etc.
