Global Market Study on Healthcare IoT: Ability to Enhance Disease Management & Treatment Boosting Adoption


Healthcare Iot  Market
  • Published On : Nov-2020 |
  • Pages : 320 Pages |
  • Format : Healthcare Iot  Market Healthcare Iot  Market Healthcare Iot  Market Healthcare Iot  Market

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

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.

healthcare IoT market Gain More Insights about this Report

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.

Demand for Healthcare IoT Solutions & Services to Surge under Impact of COVID-19 Pandemic

The COVID-19 pandemic outbreak has given birth to new concepts such as social distancing, which has prioritized technologies such as IoT services, artificial intelligence, and cloud. To address and restrict the spread of novel coronavirus, Internet of Medical Things (IoMT) has witnessed a number of innovative revolutions. Telemedicine solutions include patient monitoring, and interactive medicine helps in social distancing, and such applications have gained significant traction during this time.

Moreover, GPS and wireless communication technologies such as cellular positioning systems, connected drones, and others are utilized to collect data and pass on this information to governments or the healthcare sector to curb the spread of the virus. Thus, the healthcare IoT market has been impacted positively by the pandemic, as demand for Internet of Medical Things has increased significantly to combat the spread of the virus.

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.

Report Scope – Healthcare IoT Market

Persistence Market Research (PMR) recently published a new research analysis on the healthcare IoT market for the assessment period of 2020-2030. The research study offers a close look at the evolving aspects of the healthcare IoT market, as well as the dynamics impacting market growth. The research study focuses on the key developments that have made their mark in the healthcare IoT market, and other developments that are on the cards. The report talks about various macro- and micro-economic factors responsible for having an in-depth impact on the growth of the healthcare IoT market.

A direct market overview provides the growth scenarios and market potential with maximum precision, which is adjudged with suitable assumptions. The report features unique and relevant factors that are likely to have a significant impact on the healthcare IoT market during the forecast period. This report includes a detailed and considerable amount of information, which will help new manufacturers in the most comprehensive manner for better understanding.

Several stakeholders in the healthcare IoT market can rely on the data offered in this research study and delve into pragmatic decision-making. Moreover, information offered in the healthcare IoT market report also helps new market entrants expand their bases in the landscape.

The report elaborates the historical and current trends molding the growth of the healthcare IoT market. The performance journey of the healthcare IoT market has been drawn and analyzed in way that the lucrative side of the market is evident to the readers. The competitive landscape presented in the healthcare IoT market report gives a detailed outlook of the profiles of key companies operating in the market, along with their differential strategies and key focus areas.

Healthcare IoT Market: Segmentation

PMR’s research study on the global healthcare IoT market offers a detailed market taxonomy, wherein, key segments have been discussed in detail. The segmentation of the healthcare IoT market has been offered on the basis of component, application, end user, and region. Every segment has been analyzed in detail and data pertaining to the growth of each segment has been included in the study.

Component

  • Devices
  • Software
    • Healthcare IoT Platforms
    • Patient Management & Monitoring Apps
    • Telehealth Software
    • Others
  • Services
    • Professional Services
    • Managed Services

Application

  • Remote Patient Monitoring
  • Diagnostics
  • Disease Management
  • Telemedicine
  • Others

End User

  • Hospitals & Clinics
  • Diagnostic Centers
  • Rehabilitation Centers
  • Health Insurance Companies
  • Others

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa

Healthcare IoT Market: Key Questions Answered in Report

The research study on the healthcare IoT market offers inclusive insights about the growth of the market in the most comprehensible manner for the better understanding of users. Insights offered in the healthcare IoT market report answer some of the most salient questions that assist stakeholders in gauging all the emerging possibilities.

  • How are advanced technologies creating new opportunities for the healthcare IoT market?
  • What are the key trends that are constantly shaping the growth of the healthcare IoT market?
  • Which are the prominent regions offering plentiful opportunities for the healthcare IoT market?
  • What are the key differential strategies adopted by key players to command a significant chunk of the global market share?

Healthcare IoT Market: Research Methodology

A unique and promising research methodology forms the base of the healthcare IoT market report for the forecast period. The report has been prepared after comprehensive analysis of market happenings, and then, riveting insights have been compiled meticulously. The research methodology of the healthcare IoT market has been a two-step process that comprises primary and secondary research. Key stakeholders, which include healthcare IoT manufacturers, suppliers, and distributors, have been interviewed, along with experts of several designations, including executive vice presidents, directors, service engineers, technical advisors, GM marketing professionals, and sales professionals.

Secondary sources referred to garner report findings include investor presentations of manufacturers, World Bank, and many other credible sources.

Companies covered in Healthcare Iot Market Report

  • IBM Corporation
  • Koninklijke Philips N.V.
  • Siemens Healthineers
  • GE Healthcare
  • Honeywell International Inc.
  • Cerner Corporation
  • Proteus Digital Health, Inc.
  • Huawei Technologies Co., Ltd.
  • Bosch Healthcare Solutions
  • Medtronic
  • Biotronik
  • Boston Scientific Corporation
  • Capsule Technologies, Inc.
  • STANLEY Healthcare
  • Microsoft Corporation
  • OSPLabs
  • Care Innovations
  • AMD Global Telemedicine, Inc.
  • Aerotel Medical Systems Ltd.
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