Internet of Things (IoT) in Healthcare Market to Develop Rapidly by 2031, TMR Study

Patient monitoring and long-term care in chronic diseases are some of the lucrative IoT connected healthcare applications, as underscored by several IoT in healthcare research papers. The future of IoT in healthcare market is anchored by growing awareness of the role of digital health technologies in personalized care and quality healthcare services. The IoT in healthcare market is projected to reach US$ 648.94 Bn by the end of 2031.

Continuous advancements in wearable sensors, applications of cloud computing, and growing use cases of artificial intelligence (AI) technologies in healthcare industry will open up new growth frontiers in IoT in healthcare market. Stridently healthcare providers are leaning on leveraging IoT to strengthen patient engagement and improve workflows in various healthcare settings, which eventually will boost the use of IoT in healthcare. 

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Key Findings of Internet of Things (IoT) in Healthcare Market Study

•          Demand for IoT in Healthcare Enriched by Chronic Disease Management: Firms in IoT in healthcare market have unlocked new value propositions by targeting IoT in long-term care and patient care in chronic diseases. IoT-enabled devices have opened up an incredible avenue in comprehensive patient care. The study authors observed that stakeholders are building on revenue streams on the back of penetration of electronic health records. However, stakeholders should work concertedly to circumvent various challenges of IoT in healthcare pertaining to its wider adoption.

•          Application of Wearable IoT Devices in Patient Monitoring Stirs Promising Growth Avenues: Rising demand for IoT-empowered wearable in health monitoring has opened up a vast lucrative avenue for players in the IoT in healthcare market. The study found that wearable enabled by IoT are reinforcing patient safety. Indeed, a number of healthcare wearable as a key part of IoT healthcare solutions are gaining wide adoption in hospitals in emerging markets.

Personalized medicine & health care presents massive growth avenues for stakeholders in the IoT in healthcare market. In the coming years, the study opines that emphasis on personalized care will create new revenue streams.

Internet of Things (IoT) in Healthcare Market: Key Drivers

•          New approaches for digital health strategies reinforced by governments in various countries will expand the canvas for investment by firms in the IoT in healthcare market.
•          Growing use cases of common IoT-enabled devices in disease management and health monitoring and management of assets of healthcare organizations is a key driver of the IoT in healthcare market. Of note, smart thermostats, IoT-enabled security systems, and IoT-based digital signages have enabled businesses to reap gains in operational and cost efficiencies.

Internet of Things (IoT) in Healthcare Market: Regional Growth Dynamics

•          North America has been lucrative region in IoT in healthcare market, propelled by early uptake of technologically advanced digital health systems.
•          The TMR study found that Asia Pacific will lead the global IoT in healthcare market in terms of share during the forecast period. Increasingly, the growth has been fueled by rapid penetration of the Internet of Medical Things (IoMT). Emerging economies such as India and China have witnessed profitable avenues on the back of the demand for IoT-driven healthcare systems to meet rising demand for quality services in the industry.

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Internet of Things (IoT) in Healthcare Market: Key Players

A granular assessment of the dynamics underlying competition landscape in IoT in healthcare market by TMR authors find that owing to presence of relatively few large vendors controlling a majority of stakes makes the landscape highly consolidated.

Some prominent players include Wipro Limited, Telit, STANLEY Healthcare, Microsoft Corporation, Koninklijke Philips N.V., Medtronic, Intel Corporation, IBM Corporation, PTC, Comarch SA, Cisco Systems, Inc., and Avnet, Inc.

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