Market Highlights
According to MRFR analysis, the global internet of things (IoT) in healthcare market is expected to register a CAGR of~25.5% from 2021 to 2027 and hold a value of ~USD 320 billion by 2027.
The global IoT in healthcare market is driven by several factors, such as increasing adoption of wearables to measure vitals regularly, rising mental and physical health awareness among the young population, growing telemedicine sector, and rising demand for remote monitoring systems. In addition, the emergence of implantable monitoring systems, ingestible sensors, and connected smart contact lenses is also creating new opportunities for the market. These monitoring and tracking systems analyze the vitals and notify the patient of the next drug dose. Moreover, the introduction of smart hospitals across the globe is generating possibilities for the deployment of IoT-based devices. This will enable medical staff to accelerate the processing of patient data, better drug and medicine management, and enhanced mobility and alertness of hospital employees, among others.
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The industry players are involved in different business approaches such as collaboration with government and private organizations, partnership with technology providers, participation in marketing campaigns and events to establish its footprint inthe global IoT in healthcare market. Additionally, the major players are involved in product promotions, strategic treaties, and joint ventures to strengthen their market positions. For instance, in April 2019, the National Association of Software and Services Companies Center of Excellence-Internet of Things (NASSCOM CoE-IoT) partnered with GE Healthcare (US) to enhance the health tech start-up ecosystem in India. Moreover, in April 2019,Device Authority (US), an IoT identity and access management provider, announced a strategic partnership with Wipro to offer next-generation identity access and security for the Internet of Medical Things (IoMT).
This partnership will augment the IoT-based solution deployment across hospitals and research centers for convenient processing.
Regional Analysis
North America is expected to dominate the IoT in healthcare market in 2021, owing to the presence of a large number of market players, better solution development infrastructure, high-class manufacturing facilities, and highly trained professionals. In addition, the prominent players are highly involved in the innovation of new products and keep on upgrading the existing hardware and software to provide an enriched consumer experience. Moreover, the competitors are involved in R&D activities to integrate health-based IoT solutions with smartphones and other smart gadgets for residential and commercial use. In addition, the major players are focusing on various business strategies such as product launch, collaborations, partnerships, and high investments in R&D to gain market share across the region.
Europe held the second-largest position in the IoT in healthcare market in 2020. This is attributed to the advancementin hospital culture from traditional diagnosis and treatment to technology-assisted smart healthcare solutions. The hospital and clinics are deploying new technologies such as electronic health records, lab and pharmacy solutions, and multi-purpose solutions equipped with IoT technology for better patient and stock management. These factors are driving the IoT in healthcare market in Europe and are estimated to surge at a rapid pace in the assessed period.
Asia-Pacific is anticipated to be the fastest-growing regional marketover the forecast period due to the digitization of healthcare infrastructure, rising number of investors, and growing physical fitness awareness among the young and working population. In addition, the availability of highly qualified engineers and technical experts isexpected to supportthe development of new healthcare IoT solutions that will further augment the market growth in the near future.
Furthermore, the growth of the market in the Rest of the World is attributed to the increasing adoption of advanced healthcare solutions, installation of the latest network band for better connectivity, and increasing cash flows by the key players to dominate the IoT in healthcare market. The government authorities are inviting highly qualified healthcare professionals to enhance their healthcare services. Moreover, the development strategies such as collaboration, clinical trials, and product development are strengthening the market growth. Such initiatives are fueling the market growth of IoT in healthcare in the Rest of the World region.
Segmentation
The global IoT in healthcare market has been segmented into component, application, connectivity technology, and end-use. By component, the market has been segregated into medical devices, systems &software, and services. The medical devices are further segmented into wearable external medical devices, implanted medical devices, and stationary medical devices. In addition, systems and software are further categorized into remote device management, network bandwidth management, data analytics, application security, and network security. The services are categorized into support and maintenance services, consulting, and system integration. The medical device segment is expected to hold a considerable share of the market in 2021. Increasing the use of RFID, sensors, and other remote technologies for diagnosing and monitoring will augment the market growth in the assessed period.
Based on application, the global IoT in healthcare market has been classified as inpatient monitoring, medication management, telemedicine, clinical operations and workflow management, and connected imaging. Telemedicine held the largest segment share in 2020, owing to the rising demand for monitoring patient’s vitals remotely and offering virtual medical consultation to the individuals who require urgent assistance.
By connective technology, the global IoT in healthcare market has been classified as Wi-Fi, Bluetooth low energy, ZigBee, near field communication, cellular, and satellite. Cellular technology held the largest segment share in 2020, owing to the increasing adoption of smartphones, rising integration of healthcare applications, and growing online health consultation practices.
On the basisof end-use, the IoT in healthcare market is classified into clinical research organizations, hospitals and clinics, research and diagnostic laboratories, and others. Hospitals & clinics held the largest market share in 2020 due to the digitization of hospitals and the development of smart hospitals for advanced treatment.
Key Players
Some of the key players in the global IoT in healthcare market are Koninklijke Philips N.V. (Netherlands), Medtronic (US), Honeywell Life Care Solutions (US), GE Healthcare (US),
Boston Scientific Corporation (US), Cisco System Inc. (US), Microsoft Corporation (US), SAP SE (Germany), Proteus Digital Health (US), Qualcomm Incorporated (US), IBM Corporation (US), Resideo Technologies (US), Capsule Technologies (US), and Siemens Healthineers(Germany).
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