The future of the medical industry will be shaped by a range of disruptive themes, with Internet of Things (IoT) being one of the themes that will have a significant impact on medical companies.A detailed analysis of the theme, insights into the leading companies, and their thematic and valuation scorecards are included in GlobalData’s thematic research report,Internet of Things (IoT) in Healthcare – Thematic Research. Buy the report here.
IoT describes the use of connected sensors and actuators to control and monitor the environment, the things that move within it, and the people that act within it. The IoT is a system of wireless, interrelated, and connected digital devices that can collect, send, and store data over a network without requiring human-to-human or human-to-computer interaction. For example, in the healthcare industry, IoT allows a range of medical devices to be connected to a server, allowing patients to monitor their health and connect to their healthcare providers remotely. IoT can also be used in R&D, clinical trials, supply chains, and manufacturing.
GlobalData forecasts that the market for IoT platforms for healthcare providers is expected to grow at a compound annual growth rate (CAGR) of 4.6% between 2020 and 2025. The pharma IoT market is expected to grow at a CAGR of 6.1% during the same period. Spending on IoT in the medical devices market is estiamted to grow at a CAGR of 6.6% over the period.
However, not all companies are equal when it comes to their capabilities and investments in the key themes that matter most to their industry. Understanding how companies are positioned and ranked in the most important themes can be a key leading indicator of their future earnings potential and relative competitive position.
According to GlobalData’s thematic research report, Internet of Things in Healthcare, leading adopters include: Boston Scientific, GE Healthcare, Medtronic, Roche Diagnostics, Royal Philips, Bupa, Centro Hospitalar Universitário Lisboa Central, Cleveland Clinic, and Moorfields Eye Hospital.
Insights from several of the top ranked companies
Boston Scientific is a medical device company that develops, manufactures, and markets devices used in a range of interventional medical procedures. The company’s RPM system, Latitude NXT, allows health care professionals (HCPs) to remotely monitor patients’ cardiac health and implanted device data.
GE Healthcare uses IoT technology like remote patient monitoring (RPM) and wearables, and provides services such as computerised data management, remote diagnostics, and repair of medical equipment.
As the world’s largest independent manufacturer of medical devices, including pacemakers, insulin pumps, defibrillators, and minimally invasive lumbar therapies, Medtronic is at the forefront of long-term trends in demographics, national health budgets, and chronic illness. These three factors combine to force the widespread adoption of RPM, shorter hospital stays, and home-based healthcare.
To further understand the key themes and technologies disrupting the medical industry, access GlobalData’s latest thematic research report on Internet of Things in Healthcare.
- Siemens Healthineers
- Quest Diagnostics
- Agilent Technologies
- Nihon Kohden
- Becton Dickinson
- Intuitive Surgical
- Smith & Nephew
- Thermo Fisher Scientific
- Edwards Lifesciences
Frequently asked questions
1. How are Healthcare companies using Internet of Things (IoT) technologies?
Healthcare companies are using IoT technologies in various ways, such as remote patient monitoring, telemedicine, digital health, wearables, and sensors. IoT tools are also used in the pharma industry, from manufacturing processes to remote patient monitoring.
2. How do internet of things (IoT) technologies impact the Healthcare industry?
IoT technologies have a significant impact on the healthcare industry, as they enable remote patient monitoring, telemedicine, and digital health solutions. IoT tools can be adopted across the entire pharma value chain to various ends, from manufacturing processes to RPM.
3. Who are the top adopters of internet of things (IoT) technologies in Healthcare?
The top adopters of IoT technologies in healthcare include Bupa, Cleveland Clinic, Roche, Pfizer, Novartis, Medtronic, Boston Scientific, Royal Philips, and GE Healthcare.
4. Who are the leading vendors of internet of things (IoT) technologies to the Healthcare industry?
The leading vendors of IoT technologies to the healthcare industry include AMD, Intel, Proxxi, Worldsensing, and Arm.
5. How do internet of things (IoT) technologies benefit Healthcare companies?
IoT technologies benefit healthcare companies by enabling remote patient monitoring, telemedicine, and digital health solutions. IoT tools can also be used in the pharma industry, from manufacturing processes to RPM.
6. What are the challenges with adoption of internet of things (IoT) technologies in Healthcare?
The challenges with adoption of IoT technologies in healthcare include data privacy and security concerns, lack of standardization, and high implementation costs.
7. What is the projected market size of internet of things (IoT) in Healthcare?
GlobalData forecasts that the market for IoT platforms for healthcare providers will grow at a compound annual growth rate (CAGR) of 4.6% between 2020 and 2025.
8. Who are the leading specialist internet of things (IoT) vendors in Healthcare?
The leading specialist IoT vendors across healthcare include Alteryx, Armis, McAfee, Broadcom, Oracle, Check Point Software, Okta, Cisco, Palo Alto Networks, CrowdStrike, Palantir, Dataiku, Qualcomm, Darktrace, and Securonix.
9. What are the components of the internet of things (IoT) value chain?
The components of the IoT value chain include the device layer, connectivity layer, data layer, app layer, and services layer.