From patient diagnostics and monitoring to medical treatment delivery methods, healthcare IoT combines communication technology and sensor data to offer benefits that were previously considered to be conceptual. Healthcare IoT enables medical equipment to collect data and share it with each other via cloud computing technology. By incorporating healthcare IoT, the collected data can be accurately analyzed at high speeds. Healthcare IoT sensors can be wearable or embedded into medical equipment, and can communicate the gathered data to software solutions for further analysis. Advancements in healthcare IoT and healthcare IT have facilitated the inclusion of dynamic patient data, which accommodates faster diagnostics and health deterioration preventive measures.
IoT sensors integrated into wearable devices is a key market trend in global healthcare IoT market, and the shipments of these products are expected to grow considerably during the forecast period. Collaborative developments via partnerships between research institutes and healthcare IoT market players are estimated to pave the way for development of innovative and commercially viable healthcare IoT solutions.
Impact of Ongoing COVID-19 Pandemic on Healthcare IoT Market
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 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.
Healthcare IoT: Market Drivers and Challenges
The usage of healthcare IoT for residential end-uses is expected to witness a steady growth rate during the forecast period, owing to the rising demand for remote patient monitoring applications. Adoption of smart home solutions is also expected to propel the growth of residential healthcare IoT market. Healthcare IoT plays a major role in making a patient’s medical journey easier. Network-enabled healthcare equipment are evolving to fulfill the remote monitoring requirements of doctors and patients. Data accumulation, analytics and archival techniques are changing. Doctors and their patients can use smartphone applications and computer software to check health data, and the impact of medical treatment.
However, as the number of healthcare IoT solutions and technologies increase, ensuring that all of them are connected to the network and communicating with each other is likely to become difficult. Every healthcare IoT equipment does not necessarily have a definite sequence of communication standards and protocols. This is likely to result in massive data misinterpretation and can drastically affect a patient’s health. This factor is estimated to play a major role is suppressing the growth rate of global healthcare IoT market.
Healthcare IoT Market: Segmentation
The global healthcare IoT market can been segmented on the basis of application and end-user.
With respect to application, the global healthcare IoT market may be segmented into:
With regards to end-use, the global healthcare IoT market may be segmented into the following:
Healthcare IoT Market: Competition Landscape
Some of the key players in the global healthcare IoT market are STMicroelectronics; Koninklijke Philips N.V.; General Electric; Siemens; Texas Instruments Incorporated; TE Connectivity; Honeywell International Inc.; PAREXEL International Corporation; Analog Devices, Inc.; and Proteus Digital Health, Inc.
Following are some key strategies incorporated by companies operating in the global healthcare IoT market:
Healthcare IoT Market: Regional overview
Currently, healthcare IoT market in North America holds the largest market share of the global healthcare IoT market, followed by market in Europe. Over the coming years, increase in disposable income and urgency in demand for ecological and smart medical technologies are among factors expected to drive the regional markets. Southeast Asia Pacific and East Asian markets are estimated to record the fastest adoption during the forecast period. Huge investments by national governments in the Middle East and Africa to accommodate innovations in healthcare IoT are expected to enable the regional market to record a strong growth rate during the forecast period.
The healthcare IoT market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on:
Regional analysis includes: