Global IoT in Healthcare Market: Snapshot

The internet of things has numerous applications in the healthcare, from having smart sensors to medical device integration and remote monitoring. It has the potential to improve the potential of the physicians to deliver care along with keeping patients healthy and safe. Healthcare IoT applications boost the patient engagement and the satisfaction by allowing the patient to spend more time interacting with the doctors. For instance, the devices such as vital signs monitors and infusion pumps were once used as a standalone machines which were attached to the isolated patients. Now they are often tethered to the health systems data networks in order to provide information.

The IoT in healthcare is although not yet in widespread use throughout, but there shall be massive increase in demand for internet of things in this industry in the coming years. This rapid scaling of these technologies is attributed to the declining prices of the devices and reducing the size of the components by making it user friendly and compact to use. Hospitals, healthcare laboratories and pharmacies will use internet of things for inventory management, improving the workflow optimization and medical device integration.

A report by Transparency Market Research (TMR), forecasts the global IoT in healthcare market to be evaluated at US$ 102.8 Bn in 2019. Expanding at a pace of 20.9% CAGR for the 2019-2027 forecast period, the market is estimated to be worth US$ 469.4 Bn by the end of 2027.

global iot in healthcare market

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North America to Continue to hold Supremacy through 2027

North America IoT in healthcare market is expected to dominate throughout the forecast timeline. High technological awareness, increasing investments and adoption of smartphones and government initiatives fulfilling the industry potential is anticipated to drive the market in IoT related services and software. The U.S. is expected to dominate the North America region accounting for above 50% of market share throughout 2019 to 2027 as compared to Canada and Mexico. Hospitals across the region are adopting IoT technologies for monitoring people with long-term or chronic conditions, tracking the patient’s medication and their location through wearable devices.

Europe IoT in healthcare market is expected to have steady growth over the forecast timeframe. As compared to the larger Internet of Things applications, the region has witnessed more possibilities of medical applications as most of the consumer mobile devices are built with radio frequency identification (RFID), near field communication (NFC) tags which allow the devices to share the information with the IT systems. The RFID tags can also be placed on the supplies and medical equipment to aware the hospital staff about the quantities they are having in stock. UK is expected to dominate the European industry followed by the Germany and France and is anticipated to have around 26% market share by 2027.

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Asia Pacific is expected to have the highest CAGR from 2019 to 2027. This high growth is attributed from emerging countries such as India, China, Indonesia and Malaysia. Increasing awareness and adoption of internet resulting in high penetration, and declining sensors and modules prices is expected to support the industry growth in the Asia Pacific region. Adoption of technological advancements in emerging economies is anticipated to fuel the industry growth from 2019 to 2027.

The major competitors in the global IoT in healthcare market include

  • Royal Philips
  • Medtronic
  • Cisco
  • GE Healthcare
  • IBM Corporation
  • Qualcomm Inc.
  • Honeywell International
  • AdhereTech Inc.
  • Medtronic Inc.
  • Stanley Healthcare.

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The industry also include other integrators supporting the industry such as managed service providers, system integrators, middleware companies, IoT companies, sensors, and module manufacturers, and security companies.

The global Internet of Things (IoT) in Healthcare market report provides analysis for the period 2017–2027, wherein the period from 2019 to 2027 is the forecast period and 2018 is the base year. The report covers all the major trends and technologies playing a key role in Internet of Things (IoT) in Healthcare market growth over the forecast period. It also highlights the drivers, restraints, and opportunities expected to influence market’s growth during the forecast period. The study provides a holistic perspective on the Internet of Things (IoT) in Healthcare market’s growth throughout the above mentioned forecast period in terms of revenue (in US$ Bn), across different geographies, including North America, Europe, Asia-Pacific, Middle East & Africa (MEA) and South America.

Key Questions Answered in TMR’s Report on the Internet of Things (IoT) in Healthcare Market

The report provides detailed information about the IoT in healthcare market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the IoT in healthcare market, so as to help them make successful strategies and take target-driven decisions.

  • Which regions will continue to remain the most profitable regional markets for IoT in healthcare market players?
  • Which factors will induce a change in the demand for IoT in healthcare during the assessment period?
  • How will changing trends impact the IoT in healthcare market?
  • How can market players capture low-hanging opportunities in the IoT in healthcare market in developed regions?
  • Which companies are leading the IoT in healthcare market?
  • What are the winning strategies of stakeholders in the IoT in healthcare market to upscale their position in this landscape?
  • What will be the Y-o-Y growth of the IoT in healthcare market between 2019 and 2027?
  • What are the winning imperatives of market frontrunners in the IoT in healthcare market?
  • What are the major advancements witnessed in the IoT in healthcare market?

The market overview section of the report demonstrates the market dynamics and trends, such as the drivers, restraints, and opportunities that influence the current nature and future status of this market. An attractiveness analysis has also been provided for every geographic region in the report, in order to give a thorough analysis of the overall competitive scenario of the Internet of Things (IoT) in Healthcare market, globally. Moreover, the report provides an overview of the various strategies of key players present in the market. Introduction and market definition chapter helps in understanding different technologies of Internet of Things (IoT) in Healthcare along with their applications which are included in the report.

The report segments the global Internet of Things (IoT) in Healthcare market on the basis of component into hardware, software and service. The hardware segment is further segmented to portable diagnostic devices (on-body wearable devices) and non-portable diagnostic devices. The market is further segmented on the basis of its applications used in various end-use industry, into telemedicine, medication management, clinical operations, patient monitoring, and connected imaging. It covers various technologies used in IoT healthcare market and on the basis of technology the market was segmented into Bluetooth, Wi-Fi, NFC, Zigbee, RFID and other technologies. Thus, the report provides in-depth cross-segment analysis of the Internet of Things (IoT) in Healthcare market and classifies it into various levels, thereby providing valuable insights at the macro as well as micro levels. Further, the Internet of Things (IoT) in Healthcare software market.

The report also highlights the competitive landscape of the Internet of Things (IoT) in Healthcare market, thereby positioning all the major players according to their geographic presence and recent key developments. The comprehensive Internet of Things (IoT) in Healthcare market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the Internet of Things (IoT) in Healthcare market’s growth.

On the basis of country, North American market is divided into The U.S., Canada and Rest of North America. Similarly, Europe market is divided into The U.K., Germany, France, and Rest of Europe. Asia Pacific has been segmented into China, Japan, India, and Rest of Asia Pacific. Middle East and Africa covers the UAE, Saudi Arabia, South Africa and Rest of Middle East and Africa. Similarly, South American region includes Brazil, and Rest of South America. This report provides all the essential information required to understand the Internet of Things (IoT) in Healthcare and its components. Furthermore, Porter’s Five Forces analysis explains the factors which are currently affecting the market. This report also provides the value chain analysis for the Internet of Things (IoT) in Healthcare market which explains the participants of the value chain.

Some of the key players engaged in Internet of Things (IoT) in Healthcare market includes AdhereTech Inc., Cerner Corporation, Cisco Inc., Ericsson AB, General Electric Company (GE Healthcare), Honeywell International Inc., IBM Corporation, Koninklijke Philips N.V., Medtronic Inc., Microsoft Corporation, NXP Semiconductors, Qualcomm Technologies, Inc., SAP SE, STANLEY Healthcare and Zebra Technologies. Details such as financials, and products/service offerings pertaining to these players have been duly provided as part of company profiling.

Market Segmentation

Global Internet of Things (IoT) in Healthcare Market, By Component

  • Hardware
    • Portable Diagnostic Devices
      • On-body Wearables
      • Others
    • Non-Portable Diagnostic Devices
  • Software
  • Service

Global Internet of Things (IoT) in Healthcare Market, By Application

  • Telemedicine
  • Medication Management
  • Clinical Operations
  • Patient Monitoring
  • Connected Imaging
  • Others

Global Internet of Things (IoT) in Healthcare Market, By Technology

  • Bluetooth
  • Wi-Fi
  • NFC
  • Zigbee
  • RFID
  • Others (Cellular, Satellite, Zwave, EnOcean)

Global Internet of Things (IoT) in Healthcare Market, By End-user

  • Hospitals
  • Pharmaceuticals
  • Clinics & Laboratories

In addition, the report provides analysis of the global Internet of Things (IoT) in Healthcare market with respect to the following regions:

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • Middle East and Africa (MEA)
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA
  • South America
    • Brazil
    • Rest of South America

Market Segmentation

Component

  • Hardware
    • Portable Diagnostic Devices
      • On-body Wearables
      • Others
    • Non-Portable Diagnostic Devices
  • Software
  • Service

Application

  • Telemedicine
  • Medication Management
  • Clinical Operations
  • Patient Monitoring
  • Connected Imaging
  • Others

Technology

  • Bluetooth
  • Wi-Fi
  • NFC
  • Zigbee
  • RFID
  • Others (Cellular, Satellite, Zwave, EnOcean)

 

End-user

  • Hospitals
  • Pharmaceuticals
  • Clinics & Laboratories

Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA
  • South America
    • Brazil
    • Rest of South America

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Internet Things Healthcare Market

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