"The IoT is big news since it ups the ante: 'Reach out and touch somebody' is transforming to 'reach out and touch everything.'"
According to the current study, the global Internet of Things (IoT) in the healthcare market is estimated to reach USD 477.9 billion by 2025.
The big shots of the market focus on strategic partnerships; innovative product launches to operate their positions in the IoT healthcare market.
One of the critical components of the IoT based healthcare management system is e-health. Among the various other services, an online appointment service is the most common e-health service.
Online appointment services allow easy and quick access to online healthcare records of a physician's patient and online interaction. Moreover, these service tracks and monitors specialists and patients' locations and alarms users before the equipment expire.
The Internet of Things in healthcare integrates much-advanced technology with medical devices to collect or exchange data, creating a well-organized healthcare system in terms of energy, time, and cost. The integration of IoT with medical devices helps to monitor patients more effectively. Data obtained from the device allows physicians and healthcare providers to decide more care and attention.
Moreover, IoT in the healthcare domain helps in proactive management of the disease by providing early diagnosis with accurate data.
The existing global Internet of Things (IoT) in the existing healthcare market is segmented based on
component, technology
application
end-user.
By component, the current global Internet of Things (IoT) in the healthcare market is later segmented into the
system and software
medical devices
services
The services are also segmented by component and are further segmented into three major categories: managed services, system integration & consulting services, along with support & maintenance services.
By the end-user, the global IoT in the healthcare market is further segmented into hospitals, clinics, surgical centers, clinical research organizations, diagnostics and research labs, and defense and government institutes.
Clinical Research Organization (CRO) segment is also expected to register high growth during the forecast period. Increasing adoption of IoT in the pharmaceutical and biotechnology industry to develop efficient healthcare infrastructure is also expected to drive this segment's future growth in the global market.
By Akshaya Sai Chandar