Rising Preference For Communication Devices To Increase Use Internet Of Things (IoT) In Healthcare Sector

This report is an exhaustive piece of work presenting a comprehensive analysis of each of the major segments of the market. It is compiled by using both primary and secondary research and displays the current scenario and the development prospects of the Internet of Things (IoT) market in the healthcare sector.

In the first section of the report, the market overview has been presented. This part comprises the major market highlights and the economic scenario of the global healthcare market. In addition, the impact analysis of IoT on the healthcare sector has also been presented under this section of the study. Moving further, major drivers, challenges, and trends in the market have been presented, coupled with their impact analysis. As per the report, the global Internet of Things (IoT) market within the healthcare sector is anticipated to expand at a whopping 36.50% CAGR between 2016 and 2020.

IoT refers to a system comprising interrelated mechanical, computing devices, objects, digital machines, people or animals that are assigned unique identifiers. These also possess the ability of transferring data to a network without the need for human-to-computer or human-to-human interaction. In the healthcare sector, IoT-enabled devices aid doctors in the monitoring of patient functions remotely. Furthermore, the growing requirement to record the history of patients for tracking illnesses and assessing the drug capability is also predicted to propel the employment of IoT within the healthcare sector, thus propelling the growth of this market. The growing penetration of new players and the rising preference for communication devices will also augment the demand for IoT in healthcare. The advancement of communication devices and sensor technologies is a key opportunity seen in this market. However, the soaring costs of IoT-enabled medical devices may pose a negative impact on the development of this market.

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In the next part of the report, the market segmentation has been presented. In terms of product, the IoT market in healthcare is categorized into medical devices, connecting technologies, and software and system applications. Amongst these, the medical devices segment led the market in 2015 and constituted a share of approximately 55%. This is owing to the growing employment of wearable devices and the increasing occurrence of chronic illnesses globally. For instance, fitness bands are being introduced for sending instant alerts to the users on their health status. In addition, these bands also feature easy access to patients to get in touch with an expert.

Geographically, the market is segmented into Asia Pacific (APAC), the Americas, and Europe, the Middle East and Africa (EMEA). Of these, the region of APAC is poised to lead the IoT market within the healthcare sector till 2020. This is due to the increasing mobility within the sector of healthcare and the increasing count of investments by vendors for the development of new products within this region.

As stated in the report, the prominent players dominant in the global IoT market in healthcare are Honeywell Life Care Solutions, Ericsson, Intel, Microsoft, Medtronic, NXP, Stanley Healthcare, SAP, Temboo, Zebra Technologies, and Cognizant, among others.

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