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The global Internet of Things (IoT) in Healthcare market size was USD 30.96 billion in 2018 and is projected to reach USD 176.82 billion by 2026, exhibiting a CAGR of 24.5% during the forecast period
IoT allows devices and operating machines to connect with one another and exchange data through the internet. With the increasing population, healthcare providers are facing challenges to reach patients in remote locations or in under-developed regions or countries. IoT functions to support the healthcare industry to automate patient workflow, connect mobility solutions and provide next-generation healthcare facilities. Over the past fifteen years, the healthcare industry has witnessed a significant shift from traditionally paper-based procedures to advanced technology processes such as remote monitoring patients and analyzing real-time patient data to provide appropriate health-related solutions.
Ongoing advancements, development of innovative technologies, and connectivity solutions have boosted the adoption of IoT in the healthcare industry. Furthermore, with the adoption of IoT, the integration of medical devices and surgery equipment has resulted in better diagnosis and treatments. This will further help patients to self-monitor health through wearable devices and to consult the doctors through connected applications directly.
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Some of the prominent internet of thing in healthcare market trends include the introduction of redefined technology for patient care and well-being as well as offering enhanced patient experience with medical robots. Furthermore, the integration of artificial intelligence with IoT is expected to offer enhanced operational efficiency and advance solutions for healthcare processes. Such growing trends are likely to boost the global IoT in healthcare market revenue.
“Integration of Artificial Intelligence (AI) with IoT in Healthcare is Expected to Drive Market”
Artificial intelligence technology enables us to analyze data, interpret a set of information from the data source, and utilize the extracted information for predictions and support decision making. The integration of AI and IoT technology is helping healthcare providers to improve operational efficiency, monitoring, information collection, automation (prediction, modeling, etc.), control, optimization among others. To provide patient-centric solutions, healthcare and IoT solution providers including device manufacturers, are integrating Artificial Intelligence with their IoT solutions. The integration of these two technologies will help healthcare payers and payees to get deep insights into health during the treatment. The AI-enabled IoT devices will also help patient and healthcare providers to take actions rather than just monitoring health. For instance, for complex operations such as joint replacement, eye operations or analyzing behavioral health, AI technology can support the doctors in the operational procedures and provide a predictive medical diagnosis. This provides high precision and control for performing any complex medical procedures.
The healthcare providers are incorporating deep learning, natural language processing, and machine learning to analyze the patient health and result of the treatment. For instance, a robotic nurse can remind the patient to take medications on time as well as it can also detect the behavior by analyzing a patient’s facial expression. In medical research, AI and IoT can help to get instant and precise data. In remote scanning, AI can reduce the time of analysis and detection of medical conditions. Machine learning with IoT devices can support healthcare providers to offer a better diagnosis based on the available data. Some of the AI-enabled IoT use cases include chronic disease management, drug management, remote health control, reduced waiting hours in emergency rooms, and inventory tracking.
The integration of artificial intelligence with IoT in healthcare is offering better detection and treatment capabilities along with better patient experience, which is also promoting the adoption of technologies such as AI and IoT in healthcare industry. Moreover, Microsoft Corporation provides Azure IoT, which will support the healthcare industry to track devices used for improving the well-being of patients, thereby reducing readmissions (using machine learning), etc.
“Rising Interest in Self Health Monitoring and Measurement is Boosting Demand for IoT in Healthcare Market”
Under-developed or developing countries have limited access to proper healthcare facilities. With the advent of wearable medical devices, it has become easy and accessible to monitor health measurements. The rising awareness about health is pushing young and active population to adopt wearable devices. People are increasingly focusing on to maintain their personal health and fitness. This, as a result, is fueling demand for wearable and implanted devices. With IoT technology, users can analyze data through their phones that are directly connected to the wearable medical devices. With devices such as smart bands, smartwatches, and smart shoe, among others, students and young professionals can analyze their health data like calorie burn, step walks, distance walked, and others. This is helping the users to monitor personal health. For people with chronic health issues, wearable or implanted devices can measure information such as blood pressure, blood sugar, cholesterol, and heart rates, among others. This data is stored through a connected technology, which can be used at any time for the analyzing the patient's health. This trend of self-monitoring is boosting the IoT in healthcare devices and software.
For instance, one of the implanted devices for a critical ailment is the pacemaker; this device is for heart patients. The device monitors and controls the heart rate and maintains its rhythm. Whenever it detects the abnormality in heart rates, the device sends electric pulses to the heart. This device is useful in reducing the patients’ heart risk and response time for hospitalization.
Thus, with the effectiveness of IoT devices, people are adopting these devices for health monitoring, which is expected to drive the growth of the market.
“Software and Devices Segment to Boost the Adoption of IoT in Healthcare”
The component segment is categorized into devices, software, and services. The software segment is gaining traction owing to its applications in connected devices, prediction & monitoring the patient's health, and maintenance of the devices. The adoption of IoT software/ platform is increasing in healthcare applications. The rising demand for healthcare facilities at distant and remote locations is also boosting the adoption of software in IoT in healthcare market. The device segment is further categorized into wearable medical devices, implanted medical devices, and stationary medical devices. Among these, the stationary medical devices are primarily used in hospitals, clinics, and diagnostic centers as the purchasing and maintenance cost is high. Implanted medical devices are applied for constant monitoring and mapping of the patient’s condition. These devices offer real-time data and generate alerts in case of any uncommon changes in the patient’s health.
“Remote Device Management and Data Analytics to Gain Traction in Software Segment of IoT in Healthcare Industry”
The software segment is categorized into remote device management, data analytics, compliances & security, asset performance management, others (data storage, electronic health record, etc.)
The IoT software used for monitoring the health of the patient as well as maintaining the device is expected to witness an exponential growth during the forecast period. The remote device management software monitors and maintains connected medical devices. Moreover, data analytics software is gaining traction in the healthcare industry owing to its application in the diagnosis of patients and analyzing the collected information. For instance, to monitor patients with cardiovascular problems, the data analytics software tracks blood pressure, cholesterol of the patient, etc. this helps in tracking and monitoring the health of patients.
The connected devices and patient history are protected with compliances and security software. The industry is witnessing the rising number of threats on the patient’s data due to cyber-attacks. The adoption of security software is increasing to protect patients’ personal information. With the help of the compliances and regulations, hospitals and clinics are adopting IoT devices as per the government standards. Similarly, the implementation of asset performance management is also increasing in hospitals to help reduce the machine downtime and minimize the maintenance cost.
“Increasing Adoption of Connected Medical Devices to Boost the Patient Monitoring and Operations & Workflow Management Applications of IoT in Healthcare”
The application segment is categorized into telemedicine, patient monitoring, operations and workflow management, remote scanning, sample management, and others.
With the increasing wearable and implanted devices, there is a rise in remote patient monitoring application. To monitor patients from remote location, hospitals, clinics, and health providers are adopting IoT in healthcare solutions. Additionally, with wearable devices, users can self-monitor their health. The patient monitoring application is the fastest-growing application in IoT in the healthcare market. The increasing connected stationary medical devices and instruments are leading towards high adoption of operations & workflow management applications.
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Hospitals and clinics are using telemedicine to connect with patients located in remote areas. The adoption of telemedicine is growing owing to the introduction of smart devices, the superior quality of video streaming, and the availability of internet facility at the remote location.
Apart from this, remote scanning is widely used in high-end medical imaging systems such as magnetic resonance imaging (MRI) devices, computerized tomography (CT) scans, and others. Health providers can directly access the patient’s report instantly from the data for further consultation.
“Adoption of IoT is expected to be High in Hospitals”
The end-use segment is further bi-furcated into laboratory research, hospitals, clinics, and others (clinical tests, etc.)
The hospitals have a high IoT in healthcare market revenue and it is the fastest-growing segment. The adoption of IoT in clinics is anticipated to witness steady growth during the forecast period, primarily due to the growing adoption of wearable devices. The adoption of IoT has also increased customer experiences owing to the instant and real-time attention provided through connected devices. Laboratory researchers are adopting IoT for real-time analysis of the available data.
Asia Pacific (APAC) is expected to have a large IoT in healthcare market share over the projected horizon. This is attributable to the rising awareness about health monitoring owing to the rising detection of chronic diseases in the young population. This is also projected to boost the adoption of IoT enabled healthcare devices. For instance, the advanced healthcare facility is not accessible in remote locations of India. To cater to the wide demography of the country, the Indian government initiated eHealth policies based on the comprehension and guidelines provided by the information technology sector. Also, as a part of digitalization initiatives, the government is significantly investing in technologies such as Artificial Intelligence (AI) and the internet of things (IoT). This is expected to boost the Internet of Medical Things market in the Indian healthcare industry. China also holds a significant share in the market in this region.
Additionally, the government of China is promoting the development of IoT in the healthcare industry and offering funds for smart healthcare facilities. With the implementation of smart city projects, the Chinese government aims to provide accessible healthcare solutions in remote locations and cities. Similarly, Japan is significantly adopting IoT in healthcare industry.
Europe and North America are estimated to account for a substantial IoT in healthcare market share. The U.S. government has prominently increased investments for the implementation of IoT. The aging population is one of the concerns for the U.S. government, which is boosting the demand for remote patient monitoring and wearable devices. In Europe, the UK and France are rapidly adopting IoT technology among healthcare facilities. Similarly, the penetration of smartphones is boosting the adoption of mobile health (mHealth) in the UK. Whereas, the adoption of telemedicine and electronic health records has witnessed an increase of eHealth policy implementation in France.
Asia Pacific IoT in Healthcare Market Size, 2018 (USD Billion)
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The adoption of Internet of Medical Things (IoMT) is steadily growing in the Middle East and Africa. Wherein, the government is offering space for public and private companies to invest in the healthcare industry. While in Latin America, Brazil is likely to hold a substantial IoT in healthcare market share. According to the International Diabetes Federation, Brazil has the highest number of diabetic patients, which will boost the demand for remote monitoring and wearable devices, whereas Argentina is likely to witness fast-growing adoption of IoT in the healthcare industry.
“Key Players as well as Healthcare Providers to Invest in Advance Technology-enabled Healthcare Solutions”
Key players such as General Electric, Cisco Systems, Inc., IBM Corporation, Intel Corporation, and Microsoft Corporation offer IoT solutions to the healthcare industry. These players are investing in integrated IoT technology with other technologies such as Artificial Intelligence (AI), Natural Language Processing (NLP), and Machine Learning (ML). Moreover, these players are also collaborating with major regional hospitals to help in research and development, diagnosis, and workflow management, among others. Several companies are also offering a wide range of devices and software portfolio to provide advanced solutions to their customers. For instance, GE healthcare launched applications and smart devices by integrating technologies such as AI and IoT for healthcare industry. To increase MRI scan consistency, the company launched an AI-based “AIRx”; Critical Care Suite designed to detect critical and threatening conditions, among others.
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The report provides detailed information and various insights into the Internet of Thigs (IoT) in Healthcare market. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. The market is quantitatively analyzed from 2015 to 2026 to provide the financial competency of the market. The information gathered in the report has been taken from several primary and secondary sources.
Value (USD billion)
Fortune Business Insights says that the market is projected to reach USD 176.82 billion by 2026
In 2018, the market was valued at USD 30.96 billion
The market is projected to grow at a CAGR of 24.5% in the forecast period (2019-2026)
The software is expected to be the leading component segment in the market during the forecast period
The integration of Artificial Intelligence (AI) with IoT is the key factor driving the IoT in healthcare market growth
Intel Corporation, Microsoft Corporation, Cisco Systems, Inc., IBM Corporation, and General Electric are some of the top players in the IoT in healthcare market
Asia Pacific region is expected to hold the highest market share
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