The global medical Internet of Things (mIoT) market was valued at $43.0 billion in 2016 and is forecast to grow at a modest CAGR of 27.4% between 2017 and 2024, culminating to global revenue of $300.3 billion by 2024.
Industry at a Glance
The healthcare industry is one of the fastest to adopt the internet of things. Integration of IoT features in medical devices enhances the effectiveness and quality of service thereby bringing high value for the senior people, patients with chronic conditions, and those requiring regular supervision. Growing healthcare spending particularly on IoT solutions is expected to stimulate innovative and highly personalized, accessible, and on-time healthcare services to everyone.
As the healthcare system increasingly values efficiency and outcomes, IoT applications are changing MedTech strategy, business models, and operations. Additionally, the increasing emphasis on value-based care is changing financial incentives to a model wherein the providers are remunerated on the basis of how their patients fare instead of the number of visits, tests, or procedures performed.
Advancement of sensor technology is making the foundation of new data much easier. Cost-efficiency and performance drive the advancement and adoption of healthcare solutions primarily in hospitals. Further, technology is an enabler as well as a facilitator of extensive transformation in the industry, as the internet of health things permits digital healthcare to become an integrated part of everyone’s life.
“Optimal Price Point (OPP) for Medical Internet of Things”
Estimated average medical internet of things cost – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
In striving to enhance outcomes and minimize costs, healthcare providers have long resisted with several nagging challenges primarily including their interactions with their patients which are random, giving them minute insight into the daily activities that have an enormous impact on the patient health. Increased support considerably promotes care plan adherence and enhances quality outcomes while minimizing costs through reduced hospital readmissions and visits.
By component, the market has been segmented into devices, software, and service. Devices accounted for the majority market share in 2016 and are expected to witness substantial growth over the forecast period mainly on account of the growing penetration of smartphone and tablets primarily in developing economies of Asia, Latin America and the Middle East.
Based on application, the market is categorized into patient monitoring, connected imaging, and drug development. Among these, patient monitoring held the majority market share in 2016 which is ascribed to the increased focus by healthcare providers to take advantage of the benefits of novel technologies thereby generating a significant improvement in healthcare.
Based on end-use, the market is classified into research laboratories, government authorities, patients, and healthcare providers. Healthcare providers emerged as the dominant end-use segment in 2016 primarily attributing to the mounting adoption of m-health (mobile health) and e-health (healthcare supported by ICT) by healthcare providers to better manage patients and resources.
Based on region, the market is classified into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America accounted for the majority market share in 2016 while Asia Pacific emerged as the fastest growing regional market over the forecast period. This is accredited to the growing smartphone and tablet penetration in the region along with rising consumer awareness regarding efficient healthcare services.
Growth Drivers & Restraints
Notable growth drivers residing in the global medical internet of things market include growing portable consumer electronics penetration, integration of IoT features in medical devices, the rise in the demand for cloud-based solutions, and escalating need to reduce healthcare cost.
Merger & Acquisition Outlook
The global medical internet of things market is characterized by extreme competition among some of the well-established players. Merger and acquisitions are seen as a vital part of the industry with a number of companies collaborating with each other in order to reduce competition and prevail in this highly competitive environment.
Top Players & Company Share
Leading industry players include Medtronic PLC, Qualcomm Life Inc., Royal Philips, IBM Corporation, GE Healthcare, Microsoft Corporation, Cisco Systems Inc., SAP SE, Honeywell Life Care Solutions, and Google. Industry participants focus on mergers and acquisitions as a key growth strategy in this industry.
Medical IoT Market, by Component (Revenue, USD Billion)
Medical IoT Market, by Application (Revenue, USD Billion)
- Patient Monitoring
- Connected Imaging
- Drug Development
Medical IoT Market, by End-Use (Revenue, USD Billion)
- Research Laboratories
- Government Authorities
- Healthcare Providers
Medical IoT Market, by Region (Revenue, USD Billion)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia