Internet of Things (IoT) based healthcare systems play a key role in the growth of medical information systems. Tracking, tracing, and monitoring of patients are essential to enhance the healthcare system. However, due to an inadequate healthcare situation, current medical technologies with the available tools cannot meet the same accurately. Dependency of healthcare on IoT is increasing day by day to improve access to care, enhance the quality of care, and most importantly to limit the cost of care. IoT eliminates the need for a health care professional by providing a ubiquitous monitoring system using sensors, gateways, and cloud, to analyze and store the data and communicate it wirelessly to medical professionals for further analysis.
The emergence and need for inventory management, improving workflow management, growing digitalization in healthcare management systems, and the increasing penetration of connected devices is expected to boost the demand for Internet of Things (IoT) in the healthcare market in the coming years. However, high initial cost of investment is expected to be one of the restraints that hinder the market.
IoT is a combination of various technologies that empower a diverse range of appliances, devices, and objects to interact and communicate with each other using different networking technologies. Healthcare systems make use of interconnected smart devices to establish an IoT network for healthcare analysis and patient monitoring, automatically identifying situations where physician involvement is needed.
A key trend that has been emerging in the global IoT in healthcare market is the growing focus on the solutions of in-patient monitoring. For instance, GE Healthcare recently launched a wide range of product portfolio for in-patient monitoring. In it, there are new equipment for networking, cuff accessories, care ports, and patient monitors. Such developments are expected to propel the global IoT in healthcare market to newer heights.
Some of the leading companies in the global market for internet of things in healthcare market include names such as Medtronic Inc., Honeywell International Inc., IBM Corporation, General Electric Company (GE Healthcare), and Microsoft Corporation among others.
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