China Taiwan Crises
Internet of Things in Healthcare Market

Internet of Things in Healthcare Market Size, Share & Segment By Component (Medical Devices, Systems and Software, Services), By Application (Inpatient Monitoring, Medication Management, Telemedicine, Clinical Operations and Workflow Management, Connected Imaging), By Connectivity Technology (Wi-Fi, Bluetooth Low Energy, Zigbee, Near Field Communication, Cellular, Satellite), By End Use (Clinical Research Organizations, Hospitals and Clinics, Research and Diagnostic Laboratories), by Regions and Global Forecast 2022-2028

Report Id: SNS/HC/2617 | July 2022 | Region: Global | 126 Pages

Report Scope & Overview:

The Internet of Things in Healthcare Market Size was valued at USD 87.8 billion in 2021, and expected to reach USD 337.5 billion by 2028, and grow at a CAGR of 21.2% over the forecast period 2022-2028.

The internet of things (IoT) is defined as a network of real-world objects that enables data exchange through connectivity. Additionally, IoT is utilized in the healthcare industry for data collecting, analysis, and monitoring of electronic health records that contain protected health information, personally identifiable information, and other machine-generated healthcare data. Additionally, IoT applications in healthcare help crucial activities like improving patient outcomes and relieving some of the strain from medical professionals. Remote monitoring in the healthcare industry is now possible thanks to Internet of Things (IoT)-enabled devices, releasing the potential to keep patients safe and healthy and enabling doctors to provide excellent treatment. Since the Internet of Things is a crucial part of the healthcare industry's digital transformation and numerous stakeholders are ramping up their efforts in this area, rise in IoT healthcare applications is undoubtedly anticipated to accelerate.

Internet of Things in Healthcare Market

MARKET DYNAMICS

DRIVERS

  • Increasing emphasis on patient-centered treatment and active patient engagement

  • Increasing necessity for healthcare to embrace cost-control strategies

  • High-speed network technologies are expanding and becoming more widely used for IoT connectivity.

  • advancing complementary technologies like big data and artificial intelligence

  • Remote areas require healthcare.

RESTRAINTS

  • The medical industry's digital growth is being hampered by outdated infrastructure.

  • Internet outages affecting the functionality of rugged IoT devices

OPPORTUNITIES

  • Low doctor-to-patient ratio increasing reliance on independently run eHealth platforms.

  • Governmental programmes to advance digital health

CHALLENGES

  • Due to data security limitations, the proliferation of IoT devices is accompanied by an increase in attack surfaces.

  • accuracy and data overload are caused by the integration of various devices and protocols.

IMPACT OF COVID-19

The healthcare sector was among those affected by the worldwide spread of the coronavirus in terms of business. But because of the increased need for remote monitoring services for patient diagnosis and treatment, vaccine cold chain monitoring, and device unit management, the pandemic epidemic opened up prospects for IoT healthcare providers. The disruption of quick Internet and network technology is also helping the IoT in healthcare business succeed. Additionally, because of the restricted mobility during the lockdown, more people sought medical advice online.

Telemedicine platforms fueled by IoT enabled doctors to treat patients from a distance. The technology gathers information from the patient and transmits it to healthcare providers in different geographic locations for evaluation and advice.The introduction of IoT-based smart devices gave the populace the ability to monitor their health via applications tailored to each individual device.

In order to help those affected by COVID-19, governmental and commercial entities from various locations have launched IoT-based services and solutions. the introduction of an electronic bed management system (eBMS) to monitor bed availability across numerous clinics and hospitals. The IoT sensors installed on the beds allowed hospital personnel to determine bed availability, which helped hospital administration control the length of time patients had to wait for beds. Additionally, in order to obtain precise information on the travel of the vaccines, IoT sensors have been integrated on the cold chain data recorders by the providers of IoT healthcare solutions.

By Component

Medical devices: These are tools used to diagnose and treat people in order to help them recover from illness and disease. Additional divisions of medical devices include implanted, fixed, and wearable external medical devices.

It is a software and hardware system created to run digital equipment such as monitoring systems, medical devices, vital sign measurement systems, and other devices. Further subcategories of systems & software include application security, network capacity management, data analytics, and network security.

Services: Routine maintenance, consultation, or repair tasks are done out to ensure that solutions and hardware operate effectively. It can be divided into three categories: consultancy, system integration, and support and maintenance services.

By Application

A patient's physiological function and vital signs are continuously monitored during inpatient care in order to improve treatment choices.

The practice of medication management involves letting the patient's actions dictate how they take their drugs. A patient's full recovery and more effective healthcare objectives can result from better medication management.

Through the use of telecommunications tools and equipment, telemedicine is a type of technology that enables remote patient diagnosis and treatment. Clinical Operations and Workflow Management: It is a solution that organizes resources into predictable workflow patterns.

Digital images are taken using cameras, camcorders, and wireless LAN and WAN cellular connections in a technique known as connected imaging. For analysis and diagnosis, the PC receives the collected photos.

By Connectivity Technology

Wi-Fi is a technology that enables a wide range of digital devices, including computers, smartphones, and other gadgets, to connect to the Internet and wirelessly interact with one another.

Zigbee is a wireless technology that was created as an open worldwide standard to meet the particular requirements of affordable and low-power wireless IoT networks.

Bluetooth Low Energy: Also referred to as Bluetooth LE, Bluetooth Low Energy is a low-power technology used for automation, remote monitoring, and wireless communications.

Near Field Communication is a technology that enables two electrical devices to communicate with one another across a distance of little more than 4 cm.

Cellular: Through cells and transceivers—also known as base stations or cell sites—cellular is a network technology that enables mobile devices to connect across geographical boundaries. The most frequently utilised mobile transceivers in a cellular network are mobile phones, also referred to as cell phones.

IoT devices can connect to smart appliances in any area thanks to satellite technology. The technology is dependable and provides extensive connectivity.

By End Use

Hospitals and Clinics: Hospitals and Clinics utilize IoT in healthcare to handle patient data, inventory of medications and medical equipment, pharmacy administration, transportation, and management of the number of hospital beds that are available, among other things.

The clinical research organisation uses the Internet of Things (IoT) to centralize records about medicine composition, smart serialize objects, and manufacture things smartly.

Clinical Research Organizations-IoT are used by the clinical research organisation for the centralization of records pertaining to drug composition, smart serialization of products, and smart manufacturing.

Research and Diagnostic Laboratories: The Internet of Things (IoT) is used in healthcare to store data on clinical research trials, patent information, drug research, lab inventories, and staff records.

COMPETITIVE LANDSCAPE

Some of the major key players are as follows: Boston Scientific Corporation, IBM Corporation, Cisco System Inc., GE Healthcare, Honeywell Life Care Solutions, Medtronic, Koninklijke Philips N.V., Proteus Digital Health, Microsoft Corporation, QUALCOMM Incorporated, Resideo Technologies, SAP SE.

MARKET SEGMENTS:

By Component

  • Medical Devices

  • Systems and Software

  • Services

By Application

  • Inpatient Monitoring

  • Medication Management

  • Telemedicine

  • Clinical Operations and Workflow Management

  • Connected Imaging

By Connectivity Technology

  • Wi-Fi

  • Bluetooth Low Energy

  • Zigbee

  • Near Field Communication

  • Cellular

  • Satellite

By End Use

  • Clinical Research Organizations

  • Hospitals and Clinics

  • Research and Diagnostic Laboratories

Internet of Things in Healthcare Market

REGIONAL ANALYSIS

Given that the APAC area is home to more people than the entire world, any significant technological changes, like those being foreshadowed by IoT, are expected to have a significant impact on the region's future. APAC is anticipated to offer promising potential for the deployment of IoT in healthcare solutions since many Asian nations, including China, Japan, and India, are utilizing information-intensive IoT technologies to meet the rising demand for healthcare services.

REGIONAL COVERAGE

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

 

Internet of Things in Healthcare Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 87.8 Billion
Market Size by 2028 US$ 337.5 Billion
CAGR CAGR of 21.2% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Component (Medical Devices, Systems and Software, Services)
• By Application (Inpatient Monitoring, Medication Management, Telemedicine, Clinical Operations and Workflow Management, Connected Imaging)
• By Connectivity Technology (Wi-Fi, Bluetooth Low Energy, Zigbee, Near Field Communication, Cellular, Satellite)
• By End Use (Clinical Research Organizations, Hospitals and Clinics, Research and Diagnostic Laboratories)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Boston Scientific Corporation, IBM Corporation, Cisco System Inc., GE Healthcare, Honeywell Life Care Solutions, Medtronic, Koninklijke Philips N.V., Proteus Digital Health, Microsoft Corporation, QUALCOMM Incorporated, Resideo Technologies, SAP SE.
Key Drivers • Increasing necessity for healthcare to embrace cost-control strategies
RESTRAINTS •Internet outages affecting the functionality of rugged IoT devices


Frequently Asked Questions (FAQ) :

Ans. Internet of Things in Healthcare 0Market Size was expected to reach USD 337.5 billion by 2028.

Ans. Medical Devices, Systems and Software, and Services are sub segments of by component of Internet of Things in Healthcare market.

Ans. The internet of things (IoT) is defined as a network of real-world objects that enables data exchange through connectivity. Additionally, IoT is utilized in the healthcare industry for data collecting, analysis, and monitoring of electronic health records that contain protected health information, personally identifiable information, and other machine-generated healthcare data 

Ans. Boston Scientific Corporation, IBM Corporation, Cisco System Inc., GE Healthcare, Honeywell Life Care Solutions. are key players of Internet of Things in Healthcare Market.

Ans. Yes, this report covers qualitative and quantitative analysis


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of Ukraine ware

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

  

8. Internet of Things in Healthcare Market Segmentation, By Component

8.1 Medical Devices

8.2 Systems and Software

8.3 Services

 

9. Internet of Things in Healthcare Market Segmentation, By Application

9.1 Inpatient Monitoring

9.2 Medication Management

9.3 Telemedicine

9.4 Clinical Operations and Workflow Management

9.5 Connected Imaging

 

10. Internet of Things in Healthcare Market Segmentation, By Connectivity Technology

10.1 Wi-Fi

10.2 Bluetooth Low Energy

10.3 Zigbee

10.4 Near Field Communication

10.5 Cellular

10.6 Satellite

 

11. Internet of Things in Healthcare Market Segmentation, By End Use

11.1 Clinical Research Organizations

11.2 Hospitals and Clinics

11.3 Research and Diagnostic Laboratories

 

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 UK

12.3.3 France

12.3.4 Italy

12.3.5 Spain

12.3.6 The Netherlands

12.3.7 Rest of Europe

12.4 Asia-Pacific

12.4.1 Japan

12.4.2 South Korea

12.4.3 China

12.4.4 India

12.4.5 Australia

12.4.6 Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1 Israel

12.5.2 UAE

12.5.3 South Africa

12.5.4 Rest

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Rest of Latin America

 

13.Company Profiles

13.1 Boston Scientific Corporation

              13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2 IBM Corporation

13.3 Cisco System Inc.

13.4 GE Healthcare

13.5 Honeywell Life Care Solutions

13.6 Medtronic

13.7 Koninklijke Philips N.V.

13.8 Proteus Digital Health

13.9 Microsoft Corporation

13.10 QUALCOMM Incorporated

 

14.Competitive Landscape

14.1 Competitive Benchmark

14.2 Market Share analysis

14.3 Recent Developments

 

15.Conclusion

 

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of a good and accurate research report and selecting the best methodology to complete the research is the toughest part. Since the research reports, we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach a stage wherein we can provide our clients best and most accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brainstorming sessions to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research as the name suggests is a research process wherein, we collect data through readily available information. In this process, we use various paid and unpaid databases to which our team has access and gather data through the same. This includes examining listed companies’ annual reports, Journals, SEC filling, etc. Apart from this, our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various universities as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content-specific facts that can be sued to solve specific problems. Since the collected data is fresh and first-hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply sides of the industry to make sure we land an accurate judgment and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses, and observation of on-field participants. The below-mentioned chart should give a better understanding of part 1 of the primary interview.

Part 2: In this part of the primary research the data collected via secondary research and part 1 of the primary research is validated with the interviews with individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence center, our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real-time.

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but is not limited to getting rid of the many typos, duplication of numbers, or missing any important information. The people involved in this process include technical content writers, research heads, and graphics people. Once this process is completed the title gets uploaded on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.