Internet of Things (IoT) in Healthcare Market - Snapshot

Internet of Things (IoT) based healthcare systems play a key role in the growth of medical information systems. Tracking, tracing, and monitoring of patients are essential to enhance the healthcare system. However, due to an inadequate healthcare situation, current medical technologies with the available tools cannot meet the same accurately. Dependency of healthcare on IoT is increasing day by day to improve access to care, enhance the quality of care, and most importantly to limit the cost of care. IoT eliminates the need for a health care professional by providing a ubiquitous monitoring system using sensors, gateways, and cloud, to analyze and store the data and communicate it wirelessly to medical professionals for further analysis.

The emergence and need for inventory management, improving workflow management, growing digitalization in healthcare management systems, and the increasing penetration of connected devices is expected to boost the demand for Internet of Things (IoT) in the healthcare market in the coming years. However, high initial cost of investment is expected to be one of the restraints that hinder the market. The global market for Internet of Things (IoT) in healthcare is anticipated to expand at a volume CAGR of 20.6% during the forecast period from 2017-2025. The market is expected to reach US$ 322.77 Bn by 2025.

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IoT is a combination of various technologies that empower a diverse range of appliances, devices, and objects to interact and communicate with each other using different networking technologies. Healthcare systems make use of interconnected smart devices to establish an IoT network for healthcare analysis and patient monitoring, automatically identifying situations where physician involvement is needed. The global Internet of Things (IoT) in healthcare market can be segmented based on component, application, technology used, end-use, and region. In terms of component type, the Internet of Things (IoT) in healthcare market can be divided into hardware, software, and service. The hardware segment is further segmented into portable diagnostic devices (on-body wearable devices) and non-portable diagnostic devices. The market is further segmented based on applications into telemedicine, medication management, clinical operations, patient monitoring, and connected imaging. In terms of technology, the market is segmented into Bluetooth, Wi-Fi, NFC, Zigbee, RFID, and other technologies. Geographically, the Internet of Things (IoT) in healthcare market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to hold the largest share in the market. Asia Pacific is expected to witness highest CAGR during the forecast period due to growing adoption of IoT components in healthcare industry in the emerging countries in the region such as China and India.

The global Internet of Things (IoT) in healthcare market is highly fragmented with a number of companies. Leading players are currently focusing on providing cost competitive products to customers. Moreover, as part of this strategy, the companies are engaging in various strategic partnerships, acquisitions, and focusing on expanding their business through new service additions and geographical presence.

IoT healthcare component providers are developing new solutions in order to reduce the healthcare industry’s dependence on humans. Key market players profiled in this study include prominent providers who offer IoT solutions such as 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.

Internet of Things (IoT) in Healthcare Market: Overview

This comprehensive report by Transparency Market Research analyzes and forecasts the Internet of Things (IoT) in healthcare market at the global and regional level. The report provides an analysis of the global IoT in healthcare market for the period from 2015 to 2025, wherein the period from 2017 to 2025 comprises the forecast period and 2016 is the base year. Data for 2015 is provided as historical information. The report covers all the major trends playing a major role in the growth of the Internet of Things (IoT) in healthcare market over the forecast period. It also highlights various drivers, restraints, and opportunities expected to influence the market’s growth during this period. The study provides a complete perspective on the Internet of Things (IoT) in healthcare market growth in terms of revenue in US$ Bn across different geographical regions namely North America, Europe, Asia Pacific, Middle East & Africa, and South America. The report would help suppliers and distributors to understand the current and future trends in the market and formulate their strategies accordingly.

The market overview section of the report showcases the market dynamics and trends such as the drivers, restraints, and opportunities that influence the current nature and future status of this market. The report also provides the value chain analysis for the market. 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 market growth.

Global Internet of Things (IoT) in Healthcare Market: Scope of 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 into portable diagnostic devices (on-body wearable devices) and non-portable diagnostic devices. The market is further segmented in terms of applications into telemedicine, medication management, clinical operations, patient monitoring, and connected imaging. Based on technology, the market is segmented into Bluetooth, WI-Fi, NFC, Zigbee, RFID and other technologies. Thus, the report provides an 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. Revenue data is estimated for all the above mentioned segments.

The report also includes competitive profiling of the key players associated with the market around the globe. The important business strategies adopted by leading players, their market positioning, financials, SWOT analysis, and recent developments have also been identified in the research report. The competitive landscape section of the report also gives an overview of the major contributing regions/countries by these key players in order to strengthen their market position in the future.

Global Internet of Things (IoT) in Healthcare Market: Research Methodology

The Internet of Things (IoT) in healthcare market data estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. In order to compile the research report, we conducted in-depth interviews and discussions with a wide range of key industry participants and opinion leaders. Primary research represents the bulk of our research efforts, supplemented by extensive secondary research. Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews on the global IoT in healthcare market, across geographies. Primary interviews are usually conducted on an ongoing basis with industry experts and participants in order to get latest market insights and validate the existing data and analysis. Primary interviews offer new and fresh information on important factors such as market trends, market size, competitive landscape, growth trends, etc. These factors help to validate and strengthen secondary research findings. Moreover, the data collected and analyzed from secondary and primary research is again discussed and examined by our expert panel. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a study of recent trade journals, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.

Global Internet of Things (IoT) in Healthcare Market: Competitive Dynamics

Major strategies adopted by Internet of Things (IoT) in healthcare solution providers include strategic acquisitions and partnerships. Some of the key players active in the 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.

During the forecast period, it is estimated that the established players in the market would either get merged into large enterprises or would give tough competition to the emerging players in the market. It is estimated that large Internet of Things (IoT) in healthcare solution vendors would acquire regional players to improve their distribution networks in domestic as well as international markets. Details such as financials, business strategies, SWOT analysis, recent developments, and other such strategic information 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 & Africa (MEA)
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA
  • South America
    • Brazil
    • Rest of South America
.