Internet of Things in Healthcare Market Future Trends, Growth Key Factors, Manufacture Players, Opportunities Analysis by 2027
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.
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.
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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.
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.
Internet of Things in Healthcare Market Players
·
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),
·
Siemens
Healthineers(Germany)
among others are some key companies in the
global Internet of Things in Healthcare that are listed by MRFR for market research.
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