How is Growing Demand for Remote Patient Monitoring Driving Internet of Things (IoT) in Healthcare Market?

 One of the major technologies that has emerged in the past few years is the internet of things (IoT). This technology allows physical devices to be connected in order to exchange data with each other. Today, IoT is a part of number of industries, including the healthcare industries. By making use of IoT, the healthcare sector is bale to enhance patient outcomes and also takes away some of the pressure off healthcare professions. Due to this technology, healthcare professionals are able to provide remote healthcare facilities to patients, which allows them to focus more on patients that need more care.

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This further allows people to get proper medical advice without having to frequently visit the hospital. Remote patient monitoring is particularly helpful when it comes to the geriatric population, people suffering from chronic diseases, and people suffering from disability. Ascribed to these factors, the global IoT in healthcare market is projected to generate a revenue of $267.6 billion by 2023, increasing from $56.1 billion, exhibiting a 30.2% CAGR during the forecast period (2018–2023). Services, medical devices, and systems & software are the IoT components in the healthcare industry, among which, the demand for medical devices was the highest in the past.

Geographically, North America has been the largest IoT in healthcare market in the past, which can be primarily ascribed to the rising initiatives by government and non-government organizations for increasing awareness and encouraging the adoption of IoT solutions in the healthcare industry. In addition to this, the rising prevalence of chronic diseases, technological innovations, and increasing research & development activities in the healthcare information technology sector in the region are also resulting in the growing adoption of IoT solutions.

In conclusion, the demand for IoT solutions in the healthcare sector is growing due to the rising need for improving patient outcomes and remote patient monitoring.

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Global Healthcare IT Integration Market Expected to Exhibit Rapid Progress in Future

 The burgeoning need for reducing the overall healthcare costs is one of the major factors responsible for the incorporation of information technology (IT) solutions in the healthcare industry across the world. In many countries around the world, there has been a huge rise in the integration of various IT applications such as internet of things (IoT) in healthcare applications over the last few years in order to mitigate the healthcare costs. In addition to this, the governments in several countries are taking numerous initiatives for promoting the adoption of IT solutions in the healthcare industry.

The exchange of patient information and clinical data amongst the hospitals and their various partners helps in formulating solutions for complex interoperability problems and thus promotes the adoption of IT solutions in the healthcare industry. The increasing demand for incorporating IT in the healthcare applications is another important factor pushing the adoption of IT solutions in healthcare operations. Due to these factors, the global healthcare IT integration market is expected to demonstrate substantial growth during the forecast period (2020—2030).

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Geographically, the North America registered the highest adoption of IT solutions in the healthcare industry in the past, due to the presence of favorable reimbursement policies aimed at reducing the healthcare costs in the region, improving healthcare facilities, huge demand for adopting IT in the healthcare system, and the presence of a large geriatric population and a technologically advanced healthcare ecosystem in the region. However, the healthcare IT integration market is expected to grow the fastest in the Asia-Pacific (APAC) region in the years to come. 

Hence, it can be said with full confidence that the incorporation of IT solutions will increase considerably in the healthcare industry in the forthcoming years, on account of the rising need for reducing the healthcare costs, increasing demand for advanced systems and facilities in the healthcare industry, and presence of supportive government measures for the integration of IT in the healthcare applications throughout the world.

Source: P&S Intelligence

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Global Clinical Laboratory Services Market Rising Growth and Future Analysis

The global clinical laboratory services market is growing significantly due to the advances in diagnostic techniques, increasing incidences of chronic diseases, and increasing geriatric population. Healthcare providers’ compliance for clinical diagnostic services is increasing due to the increasing demand for reducing hospitalization time and hospital readmission rates. This in turn propels the growth of the global clinical laboratory services market. Massive unexplored clinical laboratory services market in emerging economies is creating ample opportunities for the global clinical laboratory services market to grow at a considerable rate in the coming years. Several pharmaceutical companies investing huge capital for the development of advanced clinical laboratory devices is also supporting the demand for cost effective and efficient clinical laboratory services.

The global clinical laboratory services market is categorized as clinical laboratory service providers and clinical laboratory test types. Based on clinical laboratory service providers, the clinical laboratory services market is categorized as clinic-based laboratory service providers, stand-alone laboratory service providers, and hospital-based laboratory service providers. Based on clinical laboratory test types, the clinical laboratory services market is categorized as medical microbiology and cytology laboratory tests, clinical chemistry laboratory tests, human and tumor genetics tests, and other esoteric tests.

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Some of the factors driving the growth of the global clinical laboratory services market are advances in diagnostic techniques, increasing geriatric population, increasing healthcare providers’ compliance for diagnostic test and services, and increasing investment by big biopharmaceutical companies in the clinical laboratory services market. In addition, increasing prevalence of chronic diseases and increasing healthcare expenditure are supporting the growth of the global clinical laboratory services market. However, stringent regulatory requirements and lack of skilled professionals are some of the factors inhibiting the growth of the global clinical laboratory services market to some extent.

Some of the major players operating in the global clinical laboratory services market are ARUP Laboratories, Abbott Laboratories, Bio-Reference Laboratories, Charles River Laboratories, Bioscientia Healthcare, Genoptix Medical Laboratory, Healthscope Ltd, Laboratory Corporation Of America Holdings, Labco S.A., Quest Diagnostics Inc., Spectra Laboratories, Sonic Healthcare Limited, and Genoptix Medical Laboratory.

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Medical Device Connectivity Market Predicts it to Witness Healthy Growth During the Forecast Period

The global medical device connectivity market is witnessing considerable growth due to increasing implementation of electronic health records and health information exchange systems, increasing regulations for improving healthcare quality, growing demand for home healthcare due to increasing geriatric population, improved diagnosis of patient, and increasing healthcare IT initiatives. Moreover, increasing prevalence of chronic diseases, increasing emphasis on care quality and patient safety, and increasing need to reduce healthcare costs through a connected healthcare environment are supporting the demand of medical device connectivity.

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The medical device connectivity aids in data analytics and growing adoption of telehealth solutions are also driving the growth of the market. Based on product type, the market for service segment is expected to grow at the faster rate compared to solution during the forecast period, due to increasing requirement for maximum consumption of connectivity solutions by the user, increasing regulatory requirements and healthcare reforms, increasing implementation of healthcare information exchange system, and increasing need for effective implementation.

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The increasing demand for remote patient monitoring and telehealth, and increasing alliance in the healthcare industry are expected to create opportunities for the players in the market. In addition, immense unexplored market in developing economies are creating abundant opportunities for the medical device connectivity market to grow at a significant rate in the coming years. However, high cost of implementation for medical device connectivity platform in small healthcare organizations, lack of integration between various hospital information systems and medical devices, lack of standard interface, interoperability issues, security concerns, cost barrier for small healthcare units, and risk of data breaches are the key factors hampering the growth of the global market.

The key players operating in the global medical device connectivity market are GE Healthcare, Cerner Corporation, Cisco Systems Inc., Qualcomm Inc., Koninklijke Philips N.V., Medtronic Plc., Infosys Limited, and Digi International Inc.

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