The IoT in Healthcare Market

The internet of things (IoT) is referred to as a network of physical devices which uses connectivity to facilitate the exchange of data. In addition, in the healthcare sector, IoT is used for the data collection, analysis for research and monitoring electronic health records which comprises of protected health information, personally identifiable information and for other machine-generated healthcare data. Additionally, the IoT applications in healthcare enable crucial tasks such as to better patient outcomes, and also take certain burden off health practitioners. Internet of thing (IoT) technology has the ability to transform the conventional paper-based healthcare treatment by making easy access to real-time patient data and remote patient monitoring. The advent of this digital healthcare technology has addressed the impending requirement for improved diagnostics and targeted therapeutic tools. In addition to this, it not only offers remote patient monitoring to physicians but also acts as a fitness and wellness tracker for athletes and a dosing reminder for patients. The successful application of IoT in remote monitoring of diabetes and asthma patients, along with the high penetration of fitness and wellness devices, has created a major demand for the IoT healthcare market. Moreover, the big data analytics is the rapidly-emerging concept in IoT. The demand for big data analytics incorporates the most recent innovation in machine learning, logical methodologies, computational intelligence, and data mining. Various healthcare experts, along with the payers and providers, are now analyzing big data to attain complete knowledge. However these efforts are still in their early stages, they are projected to collectively support tackle the industry-associated problems concerning inconsistency in healthcare quality and escalating healthcare expenditures.  In addition, the developments in the quality of people's daily health and life activities, as well as big data analytics, to help and promote such research activities, are few of the other factors propelling the IoT in healthcare market growth, as IoT-based healthcare systems play a significant role in the growth of medical information systems. Tracking, tracing and monitoring of patients are crucial to improve the healthcare system. On the other hand, the data privacy and security issues will likely to impede the market.

Moreover, the governments in various countries have undertaken initiatives for encouraging digital health. The initiatives includes heavy investments for setting up the requisite infrastructure and the promotion of digital health, arranging conferences, inviting investors and top market players which will provide key opportunities for the market growth.

The global IoT in Healthcare Market is segregated on the basis of component as Devices, System and Software and Services. Based on Application the global IoT in Healthcare Market is segmented in Patient Monitoring, Clinical Operation and Workflow Optimization, Clinical Imaging, Fitness and Wellness Measurement and Drug Development. Based on End User the global IoT in Healthcare Market is segmented in Healthcare Providers, Patients, Healthcare Payers, Research Laboratories and Government Authority.

The global IoT in Healthcare Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The IoT in Healthcare Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.

Competitive Analysis

IBM, R-Style Labs, Medtronic, Cisco, GE Healthcare and others are among the major players in the global IoT in Healthcare Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.

• In January 2019, IBM and a medical device company Medtronic collaborated as to create IQcast, a predictive tool incorporated into Metronics’ Sugar.IQ app for diabetic patients who need various daily injections. By implementing machine learning algorithms to readings from Medtronics’ Guardian Connect continuous glucose monitoring system, IQcast can estimate the likelihood which a person will experience a low-glucose event within 1-4 hours and recommend proactive steps to minimize the chances of future dips.
•  In April 2019, Royal Philips and Spencer Health Solutions extended their partnership to provide in-home medication adherence and the telehealth platform of Philips to severely ill patients in selected European Union (EU) countries.

The global IoT in Healthcare Market has been segmented as below:

IoT in Healthcare Market, By Component

• Devices
• Implantable Sensor Devices
• Wearable Sensor Devices
• Others Sensor Devices
• System and Software
• Network Layer
• Database Layer
• Analytics Layer
• Services
• Architecture
• Consulting
• Application Development

IoT in Healthcare Market, By Application

• Patient Monitoring
• Clinical Operation and Workflow Optimization
• Clinical Imaging
• Fitness and Wellness Measurement
• Drug Development

IoT in Healthcare Market, By End User

• Healthcare Providers
• Patients
• Healthcare Payers
• Research Laboratories
• Government Authority

IoT in Healthcare Market, By Region

• Europe
• North America
• Asia Pacific
• Rest of The World

IoT in Healthcare Market, By Company

• IBM
• R-Style Labs
• Medtronic
• Cisco
• GE Healthcare
• Microsoft
• Stanley Healthcare
• Apple Inc
• Abbott Laboratories
• Google
• Cerner Corporation
• Sciencesoft
• Softweb Solutions
• Welch Allyn
• Resideo Technologies
• Comarch SA

The report covers the below scope:

• Global IoT in Healthcare Market sizes from 2020 to 2026, along with CAGR for 2020-2026
• Market size comparison for 2019 vs 2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to 2026
• Global IoT in Healthcare Market trends, covering comprehensive range of consumer trends & manufacturer trends
• Value chain analysis covering participants from raw material suppliers to the downstream buyer in the global IoT in Healthcare Market
• Major market opportunities and challenges in forecast timeframe to be focused
• Competitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic management
• Comprehensive company profiles of the key industry players

The years considered for the study are as follows:

• Base year - 2019
• Estimated year - 2019
• Projected year - 2020
• Forecast period - 2021 to 2026

Report Scope:

The global IoT in Healthcare Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global IoT in Healthcare Market share. Major industry players with significant revenue share include IBM, R-Style Labs, Medtronic, Cisco, GE Healthcare and others.

Why to Buy this Report:

• Gain detailed insights on the IoT in Healthcare industry trends
• Find complete analysis on the market status
• Identify the IoT in Healthcare Market opportunities and growth segments
• Analyse competitive dynamics by evaluating business segments & product portfolios
• Facilitate strategy planning and industry dynamics to enhance decision making

Target Audience:

• The report targeted towards the existing players in the industry is as follows:
• Market Manufacturers/Service Providers
• Market Wholesale/Traders
• Investment and Financial Institutions

Free and Paid Customization based on the requirement

1.      Introduction

1.1.       Key Points

1.2.      Report Description

1.3.      Markets Covered

1.4.      Stakeholders

2.     Research Methodology

2.1.      Research Scope

2.2.     Research Methodology

2.2.1.     Market Research Process

2.2.2.    Research Methodology

2.2.2.1.           Secondary Research

2.2.2.2.          Primary Research

2.2.2.3.          Models for Estimation

2.3.     Market Size Estimation

2.3.1.     Bottom-Up Approach

2.3.2.    Top-Down Approach

3.     Executive Summary

4.    Market Overview

4.1.      Introduction

4.2.     Drivers

4.3.     Restraints

4.4.     Opportunities

4.5.     Challenges

5.     IoT in Healthcare Market, By Component

5.1.      Key Points

5.2.     Devices

5.2.1.      Implantable Sensor Devices

5.2.2.     Wearable Sensor Devices

5.2.3.     Others Sensor Devices

5.3.     System and Software

5.3.1.      Network Layer

5.3.2.     Database Layer

5.3.3.     Analytics Layer

5.4.     Services

5.4.1.      Architecture

5.4.2.     Consulting

5.4.3.     Application Development

6.    IoT in Healthcare Market, By Application

6.1.      Key Points

6.2. Patient Monitoring

6.3. Clinical Operation and Workflow Optimization

6.4. Clinical Imaging

6.5.  Fitness and Wellness Measurement

6.6. Drug Development

7.     IoT in Healthcare Market, By End User

7.1.      Key Points

7.2.  Healthcare Providers

7.3.  Patients

7.4.  Healthcare Payers

7.5.  Research Laboratories

7.6.  Government Authority

8.    Competitive Landscape

8.1.      Introduction

8.2.     Start-up companies- IoT in Healthcare Market

8.3.     Recent Developments

8.3.1.     Mergers & Acquisitions

8.3.2.    New Product Developments

8.3.3.    Portfolio/Production Capacity Expansions

8.3.4.    Joint Ventures, Collaborations, Partnerships & Agreements

8.3.5.    Others

9.    Company Profile

9.1.  IBM

9.2. R-Style Labs

9.3. Medtronic

9.4. Cisco

9.5.  GE Healthcare

9.6. Microsoft

9.7.  Stanley Healthcare

9.8. Apple Inc

9.9. Abbott Laboratories

9.10.    Google

9.11.      Cerner Corporation

9.12.    Sciencesoft

9.13.     Softweb Solutions

9.14.    Welch Allyn

9.15.     Resideo Technologies

9.16.    Comarch SA