The healthcare industry has been constantly evolving over the years, with technological advancements improving the quality of services, offered by them to global population.
The healthcare industry has been constantly evolving over the years, with technological advancements improving the quality of services, offered by them to global population. The latest innovation in the healthcare industry has come via the ongoing integration of Internet of Things (IoT) technology. The sensors feature of IoT has made it a suitable option for various applications in the healthcare sector, as they assist in remote monitoring and device integration functions.
Earlier, healthcare IoT devices such as infusion pumps and vital sign monitors were used as standalone equipment and were attached to isolated patients. In recent times, they have been connected to health systems and data networks, to provide information about the patient’s health condition. The integration of IoT in the healthcare sector is underway wherein medical processed and medical devices are expected to generate high demand in future, once the technology is completely integrated. This is because healthcare products integrated with IoT technology have fewer components, have reduced size, and are user-friendly.
Greater awareness about IoT in developing countries such as India, Indonesia, resulting in higher adoption of the technology, and increasing technological advancements in IoT are anticipated to fuel the growth in the IoT in healthcare market, in this region. Reduced sensor prices could also be crucial to the growth of the IoT in healthcare market in this region.
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Hospitals, Pharmacies Expected to Use IoT to Achieve Improved Work Optimization
Healthcare facilities such as hospitals and pharmacies are expected to use IoT applications to improve workflow optimization, inventory management, and integration of medical devices.
Several hospitals have installed ‘smart beds’, which helps to detect when the patient is on the hospital bed and when the patient isn’t.
Asia Pacific Anticipated to Witness Maximum Growth in IoT in Healthcare Market in Future
Asia Pacific is expected to witness maximum growth in the global IoT in healthcare market, in future.
India and China combined are expected to hold approximately 60% of the overall share in the IoT in healthcare systems market, in future.
North America is expected to account for a major share in the IoT in healthcare market. Factors such as rising investments, greater technological awareness, and government measures and initiatives have helped drive the IoT in healthcare market, in North America.
The U.S is expected to account for more than 50% of the overall share in the IoT in healthcare market in future owing to the presence of several healthcare facilities that have integrated IoT technology in their processes.
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Hospitals in North America are adopting IoT technologies to monitor patients suffering from chronic disorders, by tracking the patient’s location and medication using wearable devices.
The IoT in healthcare market is expected to witness steady growth in Europe in future. The United Kingdom is expected to make the biggest contribution to the overall IoT in healthcare systems market, in future, followed by France and Germany.
Some of the key players in the global IoT in healthcare market include Honeywell International, GE Healthcare, IBM Corporation, Medtronic Inc., and Qualcomm Inc.
Market Players Looking at Joint Ventures, Collaborations to Improve Market Share
Market players are looking at joint ventures, collaborations, and novel product launches to improve their market share.
Some of the other stakeholders in the IoT in healthcare market include system integrators, service providers, security companies, and module manufacturers.
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The IoT in healthcare market does, however, have its own drawbacks. The technology could raise concerns regarding data privacy and security.
While certain sections of the healthcare industry has benefited from using IoT technologies in their applications, not everyone has found it to be a convenient mode of monitoring health and could need more time to adapt to the new technology.
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