IoT in Healthcare and Life Sciences:
The Internet of Things (IoT) Healthcare Market size was evaluated worth $60 billion in 2014, and is estimated to reach net worth $136 billion by 2021. The market growth is expected to register a CAGR of 12.5% over the forecast period. Internet of things (IoT), comprising of intermediary components, such as devices, network connectivity, electronics system, and software, is basically the networking of smart electronic devices or things to transmit data signals between them in the absence of human intervention. In the healthcare segment, this technology can be implemented to manage and scrutinize available patient data as well as resources with great ease.
Internet of thing (IoT) technology, has the potential to revolutionize the traditional paper-based healthcare treatment through simplifying access of real-time patient data and remote patient monitoring. The emergence of this digital healthcare technology, has addressed the impending need for better diagnostics and targeted therapeutic tools. In addition, it not only provides remote patient monitoring to physicians, but also works as a fitness and wellness tracker for athletes and a dose reminder for patients. The successful implementation of IoT in remote monitoring of diabetes & asthma patients, coupled with high penetration of fitness and wellness devices, has created a high demand of IoT healthcare market.
The global internet of things (IoT) healthcare market is expected to register considerable growth during the forecast period, attributed to technological advancements, rising incidence rates of chronic diseases, growing demand for cost-effective treatment and disease management, better accessibility of high-speed internet, implementation of favorable government regulatory policies, and collaboration of top IT companies with healthcare majors. Furthermore, the availability of customer-friendly devices, increase in need for stringent regulations, and decrease in price of sensor technology are some factors that are also expected to fuel the growth of the IoT healthcare market size. However, factors such as high costs associated with IoT infrastructure development, data privacy and security issues, lack of awareness among public in developing regions, and limited technical knowledge are likely to impede the market growth. Various factors, such as improvement in healthcare infrastructure in developing countries, government initiatives to support IoT platform, and high research and development spending, are expected to boost the growth of the market.
The report segments the Iot healthcare market share based on the components, applications, end-users, and geographical regions. Based on component, the market is segmented into devices, system and software, and services. The devices segment is further segmented into implantable sensor devices, wearable sensor devices, and multiple other sensor devices. The system and software segment is further categorized into network layer, database layer, and analytics layer. Whereas, the services segment covers architecture, consulting, and application development services. According to the applications, the market is segmented into patient monitoring, clinical operation and workflow optimization, clinical imaging, fitness & wellness measurement, and drug development. Based on end-user, market is segmented into healthcare providers, patients, healthcare payers, research laboratories of pharma and biotech companies, and government authority. Geographical breakdown and deep analysis of each of the previously mentioned segments are included for North America, Europe, Asia-Pacific, and LAMEA.
Top players in the information technology sector now expand their operations in the IoT healthcare market through collaboration or acquisition of the healthcare service providers. For instance, a major chip manufacturer Qualcomm Life Inc. acquired medical device data integration provider Capsule Technologie in 2014. In 2015, the tech giant International Business Machine Corporation (IBM) collaborated with Medtronic PLC to provide IoT services for Medtronics medical devices data. Through this collaboration, IBM can benefit from lucrative opportunities in the healthcare industry with innovative IoT implementation.
The report provides a comprehensive competitive analysis of the leading companies operating in the IoT healthcare market. Some of the leading companies that are profiled in the report are Apple Inc., Cisco Systems Inc., GE Healthcare Ltd., Google (Alphabet), International Business Machines Corporation, Medtronic PLC, Microsoft Corporation, Qualcomm Life Inc., Proteus Digital Health, Koninklijke Philips N.V., and St. Jude Medical Inc.
Key Benefits for Stakeholders:
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided in the report.
- The study provides an in-depth analysis of the IoThealthcare market with current and future trends to elucidate the imminent investment pockets in the market.
- The report provides a quantitative analysis through 2014-2021, which would enable the stakeholders to capitalize on prevailing market opportunities.
- Extensive analysis of the internet of things in healthcare market, by component, helps in understanding the components of the internet of things that are currently used along with the variants which would gain prominence in future.
- Competitive intelligence, among top players helps in understanding the competitive scenario across geographies.
- SWOT analysis highlights the internal environment of leading companies for effective strategy formulation.
Internet of Things (IoT) Healthcare Market Key Segments:
- Market By Component
- A) Implantable Sensor Devices
- B) Wearable Sensor Devices
- C) Others Sensor Devices
- System and Software
- A) Network Layer
- B) Database Layer
- C) Analytics Layer
- A) Architecture (System integration)
- B) Consulting
- C) Application Development (support and maintenance)
- Market By Application
- Patient Monitoring
- Clinical Operation and Workflow Optimization
- Clinical Imaging
- Fitness and Wellness Measurement
- Drug Development
- Market By End-user
- Healthcare Providers
- Healthcare Payers
- Research Laboratories (biotech/pharma)
- Government Authority
- Market By Geography
- North America
- United States
- United Kingdom
- Latin America
- Middle East