How is the expanding IoT healthcare market changing the dynamics for payers and providers?
In the last couple of years, the Internet of Things (IoT) healthcare market has triggered a revolution of sorts in the overall healthcare cosmos. IoT is truly making a difference in this industry, enabling health care providers to improve patient treatment, reduce costs, and optimize overall workflow.
These solutions have further promised a significant transformation in the healthcare industry and its penetration is already being witnessed globally. It is quite clear that IoT has marked its entry, even more amazing is the pace of adoption for the new technology and its rapid popularization across the global healthcare industry.
According to reports, the growth of the global IoT healthcare market has been nothing less than phenomenal, given the rapid implementation of advanced digital solution across the sector. Global Market Insights, Inc., claims the IoT healthcare market will surpass a revenue graph of over USD 10 billion by 2024, depicting a healthy CAGR over 2017–2024. The fast-paced growth and robust demand for developments in healthcare are quickly gaining ground among the leading developers in the field.
For instance, renowned tech giant IBM Corporation recently made headlines for developing an AI-based system for hospitals to carry out small and tedious tasks more efficiently than humans. The IoT-based devices are likely to help patients attain easy access to doctors while saving time and energy by eliminating the need for routine checkups. It is also important to mention that IBM has also collaborated with UK-based firm Karantis360 for developing a cloud-based and IoT assisted living system. Reports say the system will used internet-enabled sensors and can be installed in residential care, homes, sheltered housing or home-care residential facilities. The system is also known to provide non-intrusive means to check and monitor health for older or vulnerable patients and individuals.
If industry experts are to be believed, this system is an apt example of how healthcare providers are leveraging IoT and mobile technology to deliver new and better ways of care to leave a major impact on patients and disorders requiring close monitoring. Besides IBM, other prominent industry players of the global IoT healthcare market include General Electric, Cisco Systems Inc., Microsoft Corporation, Qualcomm Inc., Medtronic Inc., SAP SE, Honeywell International Inc., and Stanley Healthcare. These players are focusing on developing sensor technology to monitor, manage, and diagnose patients and their treatments in a much simpler and better way.
North America to emerge as one of the most remunerative investment hubs for IoT healthcare market contenders
The increasing number of organizations harnessing big data analysis coupled with the presence of leading industry players have undoubtedly lifted the investment trends in the North America IoT healthcare market. In fact, if reports are to be believed, North America is a highly lucrative regional player in the global IoT healthcare industry and accounts for a significant revenue share. It has been reported that the regional companies are actively engaged in developing healthcare-related IoT applications and are now emphasizing enhancement of data security features in healthcare that may be subject to some internal and external treats. Addressing these challenges is further taking the regional IoT healthcare industry to attain new heights and become an investment hotspot in the ensuing years.
Besides the efforts of the private players, the initiatives taken by the governmental and regulatory bodies have also significantly impacted North America’s IoT healthcare market. The government has also been insisting hospitals and patient care centers to implement IoT enabled technology to maximize efficiency in patient care and comfort. The FDA’s recent announcement to modernize its device regulatory process and fast-pace its regulatory approval for digital medical devices are expected to be a pivotal determinant to impel a regional IoT healthcare market expected to traverse along a lucrative roadmap in the ensuing years.
Asia Pacific is another region emerging as a major contender for the rapid expansion of the IoT healthcare industry share. Prominent nations such as China, Singapore, India, and Japan are seen increasingly investing in advanced healthcare infrastructure to grapple with chronic diseases and aging population. As the developing countries are coping with the demographic changes in healthcare, Japan in particular is in a position to lead the way. Its rapidly growing wealth of quality health data and novel approaches such as IoT in healthcare for improving the lives of the citizens are certain to expedite the regional IoT healthcare industry.
It’s becoming overtly clear that the Internet of Things in healthcare is taking the world by storm and is having an unprecedented impact on how care and comfort are provided in the sector. It has further helped healthcare professionals look into novel approaches toward medication prescription, chronic disease treatment, telehealth, and in inventory and patient tracking. With further potential to unlock more advanced patient care, the global IoT healthcare market is expected to be one of the most remunerative verticals crossing USD 10 billion by 2024.