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By Rich Handley

Global Market Insights Says IoT Health-Care Market Will Surpass $10 Billion by 2024

According to a new research report by market research and strategy consulting firm Global Market Insights the Internet of Things (IoT) health-care market will be worth more than $10 billion by 2024. The market is primarily driven by the implementation of digital solutions across the sector. The integration of such technology in the health-care infrastructure is expected to streamline operations, improve patient interactions and enhance process efficiency, the firm reports. Increasing penetration of smartphones, coupled with improved Internet connectivity worldwide, is expected to fuel growth.

An increasing aging population in Japan and several European countries, such as Italy and Germany, coupled with the rising number of chronic diseases, will drive IoT health-care market growth throughout the forecast timeline, the research indicates. Advancements in the sector to provide accessible and inexpensive patient-care solutions will widen the scope for the adoption of such systems.

A lack of interoperability may hamper growth. Interoperable systems enable the sharing and retention of data automatically, eliminating the possibility of re-entering data each time. Issues such as difficulty in integrating devices from different manufacturers, and their inability to operate on other operating systems, poses challenges to the mass consumerization of IoT solutions. Other factors, such as the high cost of infrastructure development, followed by data privacy and security issues, are predicted to curb demand.

Rising deployment of smart sensor technology in various systems enhances the capability of devices to collect more data associated with a patient's health, the firm reports. The gathered data is used to enhance the patient-monitoring process, and to analyze it to discover new treatments for various diseases. These technological solutions, therefore, help to bridge the gap between the physical and the digital worlds.

Benefits such as fast scalability in meeting customer demands, followed by upgrades to privacy and security, are expected to drive telemedicine growth. The application allows the exchange of data related to patient health via a telecommunication network. Telemedicine solutions are specially meant for areas inaccessible to doctors where devices combined with satellite communications enable easy access.

The U.S. market is anticipated to hold the majority of revenue share, owing to the presence of advanced health-care infrastructure, coupled with the early adoption of sophisticated technologies. Mobile-based applications offered by technology providers have made it easier for facilities to share data with patients, while increased spending on digital technologies by regional governments further contributes to growth.

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