Product Code: RP-ID-10084984 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Healthcare & Pharmaceuticals |
Report ID: 10084984
Market Overview:
GLOBAL INTERNET OF THINGS (IOT) IN HEALTHCARE MARKET SIZE AND Forecast to 2030
In 2021, the global IoT medical market is estimated to be valued at around at USD 150 Billion and is expected to grow at a compound annual growth rate of 20% during the forecast period 2022-2030. The increasing popularity of wearable technology, the investment in the implementation of digital technologies in medical institutions, and the emergence of connected healthcare are key factors driving the growth of this industry.
Technological progress and the increase in the elderly population, as well as the increase in the prevalence of chronic diseases, have also had a positive impact on the expansion of the market. According to research conducted by a network provider in Aruba, by 2019, nearly 87% of global healthcare organizations will adopt IoT services. Researchers surveyed approximately 3,100 IT companies, including those responsible for business and healthcare decision-making in 20 countries. The study concluded that medical institutions have introduced the Internet of Things to improve patient monitoring, promote innovation, and reduce costs. Interconnection technology is one of the main applications of the Internet of Things in the field of healthcare.
This type of equipment is mainly used to monitor patients, take readings, observe patterns, and notify patients of pattern defects. The technology is also used to monitor at-risk patients in real time, make informed decisions, and prevent going to the emergency room. The reduction of waiting time in the emergency room has also accelerated its application in medical management. Major companies are developing innovative software programs to solve various problems in the healthcare sector. For example, in order to solve the problem of waiting time in the emergency department, GE Healthcare developed a software program AutoBed to help reduce the waiting time of patients in need of hospital beds by 50%. Management of operational workflow and clinical tasks is also one of the main drivers of growth. It enables the company to develop a platform to help notify future system downtime by issuing automatic alerts. Philips has worked with Open Market to develop a remote sensor technology with mobile messaging, called e-Alert, which can notify the MRI system of potential problems before it shuts down. This technology won the 2017 Most Innovative IoT Solution Award.
COMPONENT INFORMATION:
The service sector had the largest market share in 2018, at 45%. This sector is further subdivided into system integration services, training and education, support and maintenance, and consulting. The ever-increasing demand for uninterrupted data flows has promoted the efficiency of medical systems, improved safety, and improved informed decision-making in real time. This is a key driving force for the development of the service sector. In terms of revenue share, medical equipment is another important part. With the advent of the Internet of Things, health monitoring has increased reliance on connected medical devices (such as portable, implantable, and fixed medical devices). The growing demand for connected medical services by critically ill patients has reduced overall care costs, improved treatment results, and real-time disease management. These are some of the factors that promote the development of the IoT medical device market. The system and software sector is expected to have the highest compound annual growth rate in the forecast year, at 21.2%. This growth is attributable to technological advancement and increased investment by market participants to develop innovative, connected solutions for the life sciences industry. In addition, the application of more and more digital technologies and connection systems in medical institutions will further promote the development of this market segment. In advanced economies, you need to manageg medical records is rising, which is positively impacting the demand for software solutions.
KNOWLEDGE OF CONNECTION TECHNOLOGY :
Cellular technology has become the largest market segment. This technology allows us to send large amounts of data over long distances. Cellular networks are increasingly used for medical applications, such as remote patient monitoring, because they allow data to be collected from devices and provided to healthcare professionals in real time. Therefore, it is considered to be a safer, more conducive and faster remote monitoring connection solution. It also improves the portability, usability and versatility of connected medical equipment. All these factors help increase the growth of this market segment. Technological advances in the communications and connection industries are also driving the development of the field of connection technology. The satellite segment is expected to witness the fastest compound annual growth rate of 23.9% during the forecast period. The increasing use of satellite technology in various life science applications, such as emergency management, medical data interconnection and promotion of patient mobility, is driving the development of this market segment. Providing connectivity in vast areas covering remote areas has further increased the demand for satellite connectivity for various applications such as telemedicine.
END -USE INSIGHTS:
Hospitals and clinics accounted for the largest share of revenue in 2018 and are expected to maintain their dominant positions in the next few years. The hospitals improved functions and operational efficiency due to the Internet of Things are the key factors for its widespread use. IoT solutions can improve disease management, patient experience, and treatment outcomes to provide better care services. In addition, these solutions also help hospitals manage inventory, billing and medical records, real-time communications, drug compliance, and hospital workflows, improving overall operational efficiency. Because it has a higher revenue share. Changes in the trend of care based on pay-per-service value in advanced economies may also promote the adoption of IoT solutions in hospitals. . Increasing adoption of IoT solutions to improve the accuracy of clinical research is a key driver of this market segment. It is estimated that these solutions are widely used by CROs to improve the process of patient recruitment and retention, which is a potential problem in clinical research and will promote the development of this market segment.
APP INSIGHTS:
Telemedicine had the highest revenue share in 2018. The growing demand for patient monitoring and the rising prevalence of chronic diseases are the factors with the highest revenue share in this sector. The latest developments in telemedicine technology have further promoted the demand for IoT solutions. In addition, the increasing use of smart wearable devices for remote monitoring will contribute to the growth of this market segment. Major companies focus on developing innovative telemedicine solutions or equipment to improve the healthcare system. For example, CareClix provides a wide range of telemedicine and telemedicine services through remote consultation and high-definition video inspections. Provide doctors on request; My Telemedicine; Tradock; The Bottom Line and iCliniq are some of the leading providers of telemedicine IoT solutions. Drug management is also expected to increase significantly in the expected few years. The widespread use of health information systems, the increasing need to reduce medication errors while improving patient safety, and the increasing use of mobile medicine for drug management are the driving factors for this market segment. The focus of key companies in developing innovative solutions in the field of drug management will further promote the market.
REGIONAL PRESPECTIVE:
North America leads the market in 2018. The growth is attributed to the increasing adoption of healthcare IT solutions, the presence of key companies, legislative initiatives (such as the HITECH Act of 2009), and the availability of IT infrastructure for complex healthcare in this area. The United States accounts for the largest share of North American revenue and is expected to maintain its dominant position during the forecast period. Technological advancements and various government initiatives that promote the adoption of digital platforms in the life sciences industry are key factors contributing to the highest revenue share. A number of initiatives are being undertaken to develop e-health and clinical interoperability, which has also promoted the development of the market. The Asia-Pacific region is expected to become the fastest-growing regional market. Improving healthcare IT infrastructure, increasing initiatives to promote connected medical services, and gradually increasing the adoption of advanced technologies such as smart wearable devices are key factors driving the regions growth. It is expected that increased investment by pharmaceutical and medical equipment companies in the region will also drive the demand for IoT technology.
KEY COMPANY AND MARKET SHARE PROSPECTS:
Microsoft; Koninklijke Philips N.V.; Cisco Systems; IBM; and Cerner Corp. are some of the major companies in this market. R&D investment, cooperation with other industry players, and service differentiation are the main marketing strategies adopted by these companies. For example, in 2016, IBM and Pfizer collaborated to develop a system to improve the clinical research process for Parkinsons disease.
MARKET SEGMENT COVERED BY THE REPORT:
The report forecasts global, regional, and national revenue and sales growth, and analyzes the latest industry trends in each sub-segment from 2022-2030. In this study, Grand View Research reports on the global medical IoT market based on components, connectivity technologies, end-uses, applications, and regions:
Outlook components (revenue, millions of dollars, 2022-2030: Medical equipment external devices can be Wearable implanted medical equipment fixed medical equipment.
System and Software: Remote equipment, managemen,t network, bandwidth , management data analysis ,application, security, network security. Services. : System integration service consulting, training and education support and maintenance service Connectivity technology outlook (revenue, million dollars, 2022-2030): Wi-Fi, Bluetooth low energy, ZigBeeNear field communication (NFC), cellular satellite, end-use Outlook (revenue), millions of dollars, 2022-2030): clinical research organization hospitals and clinics research and diagnostic laboratories other application outlook (revenue, millions of dollars, 2014-2025): remote medical drug management clinical operations monitoring inpatient connection Image other.
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