Internet of Things in Healthcare Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

Published Date : Jan 2021 | No. of Pages : 250 Pages | Category : Healthcare

The global Internet of Things in Healthcare market size was valued at US$ 150.5 billion in 2020 and is anticipated to grow at a CAGR of 20.9% during forecast period 2021 to 2028.

Growth Factors

Connected technology is one of the primary applications of IoT in healthcare. Such devices are majorly used for patient monitoring, taking readings, observing patterns, and notifying patients in case of imperfections in patterns. This technology is also used in real-time monitoring of at-risk patients, making informed decisions, and preventing emergency room visits.

Reduction in waiting times at emergency rooms has also accelerated its adoption in medical management. Key companies are developing innovative software programs to address various issues in healthcare. For instance, to address am issue of the emergency department wait times, GE Healthcare developed a software program, AutoBed, which helped in reducing wait times for 50% of the patients that required an inpatient bed.

Wide usage of connected technology in healthcare settings for managing operational workflows as well as clinical tasks is also one of the major growth drivers. It has enabled companies to develop a platform that aids in notifying future downtime of the systems by issuing the automatic alert. Philips, in collaboration with Open Market, has developed a remote sensor technology with mobile messaging, called e-Alert, that notifies the potential issue of the MRI system before its downtime. This technology won the Most Innovative IoT Solution award in 2017.

Report Highlights

The services segment held the largest market share of 45.0% in 2020. The segment is further segmented into system integration services, training, and education, support & maintenance, and consulting. Growing demand for uninterrupted data flows boost the efficiency of the medical systems, enhance security, and improve informed decision-making in real-time is the key factor driving the services segment. Medical devices are another major segment, in terms of revenue share.

With the emergence of IoT, dependency on connected medical devices, such as wearable, implantable, and stationary medical devices, for health monitoring has increased. A growing need for connected health services for critically ill patients, overall reduced cost of care, better treatment outcomes, and real-time disease management are some of the factors driving IoT-enabled medical devices market. The system and software segment is expected to witness the highest CAGR of 21.2% during the forecast years.

This growth is attributed to technological advancements and increasing investments by the market participants for the development of innovative connected solutions for the life science industry. Moreover, the rising adoption of digital technologies & connected systems in the health centers will drive the segment further. In the developed economies, the need for managing medical records is rising, which is positively impacting the demand for software solutions.

Cellular technology emerged as the largest segment. This technology allows us to send a huge amount of data over a long distance. Cellular networks are increasingly used for medical applications, such as remote patient monitoring as it enables data from devices to be collected and made available to healthcare professionals in real-time. Thus, it is regarded as a safer, conducive, and faster connectivity solution for remote monitoring. It also enhances portability, usability, and versatility for connected medical devices.

All of these factors help augment segment growth. Technological advancements in communication and connectivity industry are also driving the connectivity technology segment. The satellite segment is anticipated to witness the fastest CAGR of 23.9% over the forecast period. Rising use of satellite technology in various life science applications, such as management of emergencies, the interconnectivity of medical data, and facilitating patient mobility, is driving the segment. The provision of connectivity across the wide areas covering remote locations has further increased the demand for satellite connectivity for various applications, such as telemedicne.

Hospitals and clinics accounted for the largest revenue share in 2020 and are projected to maintain dominance in the coming years. Improved functional and operational efficiency gained by hospitals due to IoT is a key factor for its extensive usage. IoT solutions allow improved disease management, patient experience, and treatment outcomes, leading to enhanced care delivery. Moreover, these solutions also help hospitals in the management of inventory, billing, and medical records, real-time communication, medication compliance, and hospital workflows improving the overall operational efficiency.

High investment by hospitals for accelerating the adoption of digital technology is also responsible for its largest revenue share. A shifting trend towards value-based care from fee for service in the developed economies is also likely to boost the adoption of IoT solutions in hospitals.

Clinical Research Organizations (CROs) segment is expected to register the highest CAGR of 20.5% over the forecast period. Growing adoption of IoT solutions for improving the accuracy of clinical research is a key factor driving the segment. Extensive usage of these solutions has increased by CROs for improving patient recruitment and retention process, which are the potential issues in clinical research, is also estimated to spur the segment development.

The U.S. accounted for the largest revenue share in North America and is expected to maintain dominance over the forecast period. Technological advancements and various government initiatives promoting the adoption of digital platforms in the life science industry are the key factors contributing to the largest revenue share. Various initiatives are being undertaken for developing eHealth and clinical interoperability, which is also driving the market.

Key Players

Microsoft Corp.; Koninklijke Philips N.V.; Cisco Systems, Inc.; IBM Corp.; and Cerner Corp. are some of the major companies in this market. Investments in R&D, 

Market Segmentation

  • Component Outlook

    • Medical devices

      • Wearable External Devices

      • Implanted Medical Devices

      • Stationary Medical Devices

    • System and software

      • Remote Device Management

      • Network Bandwidth Management

      • Data Analytics

      • Application Security

      • Network Security

    • Services

      • System Integration Services

      • Consulting, Training, and Education

      • Support and Maintenance Services

  • Connectivity Technology Outlook

    • Wi-Fi

    • Bluetooth low energy

    • ZigBee

    • Near Field Communication (NFC)

    • Cellular

    • Satellite

  • End-Use Outlook

    • Clinical Research Organizations

    • Hospitals and Clinics

    • Research and Diagnostic Laboratories

    • Others

  • Application Outlook 

    • Telemedicine

    • Medication Management

    • Clinical Operations

    • Inpatient Monitoring

    • Connected Imaging

    • Others

  • Regional Outlook 

    • North America

      • The U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Russia

      • Italy

      • Spain

      • Netherlands

      • Sweden

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

      • Singapore

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

The Internet of Things in Healthcare market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Internet of Things in Healthcare market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Internet of Things in Healthcare market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Internet of Things in Healthcare market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Internet of Things in Healthcare market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Internet of Things in Healthcare capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Internet of Things in Healthcare by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Internet of Things in Healthcare market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Internet of Things in Healthcare market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Internet of Things in Healthcare market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Internet of Things in Healthcare industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Internet of Things in Healthcare market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Internet of Things in Healthcare market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Internet of Things in Healthcare market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Internet of Things in Healthcare market. These factors have benefited the growth of the global market for Internet of Things in Healthcare. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Internet of Things in Healthcare. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Internet of Things in Healthcare are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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