Internet of Things (IoT) Healthcare Market - Moving Towards a Brighter Future

Global internet of things healthcare market size is expected to reach $267.6 billion by 2023. The market is mainly driven by the growing need for remote patient monitoring services, growing demand for advanced healthcare information systems, increasing prevalence of chronic and lifestyle associated diseases, growing demand for mHealth technologies, and increasing support from government organizations.

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The IoT applications in healthcare, such as telemedicine, medication management, clinical operations and workflow management, inpatient monitoring, helps in compiling services related to diagnosis, treatment, care, and rehabilitation. It improves communication between patients and healthcare providers, to reduce medication errors and provide better coordinated care.

During the forecast period, the IoT healthcare market is expected to witness the fastest growth in Asia-Pacific (APAC), at a CAGR of 34.4%. This growth in the regional-level market is mainly due to the growing geriatric population and surge in the occurrence of various chronic diseases such as diabetes, chronic obstructive pulmonary disease, asthma, and others. Furthermore, North America held the largest share in the global market, contributing over 44.3% revenue in 2017, owing to improved healthcare infrastructure and increased healthcare spending.

Key players in the IoT healthcare industry are seeking partnerships and acquisitions to provide more effective solutions. For instance, in February 2018, Qualcomm Life Inc., a subsidiary of Qualcomm Incorporated, announced an exclusive strategic licensing agreement with AlertWatch Inc., an Ann Arbor based company, for the development of intelligent care software systems to assist the real-time care of patients in the operating room. The agreement provides Qualcomm Life Inc. with exclusive rights to market and sell AlertWatch, used by clinicians for secondary monitoring of patients in operating rooms.

Some of the other key players operating in the IoT healthcare industry are PhysIQ Inc., Adheretech, Proteus Digital Health Inc., Koninklijke Philips N.V., Cisco Systems Inc., General Electric Company, Honeywell International Inc., SAP SE, Stanley Black & Decker Inc., International Business Machines (IBM) Corporation, Medtronic plc, and Microsoft Corporation.

Source: P&S Intelligence