physIQ, AdhereTech, Proteus Digital Health, Inc, Cisco, Honeywell are the Key Players Operating in the Internet of Things Healthcare Market 2013–2023

Global internet of things healthcare market size is expected to reach $267.6 billion by 2023. The market is mainly driven by the growing need for remote patient monitoring services, growing demand for advanced healthcare information systems, increasing prevalence of chronic and lifestyle associated diseases, growing demand for mHealth technologies, and increasing support from government organizations.

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On the basis of component, the IoT healthcare market has been categorized into medical devices, systems and software, and services. Among all types, the sales of medical devices were the largest in this market, accounting for 44.6% share in 2017.

Based on technology, the IoT healthcare market is categorized into Wi-Fi, BLE, NFC, ZigBee, cellular, and satellite. Among these, the fastest growth during the forecast period is expected from Wi-Fi technology, with 32.1% CAGR. This is attributed to the increasing adoption of Wi-Fi gadgets and tools in hospitals for sending the medical data to-and-from the cloud.

IoT in healthcare finds application in telemedicine, clinical operations, medication management, connected imaging, inpatient monitoring, and others. During the forecast period, the market is expected to witness the highest growth from the telemedicine application category, with a CAGR of 32.1%.

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*Key market players entering partnership agreements to increase their market share

Key players in the IoT healthcare industry are seeking partnerships and acquisitions to provide more effective solutions. For instance, in February 2018, Qualcomm Life Inc., a subsidiary of Qualcomm Incorporated, announced an exclusive strategic licensing agreement with AlertWatch Inc., an Ann Arbor based company, for the development of intelligent care software systems to assist the real-time care of patients in the operating room. The agreement provides Qualcomm Life Inc. with exclusive rights to market and sell AlertWatch, used by clinicians for secondary monitoring of patients in operating rooms.

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Some of the key players operating in the IoT healthcare industry are PhysIQ Inc., Adheretech, Proteus Digital Health Inc., Koninklijke Philips N.V., Cisco Systems Inc., General Electric Company, Honeywell International Inc., SAP SE, Stanley Black & Decker Inc., International Business Machines (IBM) Corporation, Medtronic plc, and Microsoft Corporation.

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