Internet of Things in Healthcare Market to Witness CAGR of 30.2% during forecast period - physIQ, Stanley Black & Decker, Inc., Cerner Corporation, Medtronic, Proteus Digital Health, Inc, AdhereTech, Microsoft, IBM

The demand for advanced healthcare information systems around the world is rising. Healthcare systems are fragmented worldwide, i.e., there are various healthcare providers for treating an individual with a particular illness. This lack of coordination among healthcare patients and professionals has had a negative impact on the quality of healthcare and its cost, which has further resulted in the fragmentation of healthcare information, including medical history, billing and administrative data, and patient demographics. It is due to these factors that the need for advanced healthcare systems for compiling fragmented information into a single channel is increasing.

Internet of Things (IOT) in Healthcare Market Key Players:
1- physIQ
2- Stanley Black & Decker, Inc.
3- Cerner Corporation
4- Medtronic
5- Proteus Digital Health, Inc
6- AdhereTech
7- Microsoft
8- IBM

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Internet of things (IoT) applications aid in compiling patient information related to rehabilitation, diagnosis, care, and treatment. The heterogenous computing through wireless communication system is referred to as IoT healthcare. The technology generates trillions of data by connecting several sensors and devices with the internet through several access networks. As per a report by P&S Intelligence, the global IoT in healthcare market generated $56.1 billion in 2017 and is projected to reach a value of $267.6 billion by 2023, advancing at a 30.2% CAGR during the forecast period. Major end users of IoT healthcare are research & diagnostic laboratories, hospitals, surgical centers, & clinics, and clinical research organizations.

The different applications of IoT in healthcare are medication management, telemedicine, inpatient monitoring, clinical operations and workflow management, and connected imaging. Some other applications are connected healthcare, real time patient location services, and fitness tracking activity. Out of these, the telemedicine application was utilized the most during 2013-2017 and is further predicted to be the most in demand during the forecast period. The reason or this is the ability of this application to address an extensive range of issues which can be managed with digitization. The platform can further lower medical delivery costs and enhance the quality of care.

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The growing penetration of connected devices in healthcare is a key driving factor of the IoT in healthcare market. The market for connected medical devices is witnessing rapid growth due to the requirement for improving patient care, reducing treatment costs, and increasing efficiency and accountability. IoT-based medical devices can facilitate quick discharge of hospitalized patients and prevent the need for frequent hospital visits, which further decrease healthcare costs. Attributed to these factors, IoT connected devices, including oxygen tanks, insulin pumps, cardiac monitoring devices, continuous positive airway pressure machines, and defibrillators, are increasingly being adopted in remote monitoring. These devices provide patients and their caregivers important information and eliminate the need for frequently visiting healthcare facilities.

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