IoT in Healthcare Market Analysis

IoT in Healthcare Market Analysis

The sensor technology will observe substantial gains till 2024 owing to high adoption in various devices across the healthcare industry. These technologies enable the devices to gather and share data among each other as well as the cloud for data collection and analysis.
 

With the advancements in sensor technology, miniaturization of devices communicating wirelessly is effective in nature and performs without user intervention. These technologies can collect patient data in order to perform diagnostic, preventive care as well as for treatment results. The data collected in real-time are used for improving the efficiency & quality of processes with low possibility of errors.
 

Managed services segment will witness high demand IoT in healthcare industry during the forecast timeline. The growth of this segment is attributed to capability of the Managed Service Providers (MSP) to implement and deploy crucial business solutions.
 

The use of managed services in healthcare sector is on the rise owing to benefits offered such as cost optimization and risk minimization. Features such as reduction of total cost of ownership, continuous improvement as well as improvised data privacy ensuring the confidentiality of the data, influencing the market growth.
 

Telemedicine applications accounts for majority of the market share due to advantages offered such as improved security & privacy followed by the faster scalability to meet demands from several customers.
 

It allows the exchange of data such as health status of patients from one point to another through a telecommunication network resulting in enhanced efficiency with cost effectiveness. These solutions can be used in remote areas by integrating devices with satellite communication providing more convenient access.
 

North America dominates the IoT in healthcare market with significant revenue share. This can be credited to presence of large number of advanced infrastructures in the region. Advancements in technology and devices coupled with rising spending on the infrastructure further contributes to the market growth.
 

Asia Pacific market is slated to expand at significant CAGR from 2017 to 2024 led by rising number of medical facilities across the region. Moreover, to improve the infrastructure and address issues such as corruption, several countries in the region are planning to introduce innovative models such as e-catalogs and price transparency procedures which will contribute in the demand for advanced solutions.