Global Healthcare IOT Security Market, By Type (Hardware, Software & System, Services), By Application, (Telemedicine, Clinical Operations, Connected Imaging) By Technology (Wi-Fi, Bluetooth, Zigbee) opportunities and forecast 2020-2027
Rising acceptance of the wearable technology, funds for executing digital technologies in the healthcare institutions, and the emergence of associated care are the significant factors improving the industry growth. Industrial advancements and rising geriatric population with the rising prevalence of various chronic conditions are further positively impacting market expansion.
According to research conducted by network provider company in the Aruba, closely 87% of healthcare organizations through the globe will adopt the IoT services by the year 2019. Researchers measured approximately 3,100 IT companies including business and healthcare decision-makers aroound 20 countries. The study concluded that the healthcare institutions have presented IoT for refining patient monitoring, promoting innovations, and decreasing costs.Segment Overview
Services segment held largest market share in 2019. The segment is supplementary segmented into training, system integration services, and education, consulting, and support and maintenance. Growing demand for the uninterrupted data flows boost efficiency of medical systems, improve security, and enhance knowledgeable decision-making in real-time are the key factor propelling the services segment.
Furthermore, with the emergence of IoT services, dependency on the connected medical devices, including implantable, wearable, and stationary medical devices, for the health monitoring has augmented. Rising need for the connected health services for the critically ill patients, reduced cost of care, improved treatment outcomes, and the real-time disease management are the factors driving the IoT-enabled health devices market.Regional Overview
North America dominated market in 2019. The growth is accredited to the rising adoption of various healthcare IT solutions, legislative initiatives, presence of key companies, regulations such as HITECH Law, 2009, and the availability of refined healthcare IT infrastructure in the region.
U.S. accounted for largest revenue share and is anticipated to maintain dominance over forecast period. Industrial advancements and numerous government initiatives encouraging the adoption of such digital platforms in the life science industry are main factors contributing to largest revenue share. There are several initiatives being accepted for developing clinical interoperability, and eHealth which is further driving the market.
Asia Pacific is anticipated to emerge as fastest-growing market. Growing health IT infrastructure, increasing initiatives for encouraging connected healthcare, and progressively increasing implementation of advanced technologies, inlcuding smart wearables, are key factors propelling the region’s growth. Rising investment by medical device and the pharmaceutical companies in the region is further expected to drive demand for the IoT technologies
Microsoft Corp.; Cisco Systems, Inc.; Koninklijke Philips N.V.; IBM Corp.; and Cerner Corp. are few of the major players in this market. Investments in R and D, collaborations with the other industry participants, and the service differentiation are important marketing strategies implemented by the companies. For instance, IBM collaborated with the Pfizer Inc., for developing system to develop clinical research process for the Parkinson’s disease in 2016.Key Players
- Koninklijke Philips N.V.
- General Electric Company
- IBM Corporation
- Cerner Corporation
- Proteus Digital Health
- AdhereTech, Inc.
- Cisco System Ltd.
- Medical Devices
- Software & System
- Clinical Operations
- Inpatient Monitoring
- Medication Management
- Connected Imaging
- Near Field Communication (NFC)
- Bluetooth low energy
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- Rest of LAMEA