Internet of Things (IoT) in Healthcare Market - The Emergence and Need For Inventory Management, Improving Workflow Management
Internet of Things (IoT) based healthcare systems play a key role in
the growth of medical information systems. Tracking, tracing, and
monitoring of patients are essential to enhance the healthcare
system. However, due to an inadequate healthcare situation, current
medical technologies with the available tools cannot meet the same
accurately. Dependency of healthcare on IoT is increasing day by day
to improve access to care, enhance the quality of care, and most
importantly to limit the cost of care. IoT eliminates the need for a
health care professional by providing a ubiquitous monitoring system
using sensors, gateways, and cloud, to analyze and store the data and
communicate it wirelessly to medical professionals for further
analysis.
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The emergence and need for inventory management, improving workflow
management, growing digitalization in healthcare management systems,
and the increasing penetration of connected devices is expected to
boost the demand for Internet of Things (IoT) in the healthcare
market in the coming years. However, high initial cost of investment
is expected to be one of the restraints that hinder the market. The
global market for Internet of Things (IoT) in healthcare is
anticipated to expand at a volume CAGR of 20.6% during the forecast
period from 2017-2025. The market is expected to reach US$ 322.77 Bn
by 2025.
IoT is a combination of various technologies that empower a diverse
range of appliances, devices, and objects to interact and communicate
with each other using different networking technologies. Healthcare
systems make use of interconnected smart devices to establish an IoT
network for healthcare analysis and patient monitoring, automatically
identifying situations where physician involvement is needed. The
global Internet of Things (IoT) in healthcare market can be segmented
based on component, application, technology used, end-use, and
region. In terms of component type, the Internet of Things (IoT) in
healthcare market can be divided into hardware, software, and
service.
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The hardware segment is further segmented into portable diagnostic
devices (on-body wearable devices) and non-portable diagnostic
devices. The market is further segmented based on applications into
telemedicine, medication management, clinical operations, patient
monitoring, and connected imaging. In terms of technology, the market
is segmented into Bluetooth, Wi-Fi, NFC, Zigbee, RFID, and other
technologies. Geographically, the Internet of Things (IoT) in
healthcare market can be divided into North America, Europe, Asia
Pacific, Middle East & Africa, and South America. North America
is expected to hold the largest share in the market. Asia Pacific is
expected to witness highest CAGR during the forecast period due to
growing adoption of IoT components in healthcare industry in the
emerging countries in the region such as China and India.
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