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IoT in Healthcare Market – Latest Trends, Forecast, and Opportunity Analysis 2024
Infinium Global Research
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The high adoption of the internet of Things (IoT) in the numerous medical applications is driving the growth of IoT in the healthcare market. The use of IoT technology in healthcare allows healthcare systems to interconnect with each other. It improves patient monitoring, patient outcomes and reduces errors. The rising occurrence of chronic disease creates the demand for chronic disease management systems with better doctors and patient connectivity. IoT provides real time monitoring, activity tracks during the treatment and provide medical assistance to the patients at home. In addition, the introduction of artificial intelligent (AI) in the healthcare sector is projected to create various growth opportunities in this market in the upcoming year.
Market Segments (by Technology)
IoT in healthcare uses Wi-Fi, NFC, ZigBee, Bluetooth and other technology suitable for a different medical application. Among these technologies, Wi-Fi holds the significant market share in the IoT in the healthcare market. Wi-Fi technology is vastly used in the real-time access of medical report, monitoring the devices, access to electronic medical records (EMRs) and for other applications. In addition, the use of near field communication (NFC) in the healthcare sector is rising that is expected to create numerous growth opportunities in this market.
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Market Segments (by Applications)
IoT has several applications in the healthcare sector including telemedicine, clinical operations, and workflow management, connected imaging, inpatient monitoring, medication management, and others. Telemedicine is one of the popular application of IoT in this sector. Telemedicine involves remote diagnosis and treatment of patients by means of telecommunications technology. It is a useful technology to provide clinical healthcare from a distance. Increasing Medicare compensation for telehealth drivers the growth of telemedicine application in the IoT in the healthcare market. Furthermore, growing technological innovations in communication technology will further increase its demand in the healthcare sector.
Regional Analysis
Geographically, North America holds the maximum market share in the IoT in the healthcare market followed by Europe. Developed healthcare infrastructure of North America and the growing prevalence of chronic diseases are driving the growth of IoT in the healthcare market. In addition, Asia Pacific is the fastest growing region in this market. Ongoing technological advancements in the healthcare systems, better connectivity between the doctors and the patients and Enhanced Drug delivery system are contributing to the growth of this market across the Asia Pacific region.
Major Key Players
The key players in this market include Medtronic, Cisco Systems, IBM, GE Healthcare, Honeywell Life Care Solutions, Royal Philips, Microsoft, SAP, Qualcomm Life, and Stanley Healthcare. These players are investing more into their research and development activity. This benefits them to launch new products and improve existing products.
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About Infinium Global Research
Infinium Global Research and Consulting Solutions is started with a single motto of being a business partner of the first choice. We at Infinium work on the strengths of our clients to ensure we help them consolidate their market position. We firmly believe in the fact that ‘if you are able to develop newer opportunities then you find there is no dearth of opportunities for you. With our strategic research approaches and deep dive in the market segments, we try to find out new opportunities that our clients can encash with their existing resources. Our experts with over 100 years of cumulative experience in research offer the best in the industry services to our clients to ensure that they achieve their business goals.
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