Market Size – USD 98.28 Billion in 2018, Market Growth – CAGR of 19.3%, Market Trends – Need for remote monitoring and real-time data sharing in healthcare industry
According to the current analysis of Reports and Data, the global IoT in Healthcare market was valued at USD 98.28 Billion in 2018 and is expected to reach USD 411.53 Billion by the year 2026, at a CAGR of 19.3%. Global health providers are trying to inculcate a patient-centric approach in their organizations. The use of advanced information systems and technologies are endorsing these initiatives of healthcare providers across the globe. The success of IoT in healthcare can be attributed to speedy, error-free transmission of data across devices. As of 2018, 3.7 million medical devices are connected to the internet. Therapeutic and injury prevention medical devices, blood pressure monitors, inhalers are being connected to the internet to provide real-time data. Market growth can also be attributed to the increased usage of smart wearables for monitoring health. Better treatment outcomes, reduction in waiting time, and cost-effective real-time health monitoring services are the chief results obtained by deploying IoT in the healthcare sector. The demand for IoT solutions is thus rising sharply. New product launches in the industry by key players such as CISCO are acting as stimulators to growth.
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Furthermore, key companies are partnering for advancement in IoT in healthcare market. NASSCOM collaborated with GE Healthcare to encourage startups in India to undertake digital healthcare initiatives. One of the significant challenges faced within the industry is the amount of data that is generated through such efforts. Lack of extensive data storage facility poses a significant threat to large scale deployment of IoT. Moreover, it is not possible to have complete knowledge of risks associated with the hacking of medical systems. Resultantly, cybersecurity risks have to be dealt with by generating awareness regarding potential threats and using encryption and other techniques for data security.
Further key findings from the report suggest
- North American region had the highest revenue share in 2018 and is expected to grow steadily year-over-year during the forecast period
- Research and Diagnostic Laboratories segment of end-users accounted for 23.2% of the industry whereas Clinical Research Organizations contribute to 20.6 % of total end-use segment market share
- Medication management is expected to grow at a faster pace with a CAGR of 12.8%.
- Growth opportunities offered by emerging economies are tremendous, pertaining to higher investments in emerging technologies like machine learning, artificial intelligence, and blockchain along with IoT solutions. In 2018, India’s investments in health-tech companies showed rapid growth reaching USD 571 million. China is set to be the second-largest region for IoT
- The rate of use of artificial intelligence in healthcare is likely to grow by 47-50%.
- Design of applications with specific medical purpose has grown over the years, which help foster the IoT in healthcare market. For instance, Apple watches are capable of monitoring symptoms of Parkinson’s disease. Also, an apple watch app has been developed that can monitor depression.
- IoT solutions play a crucial role in ensuring the availability and accessibility of critical hardware instruments. One such system in the IoT healthcare market is E-alert, which is an IoT solution from Philips that alerts the hospital staff of possible medical hardware failure instead of waiting for the device to fail. It is a collaborative effort of Philips with Open Market.
- Systems and software component are expected to show the highest growth rate in the forecast period.
- Asia Pacific region is expected to grow with a CAGR of 20.1%, witnessing the highest growth among all the segments
- Key players include Honeywell International Inc., CISCO systems Inc., IBM Corporation, Microsoft Corporation, Backbone Labs, Proteus Digital Health Inc., SAP SE, GE Healthcare, Qualcomm Life and Stanley Healthcare. IBM Corporation is a multinational information technology company headquartered in New York, with operations in over 170 countries. The company offers IBM Watson Health which is committed towards building smarter health ecosystems by offering simpler processes, faster breakthroughs, better care, and improved experiences for people globally.
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For the purpose of this report, Reports and Data has segmented the IoT in Healthcare market on the basis of component, connectivity technology, application, end use, and region:
Component Outlook (Revenue, USD Billion; 2016-2026)
- Medical Devices
- Portable diagnostic devices
- Non portable diagnostic 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 (Revenue, USD Billion; 2016-2026)
- Wi-Fi
- Cellular
- Satellite
- Near Field Communication
- Bluetooth
- ZigBee
End Use Outlook (Revenue, USD Billion; 2016-2026)
- Clinical Research Organizations
- Government Institutions
- Research and Diagnostic Laboratories
- Defense institutions
- Hospitals and Clinics
Application Outlook (Revenue, USD Billion; 2016-2026)
- Telemedicine
- Medication Management
- Connected Imaging
- Inpatient Monitoring
- Clinical Operations Management
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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