IoT IN HEALTHCARE Types (Provider, Payer, Biopharma, Medical Devices), Technologies & Services: (Network Connectivity, Application, and Consulting, Integration, Maintenance), Applications (Telemedicine, Clinical Care, Diagnostic, Drug Management, Cognitive Assessment, AI, Additive Manufacturing), By Regions Global Market Drivers, Opportunities, Trends, and Forecasts, 2016-2022
Internet Of things (IOT) is a network which connects objects via embedded electronics, sensors, and network connectivity. IoT gather devices and share the information, making it possible to collect and analyse data faster and accurately. IoT being used in healthcare sector acts as a catalyst for improving real-time communication between patients and the care provider’s. IoT applications are mostly used to improve access to care, quality of care,and reduce the cost of the total care. As the investment will increase in the healthcare systems, it will be used in telehealth systems delivering better care for remote locations and monitoring systems for better decisions.
The IoT Healthcare market is expected to have a CAGR of 43.01% during the period 2016-2022, mainly driven by growing investments in healthcare market by governments and various other stakeholders. The IoT healthcare market is analysed by six regions – North America, Western Europe,Asia-Pacific, Central Eastern Europe (CEE), Middle East & Africa and Latin America. Further the region markets are also analysed by countries to understand the healthcare spending, government initiatives and underlying opportunities for IoT healthcare market. North America is the most matured market sowing to its extensive health infrastructure and the ever increasing pressure to control the healthcare costs.
Healthcare providers, payers, bio pharma and medical devices companies are investing heavily in adopting new technologies, enter new markets with acquisitions and forge multiple collaborations to scale and be ahead ofthe competitors. Healthcare market is favoured by government mandates which reduce healthcare burden on individual. One of the major trend in the market ishit by high consumerization. Consumers want to take control of their health andwhich has boosted the market for fitness bands such as Nike Fuel band, Google Glass, and Fitbit. The devices provide data at regular or scheduled intervals of time which are oftensupported by analytics for consumer to take control of their health and beaware of any variations from the normal health condition.
Healthcare organizations adopting IoT solutions to reduce cost of healthcare and also improve quality of healthcare delivery. Major capabilities of customer intelligence solution are predictive analytics, decision management, real-time scoring, customer engagement, cross-campaign optimization, customer lifetime value segmentation. Some of the major market players include GE Healthcare, Medtronic, Koninklijke Philips NV, StanleyHealthcare, and AirStrip Technologies.
This study covers and analyses “IoT healthcare market” globally. Bringing out the complete keyinsights of this industry, this report aims to provide an opportunity forplayers to understand the latest trends, current market scenario, governmentinitiative and technologies related to the market. In addition, helps the venture capitalist in understanding the companies better and take informed decisions.