Internet of Things Healthcare Market Overview
The global internet of things healthcare market generated $56.1 billion revenue in 2017 and is projected to witness a CAGR of 30.2% during the forecast period, on account of growing need for remote patient monitoring services, increasing prevalence of chronic and lifestyle associated diseases, growing demand for advanced healthcare information system and mHealth technologies, and increasing support from government organizations.
GLOBAL INTERNET OF THINGS HEALTHACRE MARKET, BY COMPONENT, $M (2013-2023)
On the basis of component, the internet of things healthcare market has been categorized into medical devices, systems and software, and services. Among all types, the sales of system and software are expected to exhibit the fastest growth in the internet of things healthcare market, recording a CAGR of 32.9% during the forecast period.
The various connectivity technologies involved in the internet of things healthcare market include Wi-Fi, Bluetooth low energy, near field communication, ZigBee, cellular, and satellite. Among these, the Wi-Fi technology held the largest share in the market during the historical period, with 41.8% contribution in 2017.
IoT in healthcare is utilized for telemedicine, clinical operations, medication management, connected imaging, inpatient monitoring, and others. During the historical period, telemedicine was the largest application area of internet of things in healthcare, globally, with 46.3% contribution in 2017.
Based on end user, the internet of things healthcare market has been classified into hospitals, surgical centers, and clinics; clinical research organizations; research and diagnostic laboratories; and others. Of these, hospitals, surgical centers, and clinics was the largest category in the market during the historical period.
North America has been leading the global internet of things healthcare market so far, with a revenue share 44.3% in 2017. This can be attributed to the growing need for remote patient monitoring system, increasing prevalence of chronic and lifestyle associated diseases, and growing demand for mHealth technologies in the region.
According to International Diabetes Federation (IDF), around 45.9 million adults aged 20-29 years were living with diabetes in the IDF North America and Caribbean region in 2017, representing a regional prevalence of 13.0%, the highest of all IDF regions. In addition, over one-third of adults living with diabetes were undiagnosed.
Internet of Things Healthcare Market Dynamics
Growing need for remote patient monitoring services, and growing demand for mHealth technologies and advanced healthcare information system are some of the factors driving the growth of the internet of things healthcare market. Furthermore, increasing prevalence of chronic and lifestyle associated diseases, increasing support from government organizations, rising demand for personalized healthcare and increasing demand for affordable and effective treatment are also propelling the growth of the internet of things healthcare market.
The growing geriatric population and lack of primary healthcare facilities in remote areas of developing nations are increasing the demand of remote patient monitoring services and hospitals. According to the population division of Department of Economic and Social Affairs (DESA) in the United Nations Secretariat, aged people are expected to make up 30% of the population in China by 2050. The population of people aged 60 years and above is expected to reach 437 million in China and 324 million in India, as compared to 107 million in the U.S. by 2050.
Additionally, the remote patient monitoring services are growing with increase in patient-centered medical homes. Effective remote patient monitoring is possible with the help of IoT platforms, such as telemedicine, medication management, connected imaging, and others.
Increasing number of collaborations and partnerships, increasing popularity of internet of things healthcare, and growing number of product launches and approvals are the trends observed in the internet of things healthcare market. For instance, Hinacom Software and Technologies Ltd., a Chinese company, has developed miPlatform, a medical imaging and information management software. Vivosmart by Garmin Ltd. is a ﬁtness band or smartwatch that can issue smart notiﬁcations to the user for taking action.
Internet of Things Healthcare Market- Competitive Landscape
The companies operating in the internet of things healthcare industry are expanding and developing their product portfolio. For instance, in January 2018, Medtronic plc announced that the company has received approval from the U.S. Food and Drug Administration for a new clinician programmer for use with the SynchroMed(TM)II Intrathecal Drug Delivery system, an implantable pump that provides targeted drug delivery for chronic pain and severe spasticity. The SynchroMed II clinician programmer is an application that runs on a tablet that includes a vibrant screen display and simple and guided workflows. The clinician programmer communicates wirelessly to the SynchroMed II pump and helps in auto-calculations to ensure accuracy.
Similarly, in November 2017, Medtronic plc announced that the company’s Medtronic Care Management Services (MCMS) business has commenced the launch of new telehealth solutions in support of its national contract awarded by the U.S. Department of Veterans Affairs, for Home Telehealth Devices and Services. The aim of launching telehealth solutions is to serve complex, chronic, co-morbid patients, and includes new technology platforms and multiple, integrated diagnostic devices to help meet differing clinical needs and comfort levels with technology.
Some of the other key players operating in the internet of things healthcare industry are Koninklijke Philips N.V., Cisco Systems Inc., General Electric Company, Qualcomm Incorporated, Honeywell Life Care Solutions, SAP SE, Stanley Black & Decker Inc., International Business Machine (IBM) Corporation, and Microsoft Corporation.