The global IoT in Healthcare Market is forecasted to grow at a rate of 19.8% from USD 60.83 Billion in 2019 to USD 260.75 Billion in 2030. The scope and benefits of IoT in healthcare can be majorly associated with trends about innovations in medicine, medical devices, and overall healthcare service delivery for maximum customer satisfaction.
Moreover, advancement in the field of information technology, communication technology, and increased investments in medical infrastructure play a vital role in offering smart health solutions and services and thereby is instrumental in driving the industrial growth. Further, connected healthcare system provides centralized access to patients health-related information and records, and hence, is beneficial in engaging patients in a more effective manner
The emergence of AI (Artificial Intelligence) also is a crucial factor that has helped propel the market. In 2018, the global spending on IoT initiatives was near to USD 646.00 billion. Medical practitioners today increasingly bank on on real-time data for the treatment of various diseases, rendering immediate services, as well as for tracking resources like staff, patients, and other assets. This has resulted in the penetration of real-time monitoring systems and connected devices into the healthcare sector. Connected devices are used to gather extensive data for further data analysis and recording. Smart utilities are gaining popularity among people who serve as a demand driver for IoT applications.
For instance, personal activity trackers like Fitbit use this technology to monitor personal health and are characterized by a user-friendly application interface. Additionally, these solutions provide remote monitoring, data mining, and analytics, network security, and enable providers to provide timely care at a lesser cost with a significant reduction in errors.
Effective deployment of technology helps achieve a higher degree of efficiency, which has the potential to revolutionize the operations in the healthcare sector. Owing to this, 34.0% of top company officials envisage the rise in productivity to IoT technology. However, privacy and security concerns arising from a lack of awareness among people can prove to impede the growth of the market. Additionally, a lack of state-of-the-art cybersecurity solutions can potentially hinder growth.
Services segment dominated the market and is further segmented into Consulting, Training, and Education, Support and Maintenance Services, and System Integration Services. The increasing demand for uninterrupted flow of data boosts the efficiency and enhance the decision-making in real-time. Furthermore, the growing adoption of digital technologies and connected systems in the healthcare sector will drive market demand. In the developed countries, the need to manage the medical records are also high, which in turn is affecting the demand for systems and software.
Connectivity Technology Outlook:
Near Field Communications (NFC) ensures better communication among the medical staff and enables them to remain updated with real-time updates. It permits users to communicate by bringing or touching their devices close to each other. It provides caretakers a chance to trace the individuals and their activities. The information derived is stored in access-controlled databases, and it is visible in different organizations, to improve record-keeping, help streamline coordination, and counteract blunders. NFC limits the scope for an error to take place as most of the communication is done through engineered diagnostics.
The incorporation of IoT in the developed region is making healthcare more accessible. Medical tests are possible even in the most remote areas with a mobile signal. NFC also addresses the problem of shortfall of medical practitioners and helps in reducing the error and increase efficiency.
Connected Imaging by Cisco combines its technologies that of its healthcare partners to deliver imaging as a service. In this imaging, images are optimized and virtualized in a medical archive, making them accessible from anywhere across a healthcare enterprise. This connected system can dramatically reduce the overhead for extra storage in siloed imaging applications. It also helps in improving a clinician’s access to data in the required time, which reduces the time to diagnose images.
Connected imaging has two components, collaboration, and reporting and medical image architecture. The former enables and optimizes collaborative image interpretations, and help in managing the continuous interruptions that otherwise impede imaging productivity to enhance the efficiency of technologists, physicians, and radiologists. The latter improves the performance of the imaging infrastructure with an architecture that optimizes image access at a reduced operational cost.
North America is expected to be a primary revenue-generating region for the market. With the advancement in healthcare technologies, the region has witnessed an increased engagement and consciousness among consumers. This has led to an increased demand for remote care. IoT in the healthcare sector would allow the hospitals to improve the care quality while focusing on overall expenditure reduction.
Asia-Pacific is expected to remain the highest growing segment during 2020-2030, at a CAGR of 20.5%, owing to the technological advancements in developing nations such as China & India. Increasing the adoption of IoT in hospitals and clinics in the region is expected to stimulate demand. Other countries, such as Malaysia, have also been focusing on developing smart hospitals that would be effective, highly efficient, and cost-optimized.
- The rate of adoption of telemedicine has been slower, but in the wake of COVID-19, there has been a massive surge in the adoption of this healthcare service among care providing organizations. Another reason has been increasing emphasis on developing rural healthcare services in various developing nations and rising geriatric population.
- Hospitals and clinics will dominate the market throughout. Hospitals are investing heavily to speed up the adoption of technology for the best medical care in the developed as well as developing economies.
- The hospitals gain improved functional efficiency, which allows better patient care, improved disease management, and treatment outcomes. Furthermore, these solutions also help in billing, inventory, real-time communications, medical records, and compliance resulting in improved efficiency.
- Companies operating in the market have been bringing out new products to integrate IoT in the healthcare sector. In October 2019, Ericsson and Brighter introduced Actiste, the first complete IoT-health solution for monitoring and treating insulin-dependent diabetes.
- An unanticipated outcome of the advancement in Wi-Fi in healthcare is the emergence of new IoT devices such as personal health tracking apps and wearables devices. Fitbits, smartwatches, and even smart clothes permit users to get access to their real-time data and transmit it to several devices and software systems. Nike, Under Armour, and Apple are some of the well-known players in health monitoring and tracking apps.
Honeywell International, CISCO Systems, IBM Corporation, Microsoft Corporation, Backbone Labs, Proteus Digital Health, SAP SE, GE Healthcare, Qualcomm Life, and Stanley Healthcare, have been profiled in the report. They are the major manufacturers of the product.
The players operating in the market have undertaken a number of strategies related to the market in the period 2019-2020. The key highlight is:
- In May 2019, Cisco, a leading market player, launched its IoT Threat Defense for securing services essential to the healthcare system. The combination of architecture and services may be implemented to segment IoT devices connected to hospitals and networks of other organizations.
- In November 2018, E Healthcare made an announcement about the launch of innovative applications and smart devices based on Edison, a platform intended to assist in accelerating the development and deployment of AI and enable faster delivery of service.
The industry offers numerous growth opportunities. Thus, a number of startups providing innovative products and technologies have been entering the market. Some of them include: Health Care Originals, Elfi-Tech, MedAngel, InPen, Medicsen, Kinsa Health, Wink Health, HealthTap, Mindbloom, CareMessage, Luma Health, Ignite Wellness, Caremerge, and Fathom.
Kinsa Health is using its data from millions of Nordic nRF52810-based Bluetooth smart thermometers in the United States to help combat the spread of the COVID-19 virus. Anonymized data from App has, for years, enabled the company to produce a temperature heat map of the country that could be used to identify potential COVID-19 hotspots quickly and help government agencies and healthcare organizations in their on-going battle against the virus.
Mergers and Acquisitions are an integral part of the IoT in the Healthcare industry. Along with the companies operating in the market, other key market players have also been entering the industry.
- In April 2020, Telenor, Sony and Ericsson team to develop smart IoT healthcare devices. They are developing products ranging from cargo to IoT healthcare devices for patients for tracking mobility and improving reliability and efficiency.
- In December 2019, Cerner partnered with Medigate on IoT and medical device security. The partnership will offer hospitals more in-depth visibility, with continuous monitoring of network activity to provide a detailed inventory of connected devices.
- In April 2019, NASSCOM collaborated with GE Healthcare to encourage startups in India to undertake digital healthcare initiatives. The partnership will help in flourishing the start-up ecosystem in India and work with them to bring digital healthcare solutions to the market.
Reports and Data forecasts promising developments for increased adoption of IoT in Healthcare technology. According to industrial experts, devices relating to IoT in Healthcare will usher in the market and are soon to be seen in the industry. Moreover, new manufacturers are expected to enter the market, which is likely to provide platform-centric solutions for production applications. New companies entering the industry would focus on innovating and providing through advanced technologies, thereby reducing complexity and lowering the overall total cost of operation. Experts also believe that increase in the adoption of advanced technologies for research in emerging nations would be a key development area for the industry.
Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2019 to 2030. The scope of the report can be defined as:
For the purpose of this report, Reports and Data have segmented the global IoT in Healthcare Market on the basis of component, connectivity technology, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2019-2030)
- Medical Devices
- Portable diagnostic devices
- Non-portable diagnostic devices
- System and Software
- Remote Device Management
- Data Analytics
- Network Bandwidth Management
- Network Security
- Application Security
- Consulting, Training, and Education
- Support and Maintenance services
- System Integration Services
Connectivity Technology Outlook (Revenue, USD Billion; 2019-2030)
- Near Field Communications
Application Outlook (Revenue, USD Billion; 2019-2030)
- Medication Management
- Connected Imaging
- Inpatient Monitoring
- Clinical Operations Management
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Clinical Research Organizations
- Government Institutions
- Research and Diagnostic Laboratories
- Hospitals and Clinics
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Saudi Arabia
- Rest of the Middle East and Africa
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