Internet of Things (IOT) Healthcare Market Analysis - Global Industry Size, Share, Trends and Forecast, 2018 – 2026

Introduction

The connection of Internet to the physical things makes it possible to control the physical world from a distance. The rise of the Internet of Things (IOT) in the healthcare market, which comprises medical devices, systems and software, and services, has had a wide impact on the overall healthcare sector and been extremely beneficial in chronic disease management, remote clinical monitoring, assisted living, preventive care, and personal fitness monitoring. It can be termed as a game-changer for the healthcare industry, the Internet of Things has transformed the sector by improving efficiency, lowering costs, and bringing the attention back to qualitative patient care. The IOT in healthcare market includes a great number of wearable, implanted, and stationary medical devices used in research and diagnostic laboratories, clinical research organizations, clinics, hospitals and surgical centers, and defense and government institutions. The Internet of Things in the healthcare industry can be applied in several applications, including telemedicine, inpatient monitoring, and medication management. ZigBee, Bluetooth low energy (BLE), satellite, Wi-Fi, and near-field communication (NFC) are some of the major connectivity technologies involved in IOT in healthcare.

Market Dynamics

The market is primarily driven by growing demand for improved patient care services, real time disease management, efficient and effective treatment outcome. Challenges like lack of competence in deploying IOT solutions, data security and privacy elevated costs coupled with IOT infrastructure development, concerns, lack of governance standards act, and limited technical expertise are projected to impede the market growth. With the evolution of artificial intelligence technology, rise in investments for the implementation of IOT healthcare solutions opens up new doors to the market growth. In addition, increasing awareness regarding the better affordability, demand for accessible communication technology, and resilient connectivity technology by the combination of local and near field technology such as Wi-Fi, NFC, and Bluetooth are amongst the few factors that are expected to drive the Internet of Things (IOT) in healthcare market over the forecast period.

Market Classification and Overview

The market can be segmented on the basis of component, application, end user, connectivity, geography. By component, the Internet of Things (IOT) healthcare market can be segmented into medical devices, systems and software, and service. Further, medical devices are segmented into wearable external devices, implanted medical devices, and stationary medical devices. Hence, from the period of 2018 to 2026 the systems & software segment, based on component is expected to grow at the highest compound annual growth rate CAGR. Internet of Things (IOT) healthcare systems and software include network bandwidth management, remote device management, applications security, data analytics, and network security solutions. In Internet of Things (IOT) healthcare market, systems & software provide solutions which create a high degree of autonomy and data security. System & software are bifurcated into remote device management, network bandwidth management, data analytics, application security, network security. And service is classified into system integration services, consulting, training, and education, support and maintenance services.By application, Internet of Things (IOT) healthcare marketcan be segmented into clinical operations, telemedicine,  connected imaging, workflow management, medication management, and inpatient monitoring among others. The telemedicine segment is expected to drive Internet of Things (IOT) healthcare market in greatly in forthcoming period. By end user, Internet of Things (IOT) healthcare market can be segmented into clinical research organizations (CRO), government and defense institutions, and research and diagnostic laboratories. By connectivity, Internet of Things (IOT) healthcare market can be segmented into Wi-Fi, Bluetooth Low Energy (BLE), ZigBee, NFC, Cellular, Satellite. On the basis of geography, the global Internet of Things (IOT) Healthcare market can be segmented into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific.The high growth rate in the Asia-Pacific for Internet of Things (IOT) healthcare market is expected to the increase in surgical centers and number of hospitals in this region. Countries such as India, China and Indonesia are expected to witness high growth rates in the Internet of Things (IOT) health care market in the further years.

Report Coverage

Market Participants

Some of the major players involved in the supply of Internet of Things (IOT) Healthcare Market include Medtronic Inc., Royal Philips, Cisco Systems Inc., IBM Corporation, GE Healthcare, Microsoft Corporation, SAP SE, Qualcomm Life, Inc., Honeywell Life Care Solutions, and Stanley Healthcare among others.

Market Segmentation

Market By Component

• Medical Devices
  
  • Wearable External Devices
  • Stationary medical devices
  • Implanted Medical Devices
• Systems & Software
  
  • Remote Device Management
  • Data Analytics
  • Network Bandwidth Management
  • Network Security
  • Application Security
• Services
  
  • System Integration Services
  • Support and Maintenance Services
  • Consulting, Training, and Education

Market By Application

• Telemedicine
• Connected Imaging
• Clinical Operations and Workflow Management
• Inpatient Monitoring
• Medication Management
• Others

Market By End User

• Hospitals, Surgical Centers, and Clinics
• Research and Diagnostic Laboratories
• Government and Defense Institutions
• Clinical Research Organizations (CRO)

Market By Connectivity

• Wi-Fi
• Cellular
• NFC
• Satellite
• Bluetooth Low Energy (BLE)
• ZigBee

Market By Geography

• North America
  
  • U.S.
  • Canada
  • Mexico
• Europe
  
  • UK
  • France
  • Germany
  • Rest of Europe
• Asia-Pacific
  
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Latin America
  
  • Brazil
  • Chile
  • Rest of LATAM
• Middle East and Africa (MEA)
  
  • South Africa
  • Saudi Arabia
  • Rest of MEA