IoT healthcare is the software of devices that are embedded with sensors, software, network, and connectivity which allows these objects to collect and exchange data. The global IoT healthcare market is growing at a significant rate, due to escalating investment for healthcare IoT solutions, and mounting access to connected devices in healthcare.

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Different applications such as telemedicine, inpatient monitoring, clinical operations, and workflow management, and medication management contributed to the IoT healthcare market size. The market has witnessed a high demand for telemedicine due to the augmented efficiency of processes and convenience for patients in order to reduce the length of hospital stays.

Escalating investment for healthcare IoT solutions, mounting access of connected devices in healthcare, the mounting requirement for remote patient monitoring services, and development of artificial intelligence technology are the primary growth drivers for IoT healthcare market.

The mounting occurrence of chronic and lifestyle associated diseases, expanding acceptance of cloud technology in healthcare, and escalating demand for personalized medicine are also facilitating the growth for the IoT healthcare market.

Lack of data privacy and security, lack of awareness among the consumers, and insufficient healthcare infrastructure in developing counties are the major challenges for the growth of the IoT healthcare market.

Globally, the manufacturing companies trying to enter the IoT healthcare market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.

Asia-Pacific is observed to witness the fastest growth in the market, due to an upsurge in a number of hospitals and surgical centers. In addition, the upsurge in the requirement for cloud-based solutions is also creating a positive impact on the IoT healthcare market growth in the region.

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Key players in the IoT healthcare market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In October 2015, IBM acquired Merge Healthcare Incorporated, to help healthcare providers and researchers to engage in personalized approaches to diagnosis, treatment, and monitoring of patients. Medtronic Plc, Microsoft Corporation, Honeywell Life Care Solutions, Koninklijke Philips N.V., General Electric Company, SAP SE, Cisco Systems, Inc., Qualcomm Incorporated, International Business Machine Corporation (IBM), and Stanley Black & Decker Inc. are the key players offering IoT healthcare.

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