The Internet of Things (IoT) in Healthcare market was valued at USD 55.5 billion in 2019 and is expected to reach USD 172.46 billion by 2025, at a CAGR of 20.8% over the forecast period 2020 - 2025. The IoT market is majorly driven by the growing adoption of healthcare information systems, the emergence of big data in healthcare, improved device accuracy and connectivity, and increasing penetration of connected devices in healthcare.
- Internet of thing (IoT) technology has the potential to revolutionize the traditional paper-based healthcare treatment by simplifying access to real-time patient data and remote patient monitoring. The emergence of this digital healthcare technology has addressed the impending need for better diagnostics and targeted therapeutic tools. In addition, it not only provides remote patient monitoring to physicians but also works as a fitness and wellness tracker for athletes and a dosing reminder for patients. The successful implementation of IoT in remote monitoring of diabetes and asthma patients, coupled with high penetration of fitness and wellness devices, has created a high demand for the IoT healthcare market.
- Big data analytics is the fast-emerging topic in IoT. The demand for big data analytics integrates the most recent innovation in machine learning, logical methodologies, computational intelligence, and data mining. Many of the healthcare experts, including payers and providers, are now analyzing big data to obtain detailed knowledge. Even though these efforts are still in their early stages, they are expected to collectively help tackle the industry-related problems regarding inconsistency in healthcare quality and escalating healthcare expenditures.
- Improvements in the quality of people's daily health and life activities, as well as big data analytics, to support and promote such research activities, are some of the factors driving the market growth, as 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.
Scope of the Report
As per the scope of this report, the term Internet of things (IoT) in healthcare system includes every device that is connected to the internet for a wide range of applications, such as tracking patients or equipment, collecting data, and analyzing the received data.
Key Market Trends
Medication Management is Expected to Grow Fastest over the Forecast Period
- The medication management segment is expected to show significant growth during the forecast period, due to the growing adoption of healthcare information systems, rising need to reduce medication errors and improve patient safety, and increasing adoption of mHealth solutions for medication management.
- A rising focus of market players to develop innovative solutions in the field of medication management is also boosting the segmentÕs growth.
North America Holds the Largest Market Share of IoT in Healthcare Market
- The healthcare Internet of Things (IoT) in North America dominated the global market and is estimated to show a similar trend during the forecast period. This growth is due to factors, like the growing adoption of healthcare IT solutions, the presence of key players, and the availability of sophisticated infrastructure.
- Rising initiatives to curb medical expenses, resulting in a shifting trend from fee-for-service to a value-based model, have also given the market a significant boost.
The Internet of things (IoT) in the healthcare market is moderately competitive and consists of several major players. The companies are implementing certain strategic initiatives, such as mergers, new product launches, acquisitions, and partnerships that help them in strengthening their market position.
- January 2019 - IBM and medical device company Medtronic teamed up to develop IQcast, a predictive tool built into MetronicsÕ Sugar.IQ app for diabetic patients who require multiple daily injections. By applying machine learning algorithms to readings from MedtronicsÕ Guardian Connect continuous glucose monitoring system, IQcast can predict the likelihood that a person will experience a low-glucose event within 1-4 hours and recommend proactive steps to reduce the chances of future dips.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers & Restraints
4.3 Market Drivers
4.3.1 Emergence of Big Data in Healthcare
4.3.2 Increased IT Adoption in the Healthcare Sector
4.3.3 Improved Device Accuracy and Connectivity
4.4 Market Restraints
4.4.1 Data Privacy and Security Concerns
4.4.2 Requirement for High Initial Investments
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1.1 Medical Devices
184.108.40.206 Wearable External Medical Devices
220.127.116.11 Implanted Medical Devices
18.104.22.168 Stationary Medical Devices
5.1.2 Systems and Software
5.2.2 Clinical Operations and Workflow Management
5.2.3 Inpatient Monitoring
5.2.4 Medication Management
5.2.5 Other Applications
5.3 End User
5.3.2 Clinical Research Organizations
5.3.3 Other End Users
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Medtronic PLC
6.1.2 Koninklijke Philips NV
6.1.3 Cisco Systems
6.1.4 International Business Machines Corporation
6.1.5 GE Healthcare
6.1.6 Microsoft Corporation
6.1.7 SAP SE
6.1.8 Capsule Technologies, Inc.
6.1.9 Resideo Technologies, Inc.
6.1.10 Stanley Healthcare
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.