Global internet of things healthcare market size is expected
to reach $267.6 billion by 2023. The market is mainly driven by the growing
need for remote patient monitoring services, growing demand for advanced
healthcare information systems, increasing prevalence of chronic and lifestyle
associated diseases, growing demand for mHealth technologies, and increasing
support from government organizations.
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Based on connectivity technology, the internet of things
healthcare market is categorized into Wi-Fi, Bluetooth low energy, near field
communication, ZigBee, cellular, and satellite. Among these, the fastest growth
during the forecast period is expected from Wi-Fi technology, with 32.1% CAGR.
This is attributed to the increasing adoption of Wi-Fi gadgets and tools in
hospitals for sending the medical data to-and-from the cloud.
Internet of things in healthcare finds application in
telemedicine, clinical operations, medication management, connected imaging,
inpatient monitoring, and others. During the forecast period, the market is
expected to witness the highest growth from the telemedicine application
category, with a CAGR of 32.1%.
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Key players in the internet of things healthcare industry
are seeking partnerships and acquisitions to provide more effective solutions.
For instance, in February 2018, Qualcomm Life Inc., a subsidiary of Qualcomm
Inc., announced an exclusive strategic licensing agreement with AlertWatch
Inc., an Ann Arbor based company, for the development of intelligent care
software systems to assist the real-time care of patients in the operating
room. The agreement provides Qualcomm Life Inc. with exclusive rights to market
and sell AlertWatch, used by clinicians for secondary monitoring of patients in
operating rooms.
Besides, in February 2018, Qualcomm Life Inc. announced a
strategic reseller agreement with PeriGen Inc. The agreement with PeriGen Inc.
would allow the former to license and sell PeriWatch Vigilance, an early
warning platform for obstetrics that automatically identifies patients whose
condition is worsening, facilitating more timely interventions.
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Some of the other key players operating in the internet of
things healthcare industry are Koninklijke Philips N.V., Cisco Systems Inc.,
General Electric Company, Honeywell International Inc., SAP SE, Stanley Black
& Decker Inc., International Business Machine Corporation (IBM Corp.),
Medtronic plc, and Microsoft Corporation.
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