The key focus area of Internet of Things (IoT) is to add new internet sharing devices in information and communication technology. It works by merging short-range mobile transceivers into devices such as 3D printed organs, camera pills, predictive assistance devices, and fridge controller. This technology is mainly used in biotechnology, hospitals, pharmaceutical companies, and diagnostic laboratories to use their resources more competently.
Hospitals and Clinics End-User Segment to Spur Demand
The end user variants of market include research and diagnostic laboratories, hospitals and clinics, clinical research organizations, and others. Hospitals and clinics segment account for the major share and are anticipated to maintain their dominance in the forecast period. Improved operational and functional effectiveness by hospitals owing to IoT is a significant factor for its wide-ranging usage. IoT solutions allow enhanced patient experience, treatment outcomes, and disease management leading to improved care delivery.
Furthermore, these solutions also support hospitals in the organization of billing, inventory, and medical records, medication compliance, hospital workflows, and real-time communication improving the complete operative effectiveness.
Hospitals are investing a lot to gain the acceptance of digital technology and are accountable for its major share in the market. Inclination toward value-based care in the established economies is also expected to boost the acceptance of IoT solutions in hospitals in the years to come.
Clinical Research Organizations (CROs) sector is anticipated to register the highest CAGR over the forecast period. Rising acceptance of IoT solutions for improving the efficiency of clinical research is a significant factor propelling the segment.
CROs use these solutions extensively for developing patient retention and recruitment process, which are the possible problems in medical research. This is projected to drive the segment growth in the years to come.
Market Insights:
Leading players operating in the internet of things (IoT) in healthcare market include Koninklijke Philips N.V.; Microsoft Corp.; Cerner Corp; IBM Corp.; and Cisco Systems, Inc.In 2016, IBM cooperated with Pfizer for advancing a system to progress clinical research procedure for Parkinson’s disease. Such collaborations with other industry contributors, investments in R&D, and service variation are the significant marketing policies accepted by these establishments.
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