The global Internet of Things (IoT) in healthcare Market is expected to grow from USD 55.5 billion in 2019 to USD 188.0 billion by 2024 at a Compound Annual Growth Rate (CAGR) of 27.6% during the forecast period. Major factors driving the growth of the market are the rising focus on active patient engagement and patient-centric care, growing need for adoption of cost-control measures in the healthcare sector, and growth of high-speed network technologies for IoT connectivity.
By application, the telemedicine segment to hold the largest market size during the forecast period
The telemedicine segment to hold the largest market size during the forecast period. Telemedicine is an information- and communication-based system, which is developed to deliver diagnostics and healthcare services electronically, providing information on a patients condition to patients and doctors, clinics, and other staff. The telecommunication infrastructure used to exchange information is maneuvered for improvement, sustaining, and assisting a patient’s health status.
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By end user, the clinical research organizations segment to grow at the highest rate during the forecast period
Clinical research organizations are also one of the larger IoT solution adopters among all segments. They support research institutes, universities, and government organizations, with many clinical research organizations specifically providing clinical-study and clinical-trial support for drugs and/or medical devices.
Some major players profiled in the report are Agamatrix (US), Armis (US), Capsule Technologies (US), Comarch SA (Poland), Cisco Systems (US), GE Healthcare (US), IBM Corporation (US), Intel (US), KORE Wireless (US), Medtronic (Ireland), Microsoft Corporation (US), OSP Labs (US), Resideo Technologies (US), Royal Philips (Netherlands), SAP SE (Germany), Sciencesoft (US), Softweb Solutions (US), STANLEY Healthcare (US), Telit (UK), and Welch Allyn (US).
The IoT in healthcare market is growing across the globe with key industry players undergoing various organic and inorganic growth strategies. The key players have undergone acquisitions and mergers to grow their product portfolios in offering efficient healthcare solutions to patients. The organizations in the healthcare sector have realized the growing demand for self-health management solutions due to rising health awareness among people, leading to drive the growth of IoT in healthcare market.
Healthcare companies across the world use Cisco IoT solutions to improve their customer services. Some examples of healthcare companies that use these solutions include Grifols, University of Utah, Hospitaller Order of Saint John of God, Barmherzige Brueder, Austria and Bavaria, and Sharp HealthCare. Cisco provides the Cisco Digital Network Architecture (DNA) software for healthcare companies that helps them in network management by automating and simplifying the network management process. The company provides network connectivity solutions for healthcare service providers that connect hospitals with the extended ecosystem of care, which includes primary care facilities, pharmacies, and outpatient treatment facilities through IoT. Cisco further provides networking services for its healthcare customers, providing them with data security and access to the people in the hospital. Hence, as the demand for networking solutions in the IoT in healthcare market is increasing, Cisco’s position is expected to strengthen.
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IBM (US) leverages its strong portfolio technologies to provide comprehensive IoT solutions to its customers, such as blockchain, Warehouse on Cloud, Cloud Object Storage, and Secure Gateway for IBM Cloud, among others. With the help of blockchain, IBM’s clients can add-on components of Watson IoT Platform that enables their IoT resources to participate in blockchain business networks. Cognitive IoT for healthcare helps healthcare professionals in observing, understanding, and managing individual health. The Cognitive IoT for Healthcare platform helps collect data and analyze it with the help of cognitive tools, such as Artificial Intelligence (AI) and Machine Learning (ML). The solution focuses on collecting, integrating, and analyzing signals in 4 key areas, namely, physiology, behavior, cognition, and environment.
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