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.
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.
The medical industry's digital growth is being hampered by outdated infrastructure.
Internet outages affecting the functionality of rugged IoT devices
Low doctor-to-patient ratio increasing reliance on independently run eHealth platforms.
Governmental programmes to advance digital health
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.
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.
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.
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.
Systems and Software
Clinical Operations and Workflow Management
By Connectivity Technology
Bluetooth Low Energy
Near Field Communication
By End Use
Clinical Research Organizations
Hospitals and Clinics
Research and Diagnostic Laboratories
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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|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|
|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
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
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
9. Internet of Things in Healthcare Market Segmentation, By Application
9.1 Inpatient Monitoring
9.2 Medication Management
9.4 Clinical Operations and Workflow Management
9.5 Connected Imaging
10. Internet of Things in Healthcare Market Segmentation, By Connectivity Technology
10.2 Bluetooth Low Energy
10.4 Near Field Communication
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
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13.1 Boston Scientific Corporation
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
13.7 Koninklijke Philips N.V.
13.8 Proteus Digital Health
13.9 Microsoft Corporation
13.10 QUALCOMM Incorporated
14.1 Competitive Benchmark
14.2 Market Share analysis
14.3 Recent Developments
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