The Internet of Thing (IoT) is a technology embedded with software, sensors, actuators, electronics and network connectivity through which data can be collected and exchanged. IoT provides better quality care to the patient by simplifying the experience of healthcare. Moreover, remotely connected medical devices, such as insulin pumps, cardiac monitoring device, and continuous positive airway pressure (CPAP) machines provide real-time patient information and remote patient monitoring over the paper-based healthcare treatment. IoT provides constant communication with the physician to track the patient’s accurate data which is helpful for the execution of diabetes and asthma patients. Furthermore, IoT simplifies the experience in terms of cost and time saving.
Global IoT Healthcare Market Taxonomy:
On the basis of type of component, application and end-user, global IoT healthcare market is segmented into,
- Implantable Sensor Devices
- Wearable Sensor Devices
- Others Sensor Devices
- System and Software
- Network Layer
- Database Layer
- Analytics Layer
- Architecture (System integration)
- Application Development (support and maintenance)
- Patient Monitoring
- Drug Development
- Clinical Imaging
- Clinical Operation and Workflow Optimization
- Fitness and Wellness Measurement
- Healthcare Providers
- Healthcare Payers
- Research Laboratories
- Government Authority
By improving quality care in IoT healthcare, create a positive impact on patient, which is expected to stimulate the growth of IoT healthcare market
The eClinicalWorks, announced to support patient access to physicians’ notes through open notes in 2017. It enables clinicians to share visit notes with the patient by using the eClinicalWorks Patient Portal. As of now, 130,000 people are using eClinicalWorks. It will help to build up patient-provider relationship, improve quality care and health care decision.
Moreover, Gemalto announced to use of its IoT connectivity technology in OnKoI’s mhealth solution in 2017. Gemalto intent to provide quality care to older people by notifying their family members, medical professionals and caregivers in an emergency medical situation. Thus, it would help to gain the growth of the IoT healthcare market in near future.
Carecloud and First Data launched one-stop application, Breeze - a web and mobile platform in 2017. Breeze run on First Data’s commerce-enabling technology, clover mini and clover station. The breeze will allow patients to manage their doctor’s appointments, different modes of payment, health insurance and medical forms. This application will help to ease healthcare administrative workload. In turn, this application is expected to influence positive for the IoT healthcare market during the forecast period.
Growing demand for better disease management by the execution of IoT technology is expected to fuel the growth of the IoT healthcare market
According to the World Health Organization (WHO), around 1.6 million deaths in 2015 were directly caused by diabetes and will increase by more than 50% before the age of 70 years by 2030. Moreover, according to the Centers of Disease Control and Prevention, 2017, in every 1 in 13 people is suffering from asthma and approximately 25 million Americans is suffering from asthma. The data represent the increasing prevalence of chronic diseases and growing demand for better disease management and cost-effective treatment, which is expected to accelerate the growth of the IoT healthcare market.
Increasing accessibility of internet and execution of government regulatory policies to make IoT nation in different platform will favor the growth of IoT healthcare market. For instance, in 2017, Brazilian government launched, Internet of Things: an Action Plan for Brazil strategy to enhance their economy and development in four different areas. It includes, healthcare, agribusiness, smart cities and manufacturing and will implement in between 2018 to 2022. Thus, this implementation may help to gain growth of the IoT healthcare market in near future.
Key players in IoT healthcare market include, Medtronic Plc, Royal Philips, Cisco Systems Inc., IBM Corporation, GE Healthcare, Microsoft Corporation, SAP SE, Qualcomm Life, Inc., Honeywell Life Care Solutions, and Stanley Healthcare.