IoT in Healthcare Market

This research study involved the use of extensive secondary sources, directories, and databases, such as Factiva, D&B Hoovers, and Bloomberg, to identify and collect information useful for the comprehensive market research study on the IoT in healthcare market. Additionally, sources such as the US Department of Health and Human Services, Integrated Healthcare Association (IHA), American Telemedicine Association, Health Level Seven International (HL7), Healthcare Information and Management Systems Society (HIMSS), Centers for Disease Control and Prevention (CDC), Centers for Medicare and Medicaid Services (CMS), Office of the National Coordinator for Healthcare Information Technology (ONC), National Health Service (NHS), Center for Devices and Radiological Health (CDRH), International Profiles of Health Care Systems, Continua Health Alliance, Economist Intelligence Unit, World Health Organization (WHO), and Organisation for Economic Co-operation and Development (OECD) were used to collect information specific to the IoT in healthcare market. The primary sources were mainly industry experts from core and related industries, preferred IoT medical device providers, connectivity/network providers, and service providers. In-depth interviews were conducted with various primary respondents, including key industry participants and subject matter experts, to obtain and verify critical qualitative and quantitative information, as well as assess the market’s prospects.

Secondary Research

The market size of companies offering IoT in healthcare devices, systems and solutions, and connectivity technologies and services was arrived at based on the secondary data available through paid and unpaid sources. It was also arrived at by analyzing the product portfolio of major companies and rating the companies based on their performance and quality.

In the secondary research process, various sources were referred to, for identifying and collecting information for the study. The secondary sources included annual reports, press releases, and investor presentations of companies; white papers, journals, and certified publications; and articles from recognized authors, directories, and databases. The data was also collected from secondary sources, such as the US Department of Health and Human Services, IHA, American Telemedicine Association, HL7, HIMSS, CDC, CMS, ONC, NHS, CDRH, International Profiles of Health Care Systems, Continua Health Alliance, Economist Intelligence Unit, WHO, and OECD. Additionally, IoT investment and spending of various countries were extracted from the respective healthcare associations.

Secondary research was conducted to obtain key information about the industry’s value chain, the total pool of key players, market classification, and segmentation from market- and technology-oriented perspectives

Primary Research

In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, including Chief Experience Officers (CXOs), Vice Presidents (VPs), directors from business development, marketing, and product development/innovation teams, and related key executives from IoT in healthcare solution vendors, system integrators, service providers, industry associations, healthcare consultants, and key opinion leaders.

Primary interviews were conducted to gather insights, such as market statistics, revenue data collected from products and services, market breakups, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, application, deployment, and region. Stakeholders from the demand side such as Chief Information Officers (CIOs), Chief Technology Officers (CTOs), Chief Security Officers (CSOs), and installation teams of governments/end users using IoT in healthcare solutions were interviewed to understand buyers’ perspective on the suppliers, products, service providers, and their current use of IoT healthcare solutions which would affect the overall IoT in healthcare market growth.

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Market Size Estimation

Multiple approaches were adopted for estimating and forecasting the IoT in healthcare market. The first approach involves the estimation of the market size by the summation of companies’ revenue generated through the sales of devices, systems and solutions, and associated services.

Market Size Estimation Methodology: Approach 1 (Supply Side) - Revenue of IoT in Healthcare Devices, Systems & Software, and Services

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Market Size Estimation Methodology: Approach 1—Bottom Up (Supply Side): Collective Revenue of all Medical Devices, Systems and Software, and Services of IoT in Healthcare

In this market estimation approach, MarketsandMarkets identified key IoT healthcare device companies, such as Medtronic, Royal Philips, GE, Honeywell, and Healthcare Technology Services, which contribute almost 35-40% to the global IoT in healthcare market. After confirming these companies through primary interviews with industry experts, the companies’ total revenue was estimated through annual reports, SEC filings, and paid databases. These companies’ revenue pertaining to the Business Units (BUs) that offer IoT in healthcare systems and solutions, and associated services was identified through similar sources. Then through primaries, the data of revenue generated through specific IoT healthcare systems and solutions was collected. Collective revenue of key companies that offer IoT healthcare systems and solutions comprised 40-45% of the market, which was again confirmed through primary interviews with industry experts. With the assumption that the rest of the market is contributed by connectivity technology players, the market size of connectivity technology players (20-25%) was assumed to be the size of the global IoT in healthcare market for Financial Year 2023.

Market Size Estimation Methodology: Approach 2—Top Down (Demand Side): Share of Healthcare Through Overall IoT Spending

In the demand-side approach, among the entire IoT spending, MarketsandMarkets has estimated the share of the healthcare vertical. IoT spending in various regions, such as North America, Europe, APAC, Latin America, and MEA, has been estimated and validated through primary research. Post arriving at the IoT spending by region, the demand by hospitals, surgical centers, and clinics; Clinical Research Organizations (CROs); government and defense institutions; and research and diagnostics laboratories was ascertained to arrive at the global size of the IoT in healthcare market.

Data Triangulation

After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. The data triangulation and market breakup procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Market Definition

IoT is the networking of devices and buildings. The technology enables the collection and sharing of information directly via internet protocols. IoT in healthcare bridges the digital and physical worlds to monitor and modify patient behavior in real-time and manage conditions, such as asthma, diabetes, and high blood pressure, by streamlining various clinical processes and information flow. IoT can bring together people (patients, caregivers, and clinicians), data (patient or member data), processes (care delivery and wellness), and enablers (fitness and medical devices, and mobile applications) to efficiently deliver healthcare results. It helps deliver intelligent and measurable information to improve the overall efficiency in different healthcare aspects.

Key Stakeholders

• Sensor, location, and detection solution providers
• Wireless network operators and service providers
• Data management companies
• Embedded systems companies
• Application developers and aggregators
• Managed service and middleware companies
• System integrators
• Third-party providers
• Internet identity management, privacy, and security companies
• Semiconductor companies
• Machine-to-machine, IoT, and general telecommunication companies
• Support and maintenance service providers
• Wireless infrastructure providers

Report Objectives

• To define, describe, and forecast the Internet of Things (IoT) in healthcare market by component, application, end user, and region
• To provide detailed information about the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
• To analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
• To forecast the market size of the segments with respect to five main regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America
• To profile the key players and comprehensively analyze their market rankings and core competencies
• To analyze the competitive developments, such as mergers and acquisitions, product developments, and R&D activities, in the market

Available Customizations

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

Company Information

• Detailed analysis and profiling of additional market players (Up to 5)