Global IoT Healthcare Market – Analysis and Forecast (2021-2027)

Industry Insights by Component (Medical Devices, Services, and Systems and Software), by Connectivity Technology (Wi-Fi, Near Field Communication (NFC), Bluetooth Low Energy (BLE), Cellular, Zigbee, and Satellite), by Application (Telemedicine, Inpatient Monitoring, Clinical Operations and Workflow Management, Medication Management, Connected Imaging, and Others) and by End User (Hospitals, Surgical Centers, and Clinics, Government and Defense Institutions, Clinical Research Organization (CRO), and Research and Diagnostics Laboratories)

Industry Overview

IoT healthcare is the software of devices that are embedded with sensors, software, network, and connectivity which allows these objects to collect and exchange data. The global IoT healthcare market is growing at a significant rate, due to escalating investment for healthcare IoT solutions, and mounting access to connected devices in healthcare.

Different applications such as telemedicine, inpatient monitoring, clinical operations, and workflow management, and medication management contributed to the IoT healthcare market size. The market has witnessed a high demand for telemedicine due to the augmented efficiency of processes and convenience for patients in order to reduce the length of hospital stays.

Market Segmentation

Insight by Component

On the basis of the component, the market is subdivided into medical devices, services, and systems and software. Of all components, systems and software segment is expected to grow at the fastest rate in the market due to an elevated degree of data security and autonomy.

The medical device segment is further subdivided into wearable external medical devices, stationary medical devices, and implanted medical devices. In addition, the services segment is further subdivided into system integration services, support, and maintenance services and professional services. Moreover, the system and software segment is further subdivided into data analytics, remote device management, network security, network bandwidth management, and application security.

Insight by Application

On the basis of application, the market is subdivided into telemedicine, inpatient monitoring, clinical operations and workflow management, medication management, connected imaging, and others. The augmented efficiency of processes and convenience for patients in order to reduce the length of hospital stays is the factor responsible for the growth of the telemedicine. Of all the applications, the telemedicine segment accounted foremost share in the IoT healthcare market. The telemedicine segment is further subdivided into store-and-forward telemedicine, interactive telemedicine, and remote patient monitoring.

Insight by Connectivity Technology

On the basis of connectivity technology the market is subdivided into wi-fi, Near Field Communication (NFC), Bluetooth Low Energy (BLE), cellular, ZigBee, and satellite. Among all connectivity technologies, the Wi-Fi segment accounted the largest share in the IoT healthcare market.

Insight by End User

The different end users of the market are hospitals, surgical centers, and clinics, government and defense institutions, clinical research organization (CRO), and research and diagnostics laboratories. Among all end users, the hospitals, surgical centers, and clinics accounted the largest share in the IoT healthcare market.

Industry Dynamics

Industry Trends

Mounting acceptance of IoT devices in healthcare is the trend in the IoT healthcare market.

Growth Drivers

Escalating investment for healthcare IoT solutions, mounting access of connected devices in healthcare, the mounting requirement for remote patient monitoring services, and development of artificial intelligence technology are the primary growth drivers for IoT healthcare market.

The mounting occurrence of chronic and lifestyle associated diseases, expanding acceptance of cloud technology in healthcare, and escalating demand for personalized medicine are also facilitating the growth for the IoT healthcare market.

Challenges

Lack of data privacy and security, lack of awareness among the consumers, and insufficient healthcare infrastructure in developing counties are the major challenges for the growth of the IoT healthcare market.

Industry Ecosystem

Globally, the manufacturing companies trying to enter the IoT healthcare market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.

Geographic Overview

Geographically, North America is the largest IoT healthcare market as in the region the healthcare spending is increased. In addition, expanding the geriatric population, and improving healthcare infrastructure are also up surging growth of the North American IoT healthcare market.

Asia-Pacific is observed to witness the fastest growth in the market, due to an upsurge in a number of hospitals and surgical centers. In addition, the upsurge in the requirement for cloud-based solutions is also creating a positive impact on the IoT healthcare market growth in the region.

Competitive Insight

Key players in the IoT healthcare market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In October 2015, IBM acquired Merge Healthcare Incorporated, to help healthcare providers and researchers to engage in personalized approaches to diagnosis, treatment, and monitoring of patients. Medtronic Plc, Microsoft Corporation, Honeywell Life Care Solutions, Koninklijke Philips N.V., General Electric Company, SAP SE, Cisco Systems, Inc., Qualcomm Incorporated, International Business Machine Corporation (IBM), and Stanley Black & Decker Inc. are the key players offering IoT healthcare.