Internet of Things (IoT) in Healthcare – Thematic Intelligence
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Internet of Things (IoT) in Healthcare Thematic Report Overview
Digital transformation has been a steady trend within healthcare for several years. IoT-enabled technologies such as electronic health records, remote patient monitoring, and wearable devices streamline the patient experience and give patients greater agency in their care. The COVID-19 pandemic made the need for IoT more pressing as healthcare providers were forced to enact social distancing policies and cope with staff shortages and patient backlogs while mandated to provide the same quality of care or better. The need to address staff shortages and aging demographics will drive the adoption of IoT-enabled solutions in healthcare post the pandemic in the coming years.
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The IoT in Healthcare thematic report provides an overview of IoT in healthcare. This report explains why IoT will continue to grow in importance for the healthcare industry. This report outlines how the correct IoT strategy can enhance pharmaceutical, medical devices, and healthcare companies’ ability to draw insights from an increasingly large volume of data sets, allowing for more timely decision-making. The investment opportunities in the IoT value chain are covered. The report also provides an overview of IoT activity relating to the sector, including tech vendors and industry adopters.
Market Size (2022) | $30.3 billion |
CAGR (2022-2027 | >14% |
Key IoT Value Chain Components | · Physical Layer
· Connectivity Layer · Data Layer · App Layer · Services Layer |
Leading IoT Adopters in Healthcare | · Abbott
· AstraZeneca · GE · Medtronic · Novartis |
Specialist IoT Adopters in Healthcare | · Accuvein
· Nanome · Teladoc Health · Vivify Health · XR Health |
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IoT in Healthcare Sector – Impact Analysis
The IoT in Healthcare thematic report discusses the key areas of IoT in which pharmaceutical companies, medical device companies, and healthcare providers and payors should invest.
Pharmaceutical Companies: IoT tools can be adopted across the entire pharma value chain to various ends. IoT tools are used in the pharma industry, from manufacturing processes to RPM. For example, industrial monitoring devices control operations within facilities and access real-time status information. Such monitoring devices can alert staff in case of urgent maintenance requirements. The increase in the use and popularity of connected digital devices and health-related mobile apps has produced a novel set of large, diverse, and complex data known as digital biomarkers. Clinical trials using wearable sensors to monitor or measure patient-derived data will increase, with digital biomarkers being used as primary and secondary endpoints to improve patient outcomes. Furthermore, to increase access to clinical trials, IoT technologies are also used in virtual trials to reduce inconvenience and burden on participants by decreasing the number of physical site visits. Examples of digital technologies used in virtual trials include eConsent, telemedicine, electronic clinical outcome assessment (eCOA), RPM, mHealth, and wearables.
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IoT in the Healthcare Sector - Industry Analysis
The total healthcare IoT market was $30.3 billion in 2022 and is anticipated to grow at a CAGR of more than 14% during 2022-2027. The total healthcare IoT market comprises the pharmaceuticals, medical devices, and healthcare sectors. The need to address staff shortages and aging demographics will drive the adoption of IoT-enabled solutions in healthcare throughout the 2020s.
The report also covers –
- Signals
- Mergers and acquisitions
- Patent trends
- Hiring trends
- Social media trends
- Polls and surveys
IoT in the Healthcare Industry Analysis
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IoT Value Chain Analysis
The key components in the IoT value chain analysis are the physical layer, the connectivity layer, the data layer, the app layer, and the services layer. These layers are logically discrete, although large-scale IoT use cases will likely blur these logical boundaries. For example, while there will continue to be an identifiable data layer towards the top of the stack, a growing proportion of the data processing occurs within and at the edge of the network.
Physical Layer: Today, most connected devices—such as smartphones, tablets, and laptops—have a physical dimension controlled by humans. In the IoT, most connected things will be run by other connected things. For manufacturers of washing machines, door locks, light bulbs, aircraft engines, or cars, the key question is not whether their things should be connected to the internet—that is a given. Instead, the challenge is whether they can retain the bulk of the added value during the transition to IoT and how they can use the data collected by various embedded chips, sensors, antennae, and beacons. Some industry profits will likely be siphoned out by technology companies that increasingly provide IoT solutions as a service.
IoT Value Chain Analysis
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IoT in the Healthcare Sector – Competitive Landscape
The key companies making their market in the IoT in the healthcare sector are –
Leading IoT Adopters in Healthcare: Abbott, AstraZeneca, GE, Medtronic, and Novartis are some of the leading IoT adopters in the healthcare sector.
Specialist IoT Vendors in Healthcare: Accuvein, Nanome, Teladoc Health, Vivify Health, and XR Health are some of the leading specialist IoT adopters in the healthcare sector.
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Medical Devices Sector Scorecard
The medical devices sector scorecard comprises of thematic screen, valuation screen, and risk screen. The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.
Medical Devices Sector Scorecard
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Scope
This report provides an overview of IoT in healthcare.
This report explains why IoT will continue to grow in importance for the healthcare industry.
This report outlines how the correct IoT strategy can enhance pharmaceutical, medical devices, and healthcare companies’ ability to draw insights from an increasingly large volume of data sets, allowing for more timely decision-making.
The investment opportunities in the IoT value chain are covered.
The report also provides an overview of IoT activity relating to the sector, including tech vendors and industry adopters.
Key Highlights
An overview of the trends impacting IoT adoption in the healthcare sector.
IoT technology briefing
Case studies showcasing how companies in the healthcare sector are adopting IoT.
Reasons to Buy
- Determine potential investment opportunities based on trend analysis and market projections.
- Gaining an understanding of the market challenges and opportunities surrounding the IoT theme.
Pfizer
Novartis
Sanofi
AstraZeneca
GSK
Merck
Viatris
Biocad
Sun Pharma
Intas
Generium
Perrigo
Medtronic
Philips
GE
Abbott
DexCom
Biotronik
Thermo Fisher Scientific
Smith & Nephew
Danaher
Bupa
Cleveland Clinic
Mayo Clinic
Table of Contents
Frequently asked questions
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What was the healthcare IoT market size in 2022?
The total healthcare IoT market valued at $30.3 billion in 2022.
-
What will be the healthcare IoT market CAGR during 2022-2027?
The market is anticipated to grow at a CAGR of more than 14% during 2022-2027.
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Which are the key IoT value chain components?
The key components in the IoT value chain analysis are the physical layer, the connectivity layer, the data layer, the app layer, and the services layer.
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Which are the leading IoT adopters in the healthcare sector?
Abbott, AstraZeneca, GE, Medtronic, and Novartis are some of the leading IoT adopters in the healthcare sector.
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Which are the key specialist IoT vendors in the healthcare sector?
Accuvein, Nanome, Teladoc Health, Vivify Health, and XR Health are some of the leading specialist IoT vendors in the healthcare sector.
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