IoT is transforming the healthcare industry by reinventing the space of devices and people interaction in delivering healthcare solutions. IoT has applications in healthcare that benefit patients, families, physicians, hospitals and insurance companies. The proliferation of healthcare-specific IoT products opens up immense opportunities, and the huge amount of data generated by connected devices holds the potential to transform healthcare. In the coming years, demographic changes will increase opportunities to apply IoT technology in the healthcare industry and provide healthcare for particular segments of the population.
North America is the leading region in the global IoT healthcare market, owing to the rising penetration of connected devices in healthcare, evolution of Artificial Intelligence (AI) technology and reduced cost of patient care. Europe accounts for the second largest market share in terms of revenue generation, due to the high adoption of IoT enabled healthcare devices.
Asia Pacific is projected to grow at the highest CAGR in the IoT healthcare market during the forecast period, due to growing government initiatives to encourage healthcare providers & other healthcare organizations to adopt EHR & EMR technology. The LAMEA region is anticipated to grow at a healthy rate, owing to the development of the healthcare sector.
The IoT healthcare market has been segmented on the basis of component, application, end user and geography.
On the basis of component, the IoT healthcare market has been segmented into medical devices, services, systems & software. The systems and software segment is pegged to grow at the highest CAGR during the forecast period.
By application, the market has been segmented into telemedicine, workflow management, connected imaging, inpatient monitoring, medication management, and others. The inpatient monitoring segment is expected to grow at the highest CAGR during the forecast period, as this application involves continuous observation or measurement of a patient’s physiological functions.
On the basis of end user, the IoT healthcare market has been segmented into hospitals, surgical centres, and clinics, clinical research organizations (CRO), governments, and others. The Clinical Research Organization (CRO) segment is expected to witness the highest CAGR during the forecast period, as research services support biotechnology, pharmaceutical, and medical device industries.
Some of the key market players in the IoT healthcare market include Medtronic (U.S.), Royal Philips (Netherland), Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), GE Healthcare (U.S.), Microsoft Corporation (U.S.), and SAP SE (Germany), Infosys Limited, Cerner Corporation., and Diabetizer Ltd. & Co. KG.
The strategies adopted by these players to gain market share include product development, acquiring start-ups with significant potential and collaborative research initiatives. Furthermore, research and development and product innovations are expected to increase, owing to the significant investments being made by private and public players to support initiatives pertaining to IoT in healthcare; for instance, IBM announced an investment of USD 3 billion for supporting IoT. Microsoft developed a cloud platform, Microsoft Azure to enable the cloud-based delivery of healthcare services.
On 8 March 2018, Royal Philips, a global leader in health technology, and Samsung Electronics Co. Ltd. announced a partnership to connect Samsung’s ARTIK Smart IoT Platform to the Philips HealthSuite Digital Platform.
IoT Healthcare Market
By End User