Abstract
Summary
The global IoT in healthcare market size is projected to grow from USD 127.7 billion in 2023 to USD 289.2 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 17.8% during the forecast period.
The need to streamline operations by automating a range of healthcare processes in order to reduce costs and improve efficiency will drive the market.
Inpatient Monitoring segment to grow at a higher CAGR during the forecast period.,
In-patient monitoring is a process that involves continuous monitoring of a patient’s physiological functions for guiding management decisions and making therapeutic interventions. The increasing focus on the deployment of technologies such as IoT, AI, and robotics to reduce manpower for cost-savings and to minimize physical contact will drive the market
Clinical Research Organizations segment to grow at the highest CAGR during the forecast period.
Clinical Research Organizations are adopting to IoT based technology to collect more data, monitor patients more effectively, and manage clinical trials more efficiently. Also, IoT is enabling faster analysis and information flow to clinical research organizations, thereby helping them with faster operations and outcomes.
North America region to record the highest market share in the IoT in Healthcare market in 2022
North America is expected to have the largest share in the overall IoT in Healthcare market. The penetration of chronic diseases has led organizations in the region to readily develop innovative solutions for combating the rising disease scenario. Hence, healthcare organizations are rapidly moving toward providing high-tech solutions for the already-established healthcare system in the region. Connected health solutions, including health IT, Electronic Medical Record (EMR), digital health, video-enabled telehealth and telemedicine, mobile health and mHealth, remote patient monitoring, IoT, AI, Virtual Reality (VR), exponential medicine, ePatient, hearables, and wearables are being adopted by healthcare providers across the region
• By Company Type: Tier 1 – 45%, Tier 2 – 40%, and Tier 3 – 15%
• By Designation: C-level – 40%, Directors – 35%, Managers- 15%, and Others – 10%
• By Region: North America – 15%, Europe – 35%, Asia Pacific – 40%, and Rest of the World (RoW)– 10%
This research study outlines the market potential, market dynamics, and major vendors operating in the IoT in Healthcare market. Key and innovative vendors in the IoT in Healthcare market include Cisco (US), IBM (US), GE Healthcare (US), Microsoft (US), SAP (Germany), Medtronic (Ireland), Royal Philips (Netherlands), Resideo Technologies (US), Securitas (Sweden), Bosch (Germany), Armis (US), Oracle (US), PTC (US), Huawei (China), Seimens ( Germany), R-Style Lab (US), HQSoftware (Estonia), Oxagile (US), Softweb Solutions (US), OSP Labs (US), Comarch SA (Poland), Telit (UK), Kore Wireless (US), ScienceSoft (US), Intel (US), AgaMatrix (US), Welch Allyn (US), AliveCor (US), Sensly (US), Clover Health (US). These vendors have adopted many organic as well as inorganic growth strategies, such as new product launches, and partnerships and collaborations, to expand their offerings and market shares in the IoT in Healthcare market.
Research coverage
The market study covers the IoT in Healthcare market across different segments. It aims at estimating the market size and the growth potential of this market across different segments based on component, application, end-user and regions. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall IoT in Healthcare market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
Table of Contents
1 INTRODUCTION 43
1.1 STUDY OBJECTIVES 43
1.2 MARKET DEFINITION 43
1.2.1 INCLUSIONS & EXCLUSIONS 43
1.3 MARKET SCOPE 44
1.3.1 MARKET SEGMENTATION 44
1.3.2 REGIONS COVERED 44
1.3.3 YEARS CONSIDERED 45
1.4 STAKEHOLDERS 45
1.5 SUMMARY OF CHANGES 46
1.5.1 RECESSION IMPACT 46
2 RESEARCH METHODOLOGY 47
2.1 RESEARCH DATA 47
2.1.1 SECONDARY DATA 48
2.1.2 PRIMARY DATA 49
- 2.1.2.1 Primary interviews 49
- 2.1.2.2 Breakup of primary profiles 50
- 2.1.2.3 Key industry insights 50
2.2 MARKET BREAKUP AND DATA TRIANGULATION 51
2.3 MARKET SIZE ESTIMATION 52
2.4 MARKET FORECAST 53
2.5 RESEARCH ASSUMPTIONS 54
2.6 RESEARCH LIMITATIONS 54
2.7 IMPACT OF RECESSION 55
3 EXECUTIVE SUMMARY 56
4 PREMIUM INSIGHTS 58
4.1 ATTRACTIVE OPPORTUNITIES FOR COMPANIES IN IOT IN HEALTHCARE MARKET 58
4.2 IOT IN HEALTHCARE MARKET, BY COMPONENT AND REGION, 2023 58
4.3 IOT IN HEALTHCARE MARKET, BY REGION, 2023 59
5 MARKET OVERVIEW AND INDUSTRY TRENDS 60
5.1 MARKET OVERVIEW 60
5.2 MARKET DYNAMICS 60
5.2.1 DRIVERS 61
- 5.2.1.1 Rising adoption of IoMT in healthcare industry 61
- 5.2.1.2 Rising focus on active patient engagement and patient-centric care 61
- 5.2.1.3 Growing need for cost control measures in healthcare 62
- 5.2.1.4 Increased adoption of high-speed network technologies for IoT connectivity 62
- 5.2.1.5 Evolution of complementing technologies such as artificial intelligence and big data 62
- 5.2.1.6 Need for healthcare in remote locations 63
5.2.2 RESTRAINTS 63
- 5.2.2.1 Outdated infrastructure hindering digital growth of medical industry 63
- 5.2.2.2 Internet disruptions leading to IoT device issues 64
5.2.3 OPPORTUNITIES 64
- 5.2.3.1 Low doctor-to-patient ratio leading to increased dependency on self-operated eHealth platforms 64
- 5.2.3.2 Government initiatives for promoting digital health 64
- 5.2.3.3 IoT for COVID-19 patient monitoring 65
- 5.2.3.4 Health insurers with IoT-connected intelligent devices 66
5.2.4 CHALLENGES 66
- 5.2.4.1 Increase in cyberattacks due to data security constrictions 66
- 5.2.4.2 Integration of multiple devices and protocols leading to data overload 66
- 5.2.4.3 High cost of technology implementation 66
5.3 FACTOR ANALYSIS 67
5.3.1 DRIVERS AND OPPORTUNITIES 67
5.3.2 RESTRAINTS AND CHALLENGES 67
5.4 USE CASES 67
5.4.1 USE CASE 1: CONNECTED HEALTHCARE 67
5.4.2 USE CASE 2: ASSET TRACKING 68
5.4.3 USE CASE 3: REMOTE PATIENT MONITORING 68
5.5 INDUSTRY TRENDS 68
5.5.1 EVOLUTION 68
5.5.2 REGULATORY IMPLICATIONS 69
- 5.5.2.1 ISO STANDARDS - ISO 27799:2008 and ISO/TR 27809:2007 69
- 5.5.2.2 Internet of Medical Things Resilience Partnership Act (2017) 70
- 5.5.2.3 Health Insurance Portability and Accountability Act 70
- 5.5.2.4 HIPAA Privacy Rule 70
- 5.5.2.5 HIPAA Security Rule 71
- 5.5.2.6 CEN ISO/IEEE 11073 71
- 5.5.2.7 CEN/CENELEC 71
5.6 TECHNOLOGICAL ANALYSIS 72
5.6.1 ARTIFICIAL INTELLIGENCE 72
5.6.2 MACHINE LEARNING 72
5.6.3 NATURAL LANGUAGE PROCESSING 72
5.6.4 BIG DATA 72
5.6.5 SPEECH RECOGNITION 73
5.6.6 5G 73
5.7 PRICING ANALYSIS 73
5.8 PATENT ANALYSIS 73
5.9 PORTER’S FIVE FORCES ANALYSIS 75
5.9.1 THREAT OF NEW ENTRANTS 75
5.9.2 THREAT OF SUBSTITUTES 75
5.9.3 BARGAINING POWER OF BUYERS 75
5.9.4 BARGAINING POWER OF SUPPLIERS 75
5.9.5 INTENSITY OF COMPETITIVE RIVALRY 76
5.10 KEY CONFERENCES AND EVENTS, 2023 76
5.11 VALUE CHAIN ANALYSIS 76
6 IOT IN HEALTHCARE MARKET, BY COMPONENT 77
6.1 INTRODUCTION 78
6.2 MEDICAL DEVICES 79
6.2.1 MEDICAL DEVICES: IOT IN HEALTHCARE MARKET DRIVERS 79
6.2.2 STATIONARY MEDICAL DEVICES 81
- 6.2.2.1 Technological advancements in medical technology 81
6.2.3 IMPLANTED MEDICAL DEVICES 82
- 6.2.3.1 Increasing demand for minimally invasive procedures 82
6.2.4 WEARABLE EXTERNAL MEDICAL DEVICES 84
- 6.2.4.1 Increasing focus on preventative healthcare 84
6.3 SYSTEMS & SOFTWARE 85
6.3.1 SYSTEMS & SOFTWARE: IOT IN HEALTHCARE MARKET DRIVERS 85
6.3.2 REMOTE DEVICE MANAGEMENT 88
- 6.3.2.1 Need to improve patient outcomes 88
6.3.3 NETWORK BANDWIDTH MANAGEMENT 89
- 6.3.3.1 Need for timely transmission of data 89
6.3.4 DATA ANALYTICS 90
- 6.3.4.1 Need to analyze large datasets and gain insights 90
6.3.5 APPLICATION SECURITY 92
- 6.3.5.1 Security breaches in IoT healthcare 92
6.3.6 NETWORK SECURITY 93
- 6.3.6.1 Increasing cyber threats 93
6.4 SERVICES 94
6.4.1 SERVICES: IOT IN HEALTHCARE MARKET DRIVERS 94
6.4.2 DEPLOYMENT & INTEGRATION 97
- 6.4.2.1 Integrating operational and enterprise environments for secured IoT experience 97
6.4.3 CONSULTING 98
- 6.4.3.1 Need to implement data management processes and systems 98
6.4.4 SUPPORT & MAINTENANCE 100
- 6.4.4.1 Need for healthcare organizations to ensure optimal performance and prevent downtime 100
7 IOT IN HEALTHCARE MARKET, BY APPLICATION 102
7.1 INTRODUCTION 103
7.2 TELEMEDICINE 104
7.2.1 TELEMEDICINE: IOT IN HEALTHCARE MARKET DRIVERS 104
7.2.2 STORE-AND-FORWARD TELEMEDICINE 105
- 7.2.2.1 Need to improve diagnostic accuracy 105
7.2.3 REMOTE PATIENT MONITORING 106
- 7.2.3.1 Need to improve patient outcome and convenience 106
7.2.4 INTERACTIVE TELEMEDICINE 106
- 7.2.4.1 Need to provide real-time communication 106
7.3 CLINICAL OPERATIONS & WORKFLOW MANAGEMENT 106
7.3.1 CLINICAL OPERATIONS & WORKFLOW MANAGEMENT: IOT IN HEALTHCARE MARKET DRIVERS 106
7.4 CONNECTED IMAGING 108
7.4.1 CONNECTED IMAGING: IOT IN HEALTHCARE MARKET DRIVERS 108
7.5 IN-PATIENT MONITORING 109
7.5.1 IN-PATIENT MONITORING: IOT IN HEALTHCARE MARKET DRIVERS 109
7.6 MEDICATION MANAGEMENT 111
7.6.1 MEDICATION MANAGEMENT: IOT IN HEALTHCARE MARKET DRIVERS 111
7.7 OTHER APPLICATIONS 112
8 IOT IN HEALTHCARE MARKET, BY CONNECTIVITY TECHNOLOGY 114
8.1 INTRODUCTION 114
8.2 WI-FI 114
8.2.1 IMPROVED DATA TRANSMISSION SPEED 114
8.3 BLUETOOTH LOW ENERGY 114
8.3.1 INCREASED RANGE AND EASY INTEGRATION 114
8.4 ZIGBEE 115
8.4.1 LOW COST AND LOW POWER CONSUMPTION 115
8.5 NEAR-FIELD COMMUNICATION 115
8.5.1 INCREASING EFFICIENCY OF HEALTHCARE DELIVERY 115
8.6 CELLULAR 115
8.6.1 WIDE COVERAGE OFFERED BY CELLULAR NETWORKS 115
8.7 SATELLITE 116
9 IOT IN HEALTHCARE MARKET, BY END USER 117
9.1 INTRODUCTION 118
9.2 HOSPITALS, SURGICAL CENTERS, AND CLINICS 119
9.2.1 HOSPITALS, SURGICAL CENTERS, AND CLINICS: IOT IN HEALTHCARE MARKET DRIVERS 119
9.3 CLINICAL RESEARCH ORGANIZATIONS 120
9.3.1 CLINICAL RESEARCH ORGANIZATIONS: IOT IN HEALTHCARE MARKET DRIVERS 120
9.4 GOVERNMENT AND DEFENSE INSTITUTIONS 122
9.4.1 GOVERNMENT AND DEFENSE INSTITUTIONS: IOT IN HEALTHCARE MARKET DRIVERS 122
9.5 RESEARCH AND DIAGNOSTIC LABORATORIES 123
9.5.1 RESEARCH AND DIAGNOSTIC LABORATORIES: IOT IN HEALTHCARE MARKET DRIVERS 123
10 IOT IN HEALTHCARE MARKET, BY REGION 125
10.1 INTRODUCTION 126
10.2 NORTH AMERICA 127
10.2.1 NORTH AMERICA: PESTLE ANALYSIS 128
10.2.2 NORTH AMERICA: RECESSION IMPACT 128
10.2.3 NORTH AMERICA: IOT IN HEALTHCARE MARKET DRIVERS 129
10.2.4 US 133
- 10.2.4.1 Rising prevalence of chronic diseases and growing aging population 133
10.2.5 CANADA 137
- 10.2.5.1 Need to curtail escalating healthcare costs and implementation of favorable government initiatives 137
10.3 EUROPE 141
10.3.1 EUROPE: PESTLE ANALYSIS 141
10.3.2 EUROPE: RECESSION IMPACT 142
10.3.3 EUROPE: IOT IN HEALTHCARE MARKET DRIVERS 143
10.3.4 UK 147
- 10.3.4.1 Rising adoption of Real-Time Healthcare Systems (RTHS) and other Healthcare Information Systems (HCIS) 147
10.3.5 GERMANY 150
- 10.3.5.1 Growing demand for effective self-health management and home-care solutions 150
10.3.6 FRANCE 154
- 10.3.6.1 Huge demand for innovative healthcare solutions driving market for IoT in healthcare 154
10.3.7 REST OF EUROPE 157
10.4 ASIA PACIFIC 158
10.4.1 ASIA PACIFIC: PESTLE ANALYSIS 158
10.4.2 ASIA PACIFIC: RECESSION IMPACT 159
10.4.3 ASIA PACIFIC: IOT IN HEALTHCARE MARKET DRIVERS 159
10.4.4 CHINA 164
- 10.4.4.1 Strong telecommunications network creating influx of IoT deployments 164
10.4.5 JAPAN 168
- 10.4.5.1 Rising overall healthcare expenditure and growing geriatric population 168
10.4.6 INDIA 171
- 10.4.6.1 Government initiatives driving market 171
10.4.7 REST OF ASIA PACIFIC 172
10.5 MIDDLE EAST & AFRICA 172
10.5.1 MIDDLE EAST & AFRICA: PESTLE ANALYSIS 172
10.5.2 MIDDLE EAST & AFRICA: RECESSION IMPACT 173
10.5.3 MIDDLE EAST & AFRICA: IOT IN HEALTHCARE MARKET DRIVERS 174
10.5.4 MIDDLE EAST 178
- 10.5.4.1 National Transformation Plan and aims of Saudi Vision 2030 driving market 178
10.5.5 AFRICA 181
- 10.5.5.1 Rapid growth in access to ICT, particularly mobile phones and network connectivity 181
10.6 LATIN AMERICA 182
10.6.1 LATIN AMERICA: PESTLE ANALYSIS 182
10.6.2 LATIN AMERICA: RECESSION IMPACT 183
10.6.3 LATIN AMERICA: IOT IN HEALTHCARE MARKET DRIVERS 183
10.6.4 BRAZIL 187
- 10.6.4.1 Increasing adoption of smartphone technology driving market 187
10.6.5 MEXICO 188
- 10.6.5.1 Government efforts toward healthcare digitalization fueling market growth 188
10.6.6 REST OF LATIN AMERICA 188
11 COMPETITIVE LANDSCAPE 189
11.1 OVERVIEW 189
11.2 STRATEGIES ADOPTED BY KEY PLAYERS 189
11.3 REVENUE ANALYSIS 189
11.4 COMPANY MARKET RANKING ANALYSIS 190
11.5 MARKET SHARE ANALYSIS OF TOP PLAYERS 190
11.6 COMPANY EVALUATION QUADRANTS 191
11.6.1 DEFINITIONS AND METHODOLOGY 191
- 11.6.1.1 Stars 192
- 11.6.1.2 Emerging leaders 192
- 11.6.1.3 Pervasive players 192
- 11.6.1.4 Participants 193
11.7 COMPANY PRODUCT FOOTPRINT ANALYSIS 194
11.7.1 END-USER FOOTPRINT 195
11.7.2 COMPONENT FOOTPRINT 196
11.7.3 REGIONAL FOOTPRINT 197
11.8 COMPETITIVE BENCHMARKING FOR SMES/STARTUPS 198
11.9 STARTUP/SME EVALUATION MATRIX METHODOLOGY AND DEFINITIONS 198
11.9.1 PROGRESSIVE COMPANIES 199
11.9.2 RESPONSIVE COMPANIES 199
11.9.3 DYNAMIC COMPANIES 199
11.9.4 STARTING BLOCKS 199
11.10 COMPETITIVE SCENARIO AND TRENDS 201
11.10.1 PRODUCT LAUNCHES 201
11.10.2 DEALS 202
12 COMPANY PROFILES 203
12.1 MAJOR PLAYERS 203
12.1.1 CISCO 203
12.1.2 IBM 206
12.1.3 GE HEALTHCARE 209
12.1.4 MICROSOFT 212
12.1.5 SAP 215
12.1.6 MEDTRONIC 218
12.1.7 ROYAL PHILIPS 221
12.1.8 RESIDEO TECHNOLOGIES 224
12.1.9 SECURITAS 226
12.2 OTHER PLAYERS 228
12.2.1 BOSCH 228
12.2.2 ARMIS 229
12.2.3 ORACLE 230
12.2.4 PTC 230
12.2.5 HUAWEI 231
12.2.6 SIEMENS 231
12.2.7 R-STYLE LAB 232
12.2.8 HQSOFTWARE 232
12.2.9 OXAGILE 233
12.2.10 SOFTWEB SOLUTIONS 233
12.2.11 OSP LABS 234
12.2.12 COMARCH SA 235
12.2.13 TELIT 235
12.2.14 KORE WIRELESS 236
12.2.15 SCIENCESOFT 236
12.2.16 INTEL 237
12.2.17 AGAMATRIX 237
12.2.18 WELCH ALLYN 238
12.2.19 ALIVECOR 238
12.2.20 SENSELY 239
12.2.21 CLOVER HEALTH 239
13 ADJACENT/RELATED MARKETS 240
13.1 INTRODUCTION 240
13.2 LIMITATIONS 240
13.3 IOT INTEGRATION MARKET 240
13.3.1 MARKET OVERVIEW 240
13.3.2 IOT INTEGRATION MARKET, BY SERVICE 240
13.3.3 IOT INTEGRATION MARKET, BY ORGANIZATION SIZE 242
13.3.4 IOT INTEGRATION MARKET, BY REGION 242
- 13.3.4.1 Europe 242
13.4 INCIDENT AND EMERGENCY MARKET 243
13.4.1 MARKET OVERVIEW 243
13.4.2 INCIDENT AND EMERGENCY MARKET, BY COMMUNICATION TOOL AND DEVICE 244
13.4.3 INCIDENT AND EMERGENCY MARKET, BY REGION 245
- 13.4.3.1 Asia Pacific 245
14 APPENDIX 246
14.1 DISCUSSION GUIDE 246
14.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 249
14.3 CUSTOMIZATION OPTIONS 251
14.4 RELATED REPORTS 251
14.5 AUTHOR DETAILS 252