IoT in Healthcare Market to Reach US$ 135.9 Billion

IoT in Healthcare Market to 2025 - Global Analysis and Forecasts by Solution (Medical systems & Devices and Software Solutions & Tools), Services (Professional Services & Integration Services) Application (Medication Management, Patient Monitoring, Fitness & Wellness Measurement, Clinical Workflow Management and Others) and End-user (Patients & Individuals, Diagnostic & Research and Labs, Hospitals & Healthcare Institutes and Government Authority)

Publication Month : Dec 2016

  • Report Code : TIPTE100000180
  • Category : Healthcare IT
  • Status : Published
  • No. of Pages : 150
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The IoT in healthcare market was valued at US$ 20.15 billion in 2015 and it is projected to reach US$ 135.87 billion in 2025; it is expected to grow at a CAGR of 21.2% from 2016 to 2025.

The IoT in Healthcare helps in delivery of healthcare facilities through improved communication, between patients and healthcare providers, via connected medical devices. IoT in Healthcare enable the stakeholders particularly, providers and patients, to enhance patient care, reduce costs related to healthcare, reduction in errors, improved patient experience, and improved patient outcomes along with better disease management. The growth of the IoT in healthcare market is attributed to the increased adoption of smart devices and wearables, need for workforce optimization, and decreasing cost of sensors. However, high cost associated with smart devices and IoT infrastructure, security and privacy concerns and varying standards and lack of interoperability are the major factor hindering the market growth.

The IoT in healthcare market is expected to witness substantial growth post-pandemic. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth in many areas. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. Factors such as use of robots and IoT devices like smart bracelet that is worn by patients to check patients' temperatures, monitor their heart rates and sugar levels will eventually drive the market growth in forecast period.

Lucrative Regions for IoT in Healthcare Market



Lucrative Regions for IoT in Healthcare Market
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Market Insights

Increased Adoption of Smart Devices and Wearables to Drive IoT in Healthcare Market Growth

The smart devices include smart phones, tablets, and phablets; and wearables such as smart bands, smart shoes, smart clothes, smart watches, sleep headphones and others help in collecting, transferring and analyzing information of data between device and a remote sensor. With the increase in adoption of smart devices and wearables, the demand for healthcare applications has also increased thus, driving the demand for IoT in healthcare market. Many wearable devices are getting immense attention due to their capabilities including devices benefitting patients from chronic illness. Also, some devices have push buttons which can immediately send alerts for emergency medical help. Furthermore, fitness bands are one more addition to the devices in healthcare and IoT. These connected devices record the essential data of the wearer throughout the day and transfer this data wirelessly to users’ devices such as tablets, smartphones, and computers. These devices are considered as a great tool in reducing medical expenses and thus, are increasingly adopted by the people. Moreover, the smartphones with mobile applications for storing health information with inbuilt sensors are another great attraction driving the market for IoT in healthcare. These apps can be connected to the wearable devices of the patients’ to record the data. The applications such as blood pressure monitoring, heart rate etc. using these devices are helping people using smart devices to reduce their medical expenses.

 

Solution-Based Insights

In terms of solution, the IoT in healthcare market is segmented into medical systems & devices and software solutions & tools. In 2015, the medical systems & devices held larger share of the market. Also, the same segment is estimated to continue its dominance during the forecast period.

Global IoT in Healthcare Market, by solution – 2015 and 2025



Global IoT in Healthcare Market, by solution – 2015 and 2025
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Service-Based Insights

In terms of services, the IoT in healthcare market is segmented into professional services and integration services. In 2015, the integration services segment held larger share of the market. Whereas, the professional services segment is expected to dominate the market during the forecast period.

Application-Based Insights

Based on application, the IoT in healthcare market is segmented into medication management, patient monitoring, fitness & wellness measurement, clinical workflow management and others. The patient monitoring segment held the largest market share in 2015, also the same segment is estimated to dominate the market during the forecast period.

End User-Based Insights

In terms of end user, the IoT in healthcare market is segmented into patients & individuals, diagnostic & research centers and labs, hospitals and healthcare solution providers, and government authority. The hospital & healthcare solution providers segment held the largest share of the market in 2015. However, the patients & individuals segment is estimated to dominate the market during the forecast period.

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IoT in Healthcare Market: Strategic Insights

iot-healthcare-market
Market Size Value inUS$ 20.15 Billion in 2015
Market Size Value byUS$ 135.87 Billion by 2025
Growth rateCAGR of 21.2% from 2016-2025
Forecast Period2016-2025
Base Year2016
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The IoT in healthcare market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.

Global IoT in Healthcare Market – by Solution

  • Medical Systems & Devices
  • On-Body Wellness
  • On-Body Healthcare
  • Implanted
  • Software Solutions & Tools
  • Data Analytics Tools & Solutions
  • Network Management Solutions
  • Security Solutions   

Global IoT in Healthcare Market – by Services

  • Professional Services
  • Integration Services

Global IoT in Healthcare Market – by Application

  • Medication Management
  • Patient Monitoring
  • Fitness & Wellness Measurement
  • Clinical Workflow Management
  • Others

Global IoT in Healthcare Market – by End- User

  • Patients & Individuals
  • Diagnostic & Research Centers and Labs
  • Hospital and Healthcare Institutes
  • Government Authority 

Global IoT in Healthcare Market – by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Spain
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East & Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America and Central America (SCAM)

    • Brazil
    • Argentina
    • Rest of SCAM

Company Profiles

  • GE Healthcare
  • IBM Corporation
  • Koninklijke Philips N.V.
  • Medtronic Public Limited Company
  • Microsoft Corporation
  • Proteus Digital Health, Inc.
  • Qualcomm Life, Inc.
  • Siemens Healthcare Gmbh
  • Stanley Healthcare
  • Verily Life Sciences LLC
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Solution , Services Application and End-user

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

The List of Companies

  1. Koninklijke Philips N.V.
  2. Medtronic Plc
  3. Siemen Healthcare GmbH
  4. Proteus Digital Health, Inc.
  5. IBM Watson Health
  6. General Electric Healthcare
  7. Microsoft Corporation
  8. Qualcomm Life, Inc.
  9. STANLEY Healthcare
  10. Verily Life Sciences LLC (Alphabet-Google)

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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