IoT healthcare sensor revenues grow globally through patient engagement and accurate data analysis
From monitoring and diagnostics to delivery methods, Internet of Things (IoT) sensors in healthcare combine sensor output and communications to provide functions that were considered conceptual, until recently.
IoT sensors in healthcare enable medical equipment to accumulate and share data with the cloud as well as each other, in order to facilitate the accumulation of data that is analysed with accuracy at breakneck speeds. IoT sensors in healthcare are wearable, cloud-based, or device embedded. With advances in IoT sensors in healthcare and healthcare IT, the industry now includes a dynamic collection of patient data in order to foster diagnostics and preventive care, and even measure the probable outcome of the preventive treatment.
Patient monitoring applications of IoT sensors in healthcare include IoT-enabled sensors integrated in healthcare equipment that monitor the condition of the patient during and after a surgery or a treatment. Such sensors also enable remote monitoring of patients. Diagnostics-based IoT sensors in healthcare are integrated in automated and network connected instrument guidance and measurement sensors, usually used during minor as well as major surgical treatments.
IoT sensors in healthcare are integrated in medical devices such as automatic medication dispensers in hospitals to enhance efficiency. Such sensors are also used to monitor the medicinal cold storage in warehouses and well-funded drug stores with storage spaces. Other applications of IoT sensors in healthcare market include IoT-enabled sensing offered by wearable devices. IoT sensors in healthcare are also integrated in mobility devices for the safety and security of physically challenged patients.
Well-funded pathology laboratories, makeshift laboratories and clinics, dispensaries, and drug stores are some other IoT sensors in healthcare end users that integrate healthcare IoT sensors into their workspaces, in order to increase efficiency and offer better services and facilities.
Global IoT sensors in healthcare market: Forecast
The global IoT sensors in healthcare market was valued at US$2,208.9 million (€2,007.1 million) in 2017, and is expected to expand at a CAGR of 12.2% during the forecast period (2018–2026). The demand for IoT sensors in healthcare is expected to be driven by improvements in patient engagement, increased accuracy in data analysis, enhanced disease management and treatment results, and reduction in treatment costs.
The global IoT sensors in healthcare market is categorised on the basis of application, end user, and region. On the basis of application, the IoT sensors in healthcare market is segmented into patient monitoring, diagnostics, clinical efficiency, and other applications. The patient monitoring segment of the IoT sensors in healthcare market is expected to register a CAGR of 13.5% during the forecast period. By end user, the global IoT sensors in healthcare market is segmented into hospitals, CROs, rehabilitation centres, and other end users.
Among the regions, North America was the largest market in the IoT sensors in healthcare market, which accounted for over 21.0% of market share in 2017. Also, the demand for IoT sensors in healthcare is increasing in the market in SE Asia, excluding China and Japan.
Global IoT sensors in healthcare market: Vendor insights
Some of the top companies identified across the IoT sensors in healthcare market value chain are STMicroelectronics; Koninklijke Philips; General Electric Company; Siemens AG; Texas Instruments Incorporated; TE Connectivity; Honeywell International Inc.; PAREXEL International Corporation; Analog Devices, Inc. and Proteus Digital Health, among others.
Click here for details of the report IoT Sensors in Healthcare Market by Persistence Market Research.