According to the new research report published by Transparency Market Research, the global IoT in healthcare market is on course to achieve a stellar growth in coming years of the forecast period. The competitive landscape of the global market is extremely intense and is one of the reasons behind its overall development. The leading players in the global IoT in healthcare market are projected to pool in their resources for the fuelling the activities of research and development. Some of the other leading vendors in the market are concentrating on inorganic marketing strategies such as collaborations, joint ventures, mergers, and acquisitions to expand their business operations.
Increasing Focus on In-patient Monitoring
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.
As per the research report, the global IoT in healthcare market is will exhibit a massive CAGR of 20.6% for the given forecast period of 2017 to 2025. With this massive growth rate, the valuation of the global market is estimated to reach the mark of US$322.77 bn by end of 2025.
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Interconnectivity Platforms Have Helped in Market Growth
The healthcare sector has benefitted hugely because of the recent technological developments. The rise of technology that interconnects important medical devices and equipment has been particularly helpful for the development of the healthcare sector. These devices are mainly used for patient notification in case of emergency or abnormalities, observing patterns, reading, and patient monitoring among other activities. The technology is also deployed for making informed decisions and monitoring of risks. One of many important driving factors for the global market have been the growing use of the connected technology in the healthcare domain for the management of clinical tasks and operational workflow. It has presented the market players with an opportunity to develop a platform to note the potential system downtime by automating the alert system.