HOME Top Market Reports IoT Healthcare Market by Components (Medical Device, System and Software, Service, and Connectivity Technology), Application (Telemedicine, Workflow Management, Connected Imaging, Medication Management), End-User - Global Forecast to 2020

IoT Healthcare Market by Components (Medical Device, System and Software, Service, and Connectivity Technology), Application (Telemedicine, Workflow Management, Connected Imaging, Medication Management), End-User - Global Forecast to 2020

By: marketsandmarkets.com
Publishing Date: October 2015
Report Code: TC 3847

 

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Internet of Things (IoT) enables centralized monitoring and control of all the operations taking place in healthcare organizations. The adoption of IoT may bring exceptional operational efficiency to hospitals and surgical centers in managing day-to-day clinical operations, and tracking hospitalized patients. It can provide more visibility in the challenging operational environment, where the automation and M2M communication plays a crucial role. The companies are building such solutions around IoT that can have better control over the operational process and reduce the time to provide better care. Cost efficiency, reliability, and safety are the desired goals achieved with IoT applications in the healthcare sector.

The global Internet of Things (IoT) healthcare market is estimated to grow from USD 32.4 Billion in 2015 to USD 163.2 Billion by 2020, at a CAGR of 38.1 % during the forecast period.

The IoT in healthcare market is segmented on the basis of types of medical devices, systems and software, connectivity technologies, services, applications, end users, and region. The years considered for the study are:

  • Historical Year: 2013
  • Base Year: 2014
  • Estimated Year:  2015
  • Projected year:  2020
  • Forecast Period: 2015 to 2020

For company profiles in the report, 2014 has been considered. Where information is unavailable for the base year, the prior year has been considered.

Research Methodology

The research methodology used to estimate and forecast the BDaaS market includes:

  • Capturing data on key vendor revenues through secondary research. The vendor offerings are also taken into consideration to determine the market segmentation.
  • The bottom-up procedure was employed to arrive at the overall market size of the global BDaaS market from the revenue of the key players in the market.
  • After arriving at the overall market size, the total market was split into several segments and sub-segments which were then verified through primary research by conducting extensive interviews with key people such as CEOs, Vice-Presidents, Directors, and executives. 
  • This data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments.

The figure below shows the break-down of the primaries on the basis of company, designation, and region, conducted during the research study:

IoT Healthcare Market

The stakeholders for IoT in healthcare market includes , semiconductor companies ; embedded system companies; application developers and aggregators ; managed service and middleware companies ; wireless network operators and service providers ; data management and predictive analysis companies ; sensor, presence, location and detection solution providers ; Internet identity management, privacy , and security companies  ; M2M, IoT, and general telecommunication companies, and wireless infrastructure providers.

The primary vendors occupying the IoT in Healthcare market are Medtronic Inc., Philips, Cisco Systems, IBM Corporation, GE Healthcare, Microsoft Corporation, SAP SE, Qualcomm Life Inc., Honeywell care solutions and Stanley Healthcare. However, Diabetizer Ltd. & Co. KG, Proteus Digital Health Inc., Adheretech, Cerner Corporation, Physiq and many other are the few key innovators innovating in this market scope.  Few of the companies adopted venture funding strategy includes SetPoint Medical, healthSpot, Proteous Digital Health, Adhere tech and many more.

Scope of the Report

The research report categorizes the IoT in healthcare market to forecast the market size and analyzes the trends in each of the following submarkets:

IoT healthcare market on the basis of types of medical devices:

  • Wearable External Medical Devices
  • Implanted Medical Devices
  • Stationary Medical Devices

IoT healthcare market on the basis of systems and software:

  • Remote Device Management
  • Network Bandwidth Management
  • Data Analytics
  • Application Security
  • Network Security

IoT healthcare market on the basis of connectivity technologies:

  • Wi-Fi
  • BLE
  • NFC
  • ZigBee
  • Cellular
  • Satellite

IoT healthcare market on the basis of services:

  • System Integration
  • Professional Service
  • Support and Maintenance

IoT healthcare market on the basis of applications:

  • Telemedicine
  • Clinical Operations and Workflow Management
  • Connected Imaging
  • Inpatient Monitoring
  • Medication Management
  • Others

IoT healthcare market on the basis of end users:

  • Hospitals, Surgical Centers, and Clinics
  • Clinical Research Organizations
  • Government and Defense Institutions
  • Research and Diagnostic Laboratories

IoT healthcare market on the basis of regions:

  • North America
  • Europe
  • Middle East and Africa (MEA)
  • Asia-Pacific (APAC)
  • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix, which gives a detailed comparison of product portfolio of each company

Geography Analysis

  • Further breakdown of the North American network management market into the U.S., Canada, and others.
  • Further breakdown of the APAC network management market into China, India, and others.

Company Information

  • Detailed analysis and profiling of additional market players

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered in the Report
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions

3 IoT Healthcare Market: Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 31)
    4.1 Attractive Market Opportunities in the IoT Healthcare Market
    4.2 Market: Market Share Across Various Regions
    4.3 Market, By Component and End User Market
    4.4 Life Cycle Analysis, By Region

5 IoT Healthcare Market Overview (Page No. - 34)
    5.1 Introduction
    5.2 Market Evolution
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Reduced Cost of Care
                    5.3.1.2 the Need for Improved Healthcare Outcomes
                    5.3.1.3 Evolution of High-Speed Networking Technologies
           5.3.2 Restraints
                    5.3.2.1 Insufficient IoT Technology Skills
                    5.3.2.2 Lack of Governance Standards
           5.3.3 Opportunities
                    5.3.3.1 Increasing Penetration of Connected Devices in Healthcare
                    5.3.3.2 Rising Adoption of Remote Patient Monitoring
           5.3.4 Challenges
                    5.3.4.1 Data Security and Privacy
                    5.3.4.2 Lack of Data Management and Interoperability
    5.4 Regulatory Implications
           5.4.1 ISO Standards - ISO 27799:2008 & ISO/Tr 27809:2007
           5.4.2 Health Insurance Portability and Accountability Act (HIPAA)
                    5.4.2.1 HIPAA Privacy Rule
                    5.4.2.2 HIPAA Security Rule
           5.4.3 Health Information Technology for Economic and Clinical Health Act (Hitech)
           5.4.4 CEN ISO / IEEE 11073
           5.4.5 CEN / Cenelec
           5.4.6 ETSI
    5.5 Innovation Spotlight

6 IoT Healthcare Market: Industry Trends (Page No. - 44)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Pest Analysis
           6.3.1 Political Factors
           6.3.2 Economic Factors
           6.3.3 Social Factors
           6.3.4 Technological Factors
    6.4 Strategic Benchmarking

7 IoT Healthcare Market Analysis, By Component (Page No. - 48)
    7.1 Introduction
    7.2 Medical Devices
           7.2.1 Wearable External Medical Devices
           7.2.2 Implanted Medical Devices
           7.2.3 Stationary Medical Devices
    7.3 System and Software
           7.3.1 Remote Device Management
           7.3.2 Network Bandwidth Management
           7.3.3 Data Analytics
           7.3.4 Application Security
           7.3.5 Network Security
    7.4 Market Size Estimation, By Service
           7.4.1 System Integration Services
           7.4.2 Consulting, Training, and Education
           7.4.3 Support and Maintenance Services

8 IoT Healthcare Market Analysis, By Connectivity Technology (Page No. - 61)
    8.1 Introduction
    8.2 Wi-Fi
    8.3 Bluetooth Low Energy (BLE)
    8.4 Zigbee
    8.5 Near Field Communication (NFC)
    8.6 Cellular
    8.7 Satellite

9 IoT Healthcare Market Analysis, By Application (Page No. - 68)
    9.1 Introduction
    9.2 Telemedicine
           9.2.1 Store-And-Forward Telemedicine
           9.2.2 Remote Patient Monitoring
           9.2.3 Interactive Telemedicine
    9.3 Clinical Operations and Workflow Management
    9.4 Connected Imaging
    9.5 Inpatient Monitoring
    9.6 Medication Management
    9.7 Others

10 IoT Healthcare Market Analysis, By End User (Page No. - 75)
     10.1 Introduction
     10.2 Hospitals, Surgical Centers, and Clinics
     10.3 Clinical Research Organization (CROS)
     10.4 Government and Defense Institutions
     10.5 Research and Diagnostic Laboratories

11 Geographic Analysis (Page No. - 80)
     11.1 Introduction
     11.2 North America
     11.3 Europe
     11.4 Asia-Pacific (APAC)
     11.5 Latin America
     11.6 Middle East and Africa (MEA)

12 Competitive Landscape (Page No. - 100)
     12.1 Overview
     12.2 Competitive Situation and Trends
             12.2.1 New Product Launches
             12.2.2 Partnerships, Agreements and Collaborations
             12.2.3 Mergers and Acquisitions
             12.2.4 VC Funding

13 Company Profiles (Page No. - 107)
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
     13.1 Introduction
     13.2 Medtronic, Inc.
     13.3 Philips
     13.4 Cisco Systems
     13.5 IBM Corporation
     13.6 GE Healthcare
     13.7 Microsoft Corporation
     13.8 SAP SE
     13.9 Qualcomm Life, Inc.
     13.10 Honeywell Life Care Solutions
     13.11 Stanley Healthcare

*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

14 Key Innovators (Page No. - 135)
     14.1 Diabetizer Ltd. & Co. Kg
     14.2 Proteus Digital Health, Inc.
     14.3 Adheretech
     14.4 Cerner Corporation
     14.5 Physiq

15 Appendix (Page No. - 138)
     15.1 Discussion Guide
     15.2 Introducing RT: Real-Time Market Intelligence
     15.3 Available Customization
     15.4 Related Reports


List of Tables (75 Tables)

Table 1 Market Size and Growth, 2015–2020 (USD Billion, Y-O-Y %)
Table 2 IoT Healthcare Market: Summary of Drivers
Table 3 Restraints: Impact Analysis
Table 4 Opportunities: Impact Analysis
Table 5 Challenges: Impact Analysis
Table 6 IoT Healthcare: Innovation Spotlight
Table 7 Market Size, By Component, 2015–2020 (USD Billion)
Table 8 Market Size, By Medical Device, 2015–2020 (USD Million)
Table 9 Wearable External Medical Devices: Market Size, By Region, 2015–2020 (USD Million)
Table 10 Implanted Medical Devices: Market Size, By Region, 2015–2020 (USD Million)
Table 11 Stationary Medical Devices: Market Size, By Region, 2015–2020 (USD Million)
Table 12 IoT Healthcare Market Size, By System and Software, 2015–2020 (USD Million)
Table 13 Remote Device Management: Market Size, By Region, 2015–2020 (USD Million)
Table 14 Network Bandwidth Management: Market Size, By Region, 2015–2020 (USD Million)
Table 15 Data Analytics: Market Size, By Region, 2015–2020 (USD Million)
Table 16 Application Security: Market Size, By Region, 2015–2020 (USD Million)
Table 17 Network Security: Market Size, By Region, 2015–2020 (USD Million)
Table 18 IoT Healthcare Market Size, By Service, 2015–2020 (USD Million)
Table 19 System Integration Services: Market Size, By Region, 2015–2020 (USD Million)
Table 20 Consulting, Training, and Education: Market Size, By Region, 2015–2020 (USD Million)
Table 21 Support and Maintenance Services: Market Size, By Region, 2015–2020 (USD Million)
Table 22 IoT Healthcare Market Size, By Connectivity Technology, 2015–2020 (USD Million)
Table 23 Wi-Fi: Market Size, By Region, 2015–2020 (USD Million)
Table 24 BLE: Market Size, By Region, 2015–2020 (USD Million)
Table 25 Zigbee: Market Size, By Region, 2015–2020 (USD Million)
Table 26 NFC: Market Size, By Region, 2015–2020 (USD Million)
Table 27 Cellular: Market Size, By Region, 2015–2020 (USD Million)
Table 28 Satellite: Market Size, By Region, 2015–2020 (USD Million)
Table 29 IoT Healthcare Market Size, By Application, 2015–2020 (USD Billion)
Table 30 Telemedicine: Market Size, By Region, 2015–2020 (USD Million)
Table 31 Clinical Operations and Workflow Management: Market Size, By Region, 2015–2020 (USD Million)
Table 32 Connected Imaging: Market Size, By Region, 2015–2020 (USD Million)
Table 33 Inpatient Monitoring: Market Size, By Region, 2015–2020 (USD Million)
Table 34 Medication Management: Market Size, By Region, 2015–2020 (USD Million)
Table 35 Others: Market Size, By Region, 2015–2020 (USD Million)
Table 36 IoT Healthcare Market Size, By End-User, 2015–2020 (USD Billion)
Table 37 Hospitals, Surgical Centers, and Clinics: Market Size, By Region, 2015–2020 (USD Million)
Table 38 CROS: Market Size, By Region, 2015–2020 (USD Million)
Table 39 Government and Defense Institutions: Market Size, By Region, 2015–2020 (USD Million)
Table 40 Research and Diagnostic Laboratories: Market Size, By Region, 2015–2020 (USD Million)
Table 41 IoT Healthcare Market Size, By Region, 2015–2020 (USD Billion)
Table 42 North America: Market Size, By Medical Device, 2015–2020 (USD Million)
Table 43 North America: Market Size, By System and Software, 2015–2020 (USD Million)
Table 44 North America: Market Size, By Service, 2015–2020 (USD Million)
Table 45 North America: Market Size, By Connectivity Technology, 2015–2020 (USD Million)
Table 46 North America: Market Size, By Application, 2015–2020 (USD Million)
Table 47 North America: IoT Healthcare Market Size, By End User, 2015–2020 (USD Million)
Table 48 Europe: Market Size, By Medical Device, 2015–2020 (USD Million)
Table 49 Europe: Market Size, By System and Software, 2015–2020 (USD Million)
Table 50 Europe: Market Size, By Service, 2015–2020 (USD Million)
Table 51 Europe: Market Size, By Connectivity Technology, 2015–2020 (USD Million)
Table 52 Europe: Market Size, By Application, 2015–2020 (USD Million)
Table 53 Europe: Market Size, By End User, 2015–2020 (USD Million)
Table 54 APAC: Market Size, By Medical Device, 2015–2020 (USD Million)
Table 55 Asia-Pacific: Market Size, By System and Software, 2015–2020 (USD Million)
Table 56 Asia-Pacific: Market Size, By Service, 2015–2020 (USD Million)
Table 57 APAC: Market Size, By Connectivity Technology, 2015–2020 (USD Million)
Table 58 Asia-Pacific: Market Size, By Application, 2015–2020 (USD Million)
Table 59 Asia-Pacific: Market Size, By End User, 2015–2020 (USD Million)
Table 60 Latin America: Market Size, By Medical Device, 2015–2020 (USD Million)
Table 61 Latin America: Market Size, By Systems and Software, 2015–2020 (USD Million)
Table 62 Latin America: Market Size, By Service, 2015–2020 (USD Million)
Table 63 Latin America: Market Size, By Connectivity Technology, 2015–2020 (USD Million)
Table 64 Latin America: Market Size, By Application, 2015–2020 (USD Million)
Table 65 Latin America: Market Size, By End User, 2015–2020 (USD Million)
Table 66 Middle East and Africa: Market Size, By Medical Device, 2015–2020 (USD Million)
Table 67 Middle East and Africa: Market Size, By System and Software, 2015–2020 (USD Million)
Table 68 Middle East and Africa: Market Size, By Service, 2015–2020 (USD Million)
Table 69 Middle East and Africa: Market Size, By Connectivity Technology, 2015–2020 (USD Million)
Table 70 Middle East and Africa: Market Size, By Application, 2015–2020 (USD Million)
Table 71 Middle East and Africa: IoT Healthcare Market Size, By End User, 2015–2020 (USD Million)
Table 72 New Product Launches, 2012–2015
Table 73 Partnerships and Collaborations, 2012–2015
Table 74 Mergers and Acquisitions, 2012–2015
Table 75 VC Funding, 2012–2015


List of Figures (44 Figures)

Figure 1 Research Design
Figure 2 Market Size Estimation Methodology: Bottom-Up Approach
Figure 3 Market Size Estimation Methodology: Top-Down Approach
Figure 4 Data Triangulation
Figure 5 IoT Healthcare Market is Likely to Witness Growth in the Global Market From 2015 to 2020
Figure 6 Market Snapshot on the Basis of Components (2015 vs 2020)
Figure 7 Market Snapshot on the Basis of Medical Devices (2015)
Figure 8 Market Snapshot on the Basis of Connectivity Technologies (2015 vs 2020)
Figure 9 Market Snapshot on the Basis of Systems and Software (2015 vs 2020)
Figure 10 IoT Healthcare Market Snapshot on the Basis of Services (2015)
Figure 11 Lucrative Market Prospects in the Market
Figure 12 North America Dominates the IoT Healthcare Market
Figure 13 Medical Devices Expected to Hold the Largest Market Share Among Components in 2015
Figure 14 Asia-Pacific Soon to Enter Exponential Growth Phase During 2015–2020
Figure 15 Evolution of IoT Healthcare
Figure 16 Reduced Cost of Care and the Need for Improved Healthcare Outcomes are the Major Driving Factor for the Market
Figure 17 IoT Healthcare Market: Value Chain Analysis
Figure 18 Strategic Benchmarking
Figure 19 Medical Devices Estimated to Have the Largest Market Size During the Forecast Period
Figure 20 Stationary Medical Devices Expected to Have the Largest Market Size During the Forecast Period
Figure 21 Remote Device Management Expected to Have the Largest Market Size During the Forecast Period
Figure 22 Consulting, Training, and Education Expected to Have the Largest Market Size During the Forecast Period
Figure 23 Wi-Fi Expected to Have the Largest Market Size During the Forecast Period
Figure 24 Inpatient Monitoring is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 25 Clinical Research Organizations Would Dominate the Market By 2020
Figure 26 Geographic Snapshot (2015): Rapid Growth Markets are Emerging as New Spots
Figure 27 North America is Expected to Hold A Major Share of the Market in 2015
Figure 28 North America Market Snapshot
Figure 29 Asia-Pacific Snapshot
Figure 30 Companies Adopted Partnerships and Collaborations as the Key Growth Strategy Over the Last Three Years
Figure 31 Battle for Market Share: Partnerships and Collaborations Was the Key Strategy in IoT Healthcare Market
Figure 32 Geographic Revenue Mix of Top 5 Market Players
Figure 33 Medtronic, Inc.: Company Snapshot
Figure 34 Medtronic, Inc.: SWOT Analysis
Figure 35 Philips: Company Snapshot
Figure 36 Philips: SWOT Analysis
Figure 37 Cisco Systems: Company Snapshot
Figure 38 Cisco Systems: SWOT Analysis
Figure 39 IBM Corporation: Company Snapshot
Figure 40 IBM Corporation: SWOT Analysis
Figure 41 GE Healthcare: Company Snapshot
Figure 42 GE Healthcare: SWOT Analysis
Figure 43 Microsoft Corporation: Company Snapshot
Figure 44 SAP SE: Company Snapshot

The healthcare industry is undergoing a huge transformation in a bid to move towards affordable, accessible, and quality care. New applications such as remote monitoring, a result of cutting edge technology innovations, are being developed to address the changing industry needs. This model of healthcare, which heavily relies on patient participation, and subsequent data analysis by microprocessors and microcontrollers, is changing the way health services are delivered. The connectivity between sensors and devices enables healthcare organizations to streamline their clinical operations and workflow management, and aids real-time patient care, even from remote locations.

IoT, in conjunction with cloud computing and big data, is creating lucrative opportunities in the healthcare sector. The increasing number of connected medical devices and the proliferation of smartphones has contributed significantly to the rise of IoT. The reduced cost of care, improved healthcare outcomes, and development of high speed networking technologies are likely to drive the growth of IoT in healthcare. Furthermore, concerns regarding patient data security and privacy are restricting the adoption of IoT in healthcare. These concerns are triggered by the alarming increase in cyber threats such as hackers gaining access to patients’ medical records. IoT solution providers are prioritizing digital security for medical devices and software within the IoT infrastructure to limit these threats. Lack of common governance standards or interoperability is another factor that limits the adoption of IoT in healthcare. Various alliances and organizations are joining forces to eradicate or minimize interoperability issues and streamline further product development.

The global IoT healthcare market has been segmented on the basis of medical devices, systems and software, connectivity technologies, services, applications, end users, and regions. Medical devices are further categorized into wearable external medical devices, implanted medical devices, and stationary medical devices. The systems and software segment is divided into remote device management, network bandwidth management, data analytics, application security, and network security, while the connectivity technology segment comprises Near Field Communication (NFC), Wi-Fi, Bluetooth Low Energy (BLE), cellular, satellite, and ZigBee.

The systems and software segment is expected to witness the highest growth, owing to the increasing number of applications and the widespread adoption of cloud computing across healthcare organizations. IoT technologies are used widely by various types of healthcare organizations such as hospitals, surgical centers, clinics, clinical research organizations, government and defense institutions, and research and diagnostic laboratories for different business needs. Globally, IoT adoption in healthcare is increasing due to the growing demand of smart connected technologies in the APAC and Latin American regions.

Major vendors that offer IoT solutions globally are Medtronic, Inc. (U.S.), Philips (the Netherlands), Cisco Systems (U.S.), IBM Corporation (U.S.), GE Healthcare (U.K.), and others. These vendors offer different types of medical devices and IoT solutions. They also offer various services such as system integration, professional services, and support and maintenance services. The IoT healthcare market is expected to grow from USD 32.47 Billion in 2015 to USD 163.24 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 38.1% from 2015 to 2020.

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