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.
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 will reach $13.3bn in 2025, up from $10.6bn in 2020, representing a compound annual growth rate (CAGR) over the period of 4.6%. The pharma IoT market will reach $0.7bn by 2025, up from $0.5bn in 2020, at a CAGR of 6.1%. Spending on IoT in the medical devices market will reach $0.8bn by 2025, up from $0.6bn in 2020, having grown 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