Healthcare IoT Market

Healthcare IoT Market Overview

From patient diagnostics and monitoring to medical treatment delivery methods, healthcare IoT combines communication technology and sensor data to offer benefits that were previously considered to be conceptual. Healthcare IoT enables medical equipment to collect data and share it with each other via cloud computing technology. By incorporating healthcare IoT, the collected data can be accurately analyzed at high speeds.

Healthcare IoT sensors can be wearable or embedded into medical equipment, and can communicate the gathered data to software solutions for further analysis. Advancements in healthcare IoT and healthcare IT have facilitated the inclusion of dynamic patient data, which accommodates faster diagnostics and health deterioration preventive measures.

IoT sensors integrated into wearable devices is a key market trend in global healthcare IoT market, and the shipments of these products are expected to grow considerably during the forecast period. Collaborative developments via partnerships between research institutes and healthcare IoT market players are estimated to pave the way for development of innovative and commercially viable healthcare IoT solutions.

Impact of Ongoing COVID-19 Pandemic on Healthcare IoT Market

Accommodation of a smart healthcare infrastructure using IoT is increasing at a very fast rate during the ongoing COVID-19 crisis. Healthcare IoT is being adopted by hospitals, CROs, rehabilitation centers and residential end-users on a global level.

The extremely contagious nature of pandemic is motivating residential end-users to procure healthcare IoT for self-quarantine measures. During the ongoing pandemic, the adoption of healthcare IoT is increasing significantly among other end-users in correctional facilities and hospitality industry.

COVID-19 is motivating end-users to procure efficient clinical communication and collaboration tools in order to ensure swift diagnostics and quarantine measures. An increase in remote patient monitoring solution and service deployments has been observed in developing economies of India, Spain, Italy and Brazil.

Healthcare IoT: Market Drivers and Challenges

The usage of healthcare IoT for residential end-uses is expected to witness a steady growth rate during the forecast period, owing to the rising demand for remote patient monitoring applications. Adoption of smart home solutions is also expected to propel the growth of residential healthcare IoT market. Healthcare IoT plays a major role in making a patient’s medical journey easier.

Network-enabled healthcare equipment are evolving to fulfill the remote monitoring requirements of doctors and patients. Data accumulation, analytics and archival techniques are changing. Doctors and their patients can use smartphone applications and computer software to check health data, and the impact of medical treatment.

However, as the number of healthcare IoT solutions and technologies increase, ensuring that all of them are connected to the network and communicating with each other is likely to become difficult. Every healthcare IoT equipment does not necessarily have a definite sequence of communication standards and protocols. This is likely to result in massive data misinterpretation and can drastically affect a patient’s health.

This factor is estimated to play a major role is suppressing the growth rate of global healthcare IoT market.

Healthcare IoT Market: Competition Landscape

Some of the key players in the global healthcare IoT market are

• STMicroelectronics 
• Koninklijke Philips N.V. 
• General Electric
• Siemens 
• Texas Instruments Incorporated 
• TE Connectivity
• Honeywell International Inc. 
• PAREXEL International Corporation 
• Analog Devices, Inc.
• Proteus Digital Health, Inc.

Following are some key strategies incorporated by companies operating in the global healthcare IoT market:

• Companies are focusing on product compliance with all regulatory standards such as the elimination of hazardous chemical substances and material declaration.
• Key players in the healthcare IoT market are relying on sales partners and distributors in order to maintain proximity to their clients across the globe. Also, constant expansion of regional footprint is enabling market players to find new customers and increase revenue.

Nikhil Kaitwade

Principal Consultant

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Healthcare IoT Market: Regional overview

Currently, healthcare IoT market in North America holds the largest market share of the global healthcare IoT market, followed by market in Europe. Over the coming years, increase in disposable income and urgency in demand for ecological and smart medical technologies are among factors expected to drive the regional markets.

Southeast Asia Pacific and East Asian markets are estimated to record the fastest adoption during the forecast period. Huge investments by national governments in the Middle East and Africa to accommodate innovations in healthcare IoT are expected to enable the regional market to record a strong growth rate during the forecast period.

The healthcare IoT market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.

The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.

The report covers exhaustive analysis on

• Healthcare IoT Market Segments
• Healthcare IoT Market Dynamics
• Healthcare IoT Market Size
• Supply and Demand
• Current Trends/Issues/Challenges
• Competition and Companies Involved in the Market
• Technology Landscape
• Value Chain of the Market
• Market Drivers and Restraints

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Regional analysis includes

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, Spain, U.K, BENELUX, Russia, Rest of Europe)
• South Asia and Pacific (India, ASEAN, Oceania, Rest of South Asia and Pacific)
• East Asia (China, Japan, South Korea)
• Middle East and Africa (GCC Countries, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East and Africa)

Healthcare IoT Market Segmentation

The global healthcare IoT market can been segmented on the basis of application and end-user.

Application

• Patient Monitoring
• Diagnostics
• Clinical Efficiency
• Other Applications

End-use

• Hospitals
• Clinical Research Organizations (CROs)
• Rehabilitation Centers
• Other End Users