REPORT HIGHLIGHT
Internet of Things In Healthcare market was valued at USD 151.8 billion by 2019, growing with 11.6% CAGR during the forecast period, 2020-2026
Market Dynamics
The internet of things (IoT) in healthcare market is projected to grow at a rapid pace, owing to decreasing cost of sensor technology, rising need for stringent regulations, and easy availability of wearable smart devices. In addition, availability of high-speed internet, growing prevalence of chronic disorders, and launch of technological advanced devices such as smart lenses, shirts, bands, and others are also expected to boost the growth of this market. The major players of the market are investing more in R&D activities and also developing IoT infrastructure, which is further predicted to create huge opportunities in the industry. However, lack of awareness in developing economies and high costs associated with developing IoT infrastructure are projected to be major threats that will hamper the growth of the global market in the coming future.
Component Takeaway
Services segment accounted for more than half of the market share in the global Internet of Things (IoT) in healthcare market in 2020. The segment covers supports & maintenance services, consulting training & education, and system integration services. On the other hand, the medical devices segment is estimated to grow at highest growth rate in the projected timeframe owing to growing popularity of wearable sensor devices and novel technological advancements.
Cellular technology allows to send a large amount of data over a long distance. The cellular networks are progressively used for medical applications that include remote patient monitoring, as it allows data from devices to be collected and also made available in real-time to the healthcare professionals. Therefore, it is regarded as faster, conducive, and safer connectivity solution for remote monitoring. In addition, cellular technology also enhances versatility, usability, and portability for connected medical devices.
End Use Takeaway
Hospitals & clinics segment is projected to dominate the market during the forecast period due to improved operational and functional efficiency gained by clinics and hospitals. High investment by hospitals to accelerate the adoption of digital technology is also a substantial factor responsible for the segments’ largest revenue share. A shifting trend from fee for service to value-based care in the emerging economies is also likely to drive the demand for IoT solutions in hospitals.
Telemedicine technology is advancing and is projected to register largest market share in 2020. Growing prevalence of chronic diseases and increasing demand for patient monitoring are the factors considered to fuel the segment growth in the coming future. responsible for the segment’s largest revenue share. In addition, prominent companies are focusing on the development of innovative telemedicine devices or solutions for enhancing healthcare system.
Regional Takeaway
Presently, North America leads the market owing to presence of major players and availability of well-established healthcare IT infrastructure in this region. Asia Pacific is estimated to be the second largest market trailed by Europe, and LAMEA. U.S. subjugated the North America internet of things (IoT) in healthcare market share in 2010, and is expected to maintain its lead throughout the forecast.
The Key Vendors of the Market include:
• Qualcomm Life Inc.
• St. Jude Medical Inc.
• Proteus Digital Health
• Cisco Systems, Inc.
• Microsoft Corp.
• Apple Inc.
• Koninklijke Philips N.V.
• Google (Alphabet)
• IBM Corp.
• GE Healthcare Ltd.
• Medtronic PLC,
• Cerner Corp.
The market size and forecast for each segment and sub-segments has been considered as below:
• Historical Year – 2015 to 2018
• Base Year – 2019
• Estimated Year – 2020
• Projected Year – 2026
TARGET AUDIENCE
? Traders, Distributors, and Suppliers
? Manufacturers
? Government and Regional Agencies
? Research Organizations
? Consultants
? Distributors
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL INTERNET OF THINGS IN HEALTHCARE MARKET, BY COMPONENT
? Medical Devices
o Implanted Medical Devices
o Stationary Medical Devices
o Wearable External Devices
? System & Software
o Data Analytics
o Network Bandwidth Management
o Network Security
o Remote Device Management
o Application Security
? Services
o Consulting, Training, and Education
o Support & Maintenance Services
o System Integration Services
GLOBAL INTERNET OF THINGS IN HEALTHCARE MARKET, BY TECHNOLOGY
? Wi-Fi
? Satellite
? Cellular
? ZigBee
? Bluetooth Low Energy
? Near Field Communication
? Others
GLOBAL INTERNET OF THINGS IN HEALTHCARE MARKET, BY APPLICATION
? Medication Management
? Connected Imaging
? Impatient Monitoring
? Telemedicine
? Clinical Operations
? Others
GLOBAL INTERNET OF THINGS IN HEALTHCARE MARKET, BY END USE
? Hospitals & Clinics
? Research & Diagnostic Laboratories
? Clinical Research Organizations
? Others
GLOBAL INTERNET OF THINGS IN HEALTHCARE MARKET, BY REGION
? North America
o The U.S.
o Canada
? Europe
o Germany
o France
o Italy
o Spain
o United Kingdom
o Rest of Europe
? Asia Pacific
o India
o China
o South Korea
o Japan
o Singapore
o Rest of APAC
? Latin America
o Brazil
o Mexico
o Argentina
o Rest of LATAM
? Middle East and Africa
o Saudi Arabia
o United Arab Emirates
o Rest of MEA