NEW YORK, Jan. 21, 2021 /PRNewswire/ -- With the rapid pace at which the world is currently moving forward, industries all across the globe are seen to eagerly transit and evolve their businesses so as to survive and keep up with the surging competition which is advancing in its all-time high. The healthcare industry among others is marked as one of the most highly sophisticated and trending industries on which the entirety of the human civilisation since its inception has been depending on. The industry has been continuously witnessing major developments which have been changing the course of how things predominantly work in the integral parts of it. The advent of the IoT technology recently among all of them has made the healthcare industry take a major leap forward and has changed the whole outlook of the industry with the services it has brought with it in the last decade or so. "IoT" also known as "Internet of Things" is basically the deployment of a range of connect devices, electronics, software, sensors, which collect and exchange data and information via the Internet. This enables the whole system of healthcare to be efficiently connected and offer enhanced and improved services and decision making after proper advanced analysis to all the stakeholders involved. It has given rise to what can be called as "The Smart Healthcare"system which can also be integrated with existing technologies and software and can also be modified.
By making use of various technology-based devices and services, the Internet of Medical Things or Internet of Healthcare things allow the patients to have their problems monitored remotely in real-time and the concerned doctors to reach out to the patients without physical presence at any given point in time. This has increased patient engagement and satisfaction drastically. It has made healthcare accessible to people and rural places where the traditional system failed to pave its availability. Also, products such as IoT devices tagged with sensors used for tracking real time location of medical equipment and medical staff; devices in the form of wearables like fitness bands and other wirelessly connected devices like blood pressure and heart rate monitoring cuffs, glucometer etc. which give patients access to personalized attention and on-time alert while dropping notifications to people about critical parts and emergency situations via mobile apps has enhanced the functioning of the medical system. IoT has brought into the table with pragmatic advantages that include unnecessary cost reduction, improved treatment, faster disease diagnosis, proactive treatment, error reduction, drugs and equipment management among many others. The internet of things in a broader sense; is playing a crucial role in healthcare tasks such as better patient outcomes and minimizing the complications in functions of healthcare facilities. An article, published in Deloitte, claims that "preventable readmissions cost the health care system approximately $17.5 billion annually". Remote patient monitoring, a crucial benefit of IoT in healthcare, can save up to "$36 billion globally over the next five years"
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Though the implementation of IoT in the global healthcare industry has been slow because of it being a capital-intensive process, factors such as the growing prevalence of chronic conditions in patients worldwide, the increasing governmental initiatives to support IoT platforms and for promoting digital health and for setting up the requisite infrastructure, the growing need for connected health services for serious ill cases and the growing R&D investments and activities will ensure fast and smooth adoption of the technology in the years to follow. Also, the improvement in healthcare infrastructure in developing countries, the increasing focus on active patient engagement and patient-centric care and the rapid growth in the integrated and connectivity tools for enhancing operations will prove to be beneficial in the implementation of this technology. As a result, the global IoT in healthcare market size is poised to grow from USD 70 billion in 2020 to USD 190 billion by 2025, at a whooping Compound Annual Growth Rate (CAGR) of around 22.0% during the forecast period. Also, some ongoing developments and about to launch products and services by the advent of this technology include; remote cancer monitoring and treatment, smart continuous glucose monitoring and insulin pens, close looped automatic insulin delivery, connected inhalers, ingestible sensors, connected contact lenses, depression monitoring, coagulation testing, Parkinson's disease monitoring and asthma monitoring, all of which are set to open new doors for the development of IoT in healthcare market and also offer enormous opportunities to the market players present in different regions of the world.
Geographically, the North American region dominated by the U.S is the most prominent market for IoT in healthcare and the region has been witnessing tremendous upsurge in the market in the recent years. The rapid technological advancements, increasing investments from top players, supportive governmental rules, rise in geriatric populace and increase in demand for cost effective disease treatment are factors that enhance the growth in this region. The Asia Pacific region on the other hand with presence of countries such as India, China and Japan is the fastest growing regional market for IoT in healthcare. This region has also been witnessing massive growth in the last years and is expected to continue doing the same in the upcoming years as well. This can be accounted to factors such as the growing number of initiatives for promoting connected health services in the region, the gradually increasing adoption of advanced technologies and leveraging of information-intensive IoT technologies to address the increasing healthcare service demand and in the region. Also, other factors such as the monumentally rising population, the growing number of investments by governments and the improving health IT infrastructure also contribute comprehensively in the market growth in this region.
Despite the growth, the involvement of extensive usage of data gives rise to data privacy and security issues and concerns which hamper the acceptance of IoT in the global healthcare industry. Alongside, the lack of awareness of this technology among public in developing regions and limited technical knowledge of the same also hinder the expansion of this market. However, with that said, the increasing adoption of more advanced and cost-effective methods for the development of these technologies by the key market players and the increasing efforts to spread awareness of these technologies and offering of medical training by the governments and companies globally will aid in the vast, ubiquitous application and implementation of this concept and which will also continue the rapid transformation of the healthcare industry in the forthcoming years.
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IOT IN HEALTHCARE MARKET SEGMENTATION:
By Component:
- Medical Devices
- Wearable External Medical Devices
- Implanted Medical Devices
- Stationary Medical Devices
- Systems and Software
- Remote Device Management
- Network Bandwidth Management
- Data Analytics
- Application Security
- Network Security
- Services
- Deployment and Integration
- Consulting
- Support and Maintenance
- Connectivity Technology
- Wi-Fi
- Bluetooth low energy
- ZigBee
- Near Field Communication (NFC)
- Cellular
- Satellite
By Application:
- Telemedicine
- Store-and-forward Telemedicine
- Remote Patient Monitoring
- Interactive Medicine
- Clinical Operations and Workflow Management
- Connected Imaging
- Inpatient Monitoring
- Medication Management
- Others (Fall detection, sportsmen care, and public safety)
By End User:
- Hospitals, Surgical Centers, and Clinics
- Clinical Research Organizations
- Government and Defense Institutions
- Research and Diagnostic Laboratories
By Region:
- North America
- Europe
- Asia Pacific (APAC)
- Middle East and Africa (MEA)
KEY REGIONAL INSIGHT:
- In 2019, North America accounted for the highest share in the IoT in healthcare market with significant revenue share and is expected to continue its upward trend owing to rapid technological advancements, increasing investments from top players, supportive governmental rules, rise in prevalence of chronic disease, patient population and increase in demand for cost effective disease treatment etc.
- However, APAC is expected to hold the highest CAGR and to be the fastest growing market because of improving health IT infrastructure, innovative models such as e-catalogs and price transparency procedures, rising initiatives for promoting connected health services, gradually increasing adoption of advanced technologies, growing investment, leveraging of information-intensive IoT technologies in the region.
FEW KEY PLAYERS OF IOT IN HEALTHCARE MARKET:
- Apple Inc
- Cisco Systems Inc
- GE Healthcare Ltd
- Google (Alphabet)
- International Business Machines Corporation
- Medtronic PLC, Microsoft Corporation
- Proteus Digital Health
- Koninklijke Philips N.V.
- QUALCOMM Incorporated
- Abbot Laboratories
- Other Key & Niche Players
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