Internet of Things (IoT) in Healthcare- Trend of Remote Patient Monitoring

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.

Healthcare IT Market Growth, Trends And Forecasts To 2020

The global healthcare IT market is anticipated to reach USD 104.5 billion by 2020, according to a new report by Grand View Research, Inc. Increasing demand for enhanced healthcare facilities and introduction of technologically advanced systems are expected to boost industry growth.

Increasing geriatric population prone to chronic diseases resulting into high patient base is triggering the demand for sophisticated healthcare facilities. Furthermore, increasing number of patients requiring home healthcare acts as an effective growth driver for this market.

View summary of this report, click the link below: 

http://www.grandviewresearch.com/industry-analysis/healthcare-it-market

According to a report published by the U.S. Centers for Disease Control and Prevention (CDC) in 2011, the number of patients needing home healthcare was nearly 4.7 million in the U.S. and is on a constant rise, which is further expected to fuel the healthcare IT market demand.

Advent of technologically advanced software, such as interoperable system and cloud computing, is expected to attract more investors focus on developing integrated healthcare system to curb problems associated with conventional procedures of record keeping. For example, the uses of e-healthcare record system to maintain patient database help to provide instant information about patients’ health in case of emergency.

                      U.S. Healthcare IT market, by application, 2012-2020 (USD Billion)

Telecommunication and telehealth accounted for over 40.0% of the market share owing to the high usage rates in 2013. Introduction of technological advancements such as Teleimmersive Environment for Everybody (TEEVE) and Session Initiation Protocol (SIP) are the factors promoting this segment’s growth.

Electronic Health Records (EHR) is expected to register an upward shift to reach up to USD 26.72 billion in 2020. Growth is primarily driven by the rising demand for integrated information system in the field of healthcare IT. Faster accessibility and low maintenance cost are the two most significant factors contributing towards the rising demand of these EHR systems.

In 2013, North America market was valued at around USD 20.0 billion owing to the factors such as favorable government initiatives pertaining to the introduction of technologically advanced healthcare IT facilities, sophisticated healthcare infrastructure, and increasing patient awareness levels coupled with relatively higher healthcare expenditures in the region.

On the other hand, Asia Pacific healthcare IT market is expected to reach at over USD 19.6 billion by registering lucrative growth rate in 2020. Growth is attributed to the rising healthcare expenditure, larger untapped opportunities, and growing disposable income level.

Prominent players operating in this industry include Athenahealth Inc., GE Healthcare, Agfa Healthcare, Philips Healthcare, E-MDS Inc., Carestream Health McKesson Corporation, Carestream Health eClinicalworks, and Hewlett-Packard.

Grand View Research has segmented the global healthcare IT market on the basis of application and region:

Healthcare IT Application Outlook (Market Revenue in USD Million, 2012 – 2020)

            • Electronic Health Records

            • Computerized Provider Order Entry Systems

            • Electronic Prescribing Systems

            • PACS

            • Lab Information Systems

            • Clinical Information Systems

            • Telemedicine and Telehealth

            • Others

Healthcare IT Regional Outlook (Market Revenue in USD Million, 2012 – 2020)

            • North America

            • Europe

            • Asia Pacific

            • Rest of the World