ID: MRFR/HC/9187-HCR | September 2021 | Region: Global | 120 pages
The Internet of Things (IOT) in healthcare market is expected to cross USD ~320 billion by 2027 at a CAGR of ~25.5%.
IoT in Healthcare Market Overview:
Internet of Things (IoT) in healthcare is a technology that collects, analyses, notify, or stores health-related data from individuals using various platforms and devices such as phones, smartwatches, fitness trackers, implantable surgical devices, and digital medications. The data processing is done without human or computer interactions. The technology aims to streamline the patients' health records to deliver high-quality medical service by diagnosing health issues and offering relative treatment to maintain better health. The IoT in healthcare market is highly progressive and is gaining importance owing to the deployment of digital systems for monitoring and analyzing health problems, growing demand for advanced technologies for personalized medical service, and growing demand for solutions that deliver safe and effective healthcare.
The prominent industry players are continuously investing in the product development and expansion of their operational facilities. These players are also capitalizing on future projects to provide better patient health tracking and analyzing solutions. In addition, the government authorities of regions such as Europe are offering high-level cybersecurity for healthcare IT companies involved in IoT-based device development. The government authorities are creating awareness about IoT-based solutions among consumers and healthcare service providers through campaigns, virtual events, and meetings. Moreover, the rising adoption of health monitoring solutions, telemedicine, and remote device management solutions are driving the IoT in healthcare market.
The spreading of coronavirus worldwide hampered the business across various sectors, including the healthcare industry. However, the pandemic outbreak created opportunities for IoT healthcare providers due to the rising demand for remote monitoring solutions for diagnosing and treating patients, vaccine cold chain monitoring, and device unit management. Additionally, the IoT in healthcare market is gaining positive results owing to the disruption of fast Internet and network technology. Moreover, the limited mobility during the lockdown period accelerated the usage of online platforms for medical consultation.
IoT-powered telemedicine platforms allowed medical professionals to treat patients remotely.The technology collects data from the patient and transfers the medical information to healthcare providers located in different geography for assessment and recommendations. The emergence of IoT-based smart devices allowed the population to monitor the vitals through device-specific applications. For instance, CMED Health Ltd (Bangladesh) is offering IoT-facilitated health monitoring solutions through mobile applications. The data measured by the individuals are sent to the cloud server and are further accessed and analyzed by authorized doctors. The application provides color-coded results based on the level of emergency. This permitted the CMED's crew to take immediate action in emergencies.
The public and private authorities across different regions introduced IoT-based solutions and services to aid assistance to the people suffering from COVID-19. The launch of an electronic bed management system (eBMS) to check the availability of beds across various hospitals and clinics. The IoT sensors placed on the bed allowed the hospital staff to identify the bed availability that assisted the hospital management in managing the wait time for the beds. Moreover, the IoT healthcare solution providers have integrated IoT sensors on the vaccine cold chain data loggers to get accurate information about the vaccine transit. For instance, the Indian authority UNDP developed an IoT empowered mobile-based technology—electronicVaccine Intelligence Network(eVIN) to keep track of the vaccine cold chain transportation. In addition, the application also delivered information related to the temperature and vaccine stocks. Such factors have strengthened the adoption of IoT technology and are projected to grow rapidly in the assessed period.
IoT in Healthcare Market Dynamics
The restricted mobility and urgent deliveries of medical devices and medication during the pandemic augmented the demand for healthcare delivery drones. The drones are deployed as a substitute to the manned transportation facility. The government authorities, in collaboration with technology providers, are working on providing life-saving medical assistance. In addition, the market players are introducing satellite-based IoT-enabled drones to deliver drugs and other medical utilities. For instance, in June 2021, KORE (US) offered IoT-equipped power drones to transport critical medical assets. The drone works on satellite connectivity and eSIM technology, enabling the droneto deliver products in a short time. The integration of such technologies aims to support the deliveryof medical products in a short time. Additionally, the drones aim to deliver COVID vaccines and other healthcare products across remote and rural parts of the world.
IoT in Healthcare Market Restraints
The incorporation of innovative technologies such as IoT brings a lot of challenges along with its deployment. The major concern with IoT deployment is data theft. The hackers upload bugs and malware to get the entire personal and financial detail of the patient. In addition, data centralization is one of the features of the IoT that has allowed cybercriminals to steal confidential data from a single location. Moreover, the hackers are targeting the medical equipment and life support devices, encrypting the entire system that further prevents the functioning of the computerized systems across the hospitals. These hackers demand high ransom to provide the encryption key of the hacked systems. Failure in ransom delivery leads to data distribution or selling of patient's details on the dark web. However, the implementation of zero trust architecture has strengthened the implementation rate in recent years, strengthening the IoT in healthcare market.
IoT in Healthcare Technology Analysis
Internet of things is a technology that boosts connectivity, enhances device engagements, and scales up the analyzing feature of the solutions. The technology also connects the origin of data to the endpoint creating a network for the user for better data management. Additionally, the technology is involved in improving seamless communication among the interrelated components such as data hubs, sensors, and computing engines. Moreover, the integration of components such as gyroscope, light sensors, RFID, and GPS increases the device's potential to measure results efficiently. Likewise, these sensors are integrated into the wristband and portable devices to provide diagnostic solutions anytime and anywhere,expanding the remote monitoring possibilities.
IoT in Healthcare Market Segment Overview
By Connectivity Technology
By End Use
IoT in Healthcare Market Regional Analysis
Transformation of healthcare infrastructure coupled with the rising number of market players across the region
North America is one of the leading regions for IoT in healthcare in 2021, owing to the increasing number of IT solution providers, growing penetration of advanced medical devices, and increasing investment in the healthcare sector. In addition, the market players are developing IoT- cloud-based solutions to accelerate the adoption of IoT-based medical services across the region. The solution providers are involved in several business activities such as collaborations and acquisitions, R&D activities, and product launches to gain market share.For instance, in November 2020, European Union launched a next-generation IoT project, Intelligent Internet of Things, to advance healthcare solutions. The IoT sensors will ease the remote monitoring of the patients as theywill notify the medical staff about the medical condition of their patients.
Increasing number of investors and supportive government policies throughout the region
The Asia-Pacific IoT in healthcare market is anticipated to be the fastest emerging regional market due to the increasing number of foreign investors, accelerating R&D activities, supportivegovernment regulations, and adoption of digital infrastructure across the healthcare industry. Additionally, the increasing establishment of smart hospitals and the modernization of network infrastructure arefueling IoT in healthcare market growth across the region. The region is experiencing technical changes in healthcare consulting and remote monitoring. The government authorities are planning campaigns to strengthen the remote monitoring programs, which further supports the deployment of IoT technologies in these developing countries. For instance, the Indian Ministry of Health and Family WelfareandSustainable Development Goals (SDGs)initiatedawarenesscampaigns about the healthy life and well-being of the rural population. The governing authoritieshave installed satellite communication-based telemedicine in unreachable terrestrial locations, including Amarnath, Ayappa, and Kedarnath, for medical screening and healthcare consultation support. These aspects are fueling the IoT in healthcare market progression and are projected to support market demand in the estimated timeline.
IoT in Healthcare Market Competitive Landscape
The market players are involved in various business strategies to increase their industry presence. The organizations are capitalizing on R&D activities to expand their product portfolio, further fueling the IoT in healthcare market. Additionally, the providers are involved in business strategies such as mergers and acquisitions, new product launches, contractual agreements, and partnering with other technology providers to expand their regional footprint.
Koninklijke Philips N.V. is one of the pronounced players in the IoT in healthcare market that offers cloud-based products and services for machine-to-machine communication. The integrated technology aims to combine consumer and clinical data to create smarter and more meaningful solutions. Additionally, the organization is focused on developing advanced technologies for end-to-end connectivity solutions for medical devices. The solutions offered by the company include cloud solutions certified under ISO 27001/18, SOC2, and HITRUST. The company also provides managed connectivity services and cloud services for a seamless customer experience.
List of Key Companies Covered in IoT in Healthcare Market Report:
The study covers the existing short-term and long-term market effects, as well as helping decision-makers to draught short-term and long-term plans for businesses by region. The report covers major regions in North America, Europe, Asia-Pacific, and the Rest of the World. The report analyzes market drivers, restraints, opportunities, challenges, Porters Five Forces, value chain, and impact of COVID on the IoT in healthcare market
Scope of the Report & Segmentation
By Connectivity Technology
By End Use
|Market Size||2027:USD ~320 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Application, Connectivity Technology, and End Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World|
|Key Vendors||Koninklijke Philips N.V. (Netherlands), Medtronic (US), Honeywell Life Care Solutions (US), GE Healthcare (US),Boston Scientific Corporation (US), Cisco System Inc. (US), Microsoft Corporation (US), SAP SE (Germany), Proteus Digital Health (US),QUALCOMM Incorporated (US), IBM Corporation (US), Resideo Technologies (US), Capsule Technologies (US), Siemens (Germany)|
|Key Market Opportunities||Emergence of telemedicine and remote healthcare|
|Key Market Drivers||Increasing deployment of healthcare delivery drones Growing integration of digital devices and robots for medical assistance|