HOME Research Insight New Product Launches to Develop and Provide Advanced Products/Solutions by Strengthening their Product Portfolios and Expanding their Geographic Presence in the IoT Healthcare Market.

New Product Launches to Develop and Provide Advanced Products/Solutions by Strengthening their Product Portfolios and Expanding their Geographic Presence in the IoT Healthcare Market.

IoT healthcare solutions have not only transformed the day-to-day decision-making of healthcare organizations, but also the way they interact with patients, which has resulted in increased operational efficiency, leading to optimized healthcare outcomes. In this report, MarketsandMarkets forecasts the IoT healthcare market to grow from USD 41.22 Billion in 2017 to USD 158.07 Billion by 2022, at a CAGR of 30.8%. The rise in investments for the implementation of IoT healthcare solutions, the implementation of IoT healthcare solutions for the reduction of the cost of care, the evolution of artificial intelligence technology, and the increasing penetration of connected devices in the healthcare industry are some of the major factors expected to drive the IoT healthcare market. Key players in the IoT healthcare market include Medtronic PLC (U.S.), Royal Philips (Netherland), Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), GE Healthcare (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Qualcomm Life, Inc. (U.S.), Honeywell Life Care Solutions (U.S.), and Stanley Healthcare (U.S.). These players have adopted various strategies such as partnerships, agreements, collaborations, new product launches, expansions, and mergers & acquisitions, to strengthen their positions in the IoT healthcare market.

Companies such as Medtronic PLC, Royal Philips, Cisco Systems, Inc., and IBM Corporation have adopted collaborations, partnerships, agreements, and new product launches to develop and provide advanced products/solutions by strengthening their product portfolios and expanding their geographic presence in the IoT healthcare market.

Medtronic PLC is one of the leading providers of IoT healthcare solutions in this market. The company caters to a wide client base and designs and manufactures devices to address neurological and spinal conditions, cardiac care, and diabetes. The company’s long-term strategy is focused on partnerships and new product launches to expand its product portfolio and strengthen its capabilities of solutions and services related to IoT in healthcare. For instance, in December 2016, Medtronic partnered with Fitbit Inc., a leading company in the connected health & fitness market, to integrate health and activity tracking for patients with diabetes, along with their physicians and care teams. Similar organic and inorganic growth strategies have been adopted by Royal Philips to tap into the IoT healthcare market and to meet the business needs of customers across the healthcare sector. For instance, in February 2017, the company launched the IntelliVue Guardian Solution featured with connectivity to the Philips Wearable Biosensor for the detection of subtle signs of deterioration in the condition of hospitalized patients. This has helped in the expansion of the product portfolio of the company. As a part of its inorganic growth strategy, the company partnered with Qualcomm Life, Inc., a subsidiary of Qualcomm Incorporated, in August, 2016, to enhance connected health services using the Philips HealthSuite.

Related Reports:

IoT Healthcare Market by Component (Medical Device, Systems & Software, Service, Connectivity Technology), Application (Telemedicine, Work Flow Management, Connected Imaging, Medication Management), End User, and Region - Global Forecast to 2022

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