Internet Of Things In Healthcare Market Size, Share & Trends Report

Internet Of Things In Healthcare Market Size, Share & Trends Analysis Report By Component (Medical Devices, System & Software, Services), By Connectivity Technology, By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: 978-1-68038-857-2
  • Number of Report Pages: 100
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2022
  • Forecast Period: 2024 - 2030 
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the internet of things in healthcare market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for internet of things in healthcare market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of internet of things in healthcare market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Internet Of Things In Healthcare Market Categorization:

The internet of things in healthcare market was categorized into five segments, namely component (Medical Devices, System and Software, Services), connectivity technology (Cellular, Wi-Fi, Bluetooth, LPWANs, Zigbee, RFID), application (Telemedicine, Patient Monitoring, Connected Imaging, Clinical Operations, Medical Management), end-use (Hospitals and Clinics, Clinical Research Organizations, Research and Diagnostic Laboratories), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The internet of things in healthcare market was segmented into component, connectivity technology, application, end-use, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The internet of things in healthcare market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S., Canada, the UK, Germany, France, Italy, Spain, Denmark, Norway, Sweden, China, Japan, India, South Korea, Australia, Thailand, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE, Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Internet of things in healthcare market companies & financials:

The internet of things in healthcare market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Medtronic - Medtronic is a medical device company that develops and markets therapies & products for the treatment of cardiovascular diseases, cardiac rhythm disorders, urological & digestive disorders, spinal conditions & musculoskeletal traumas, neurological disorders, diabetes, and ear, nose, & throat conditions. The company owns research, education, manufacturing, and sales facilities worldwide. It operates through two major segments-the cardiac & vascular group and the restorative therapies group. The cardiac & vascular group segment comprises three businesses-coronary & peripheral, endovascular, and structural heart.

  • Cisco Systems, Inc. - Cisco Systems, Inc. designs and develops networking equipment. The company’s products & services are grouped into categories such as infrastructure platforms, security, applications, and other products. In addition, the company provides a broad range of services, including technical support and advanced services. It also offers several training modules & certification courses, as well as solutions for the public sector, small businesses, executives, midsized businesses, service providers, and consumers.

  • IBM Corporation - The company is engaged in designing, manufacturing, and marketing software solutions, hardware, hosting, & consultancy services. It operates in over 170 countries. IBM serves its consumers from varied industries, such as automotive, banking, life sciences, retail, chemical & petroleum, and communication. Life sciences services offered by the company include R&D, supply chain, process, and regulatory compliance. It also offers healthcare database services.

  • GE Healthcare - The company’s healthcare segment focuses mainly on healthcare systems and life sciences. It has expertise in digital solutions, medical imaging, drug discovery, patient monitoring & diagnostics, and others. The company serves a wide range of customers, including hospitals, medical facilities, research labs, and life sciences, pharmaceutical, & biotechnology companies. It has operations in over 180 countries.

  • Microsoft Corporation - Microsoft is a technology solutions provider that develops and offers various software, services, & solutions. It operates through six business segments and provides a wide range of services like product development, licensing, vendor support, and cloud-based solutions. Its product offerings include operating systems, business solution applications, cross-device productivity applications, server applications, software development tools, video games, and others.

  • Cerner (Oracle) - Oracle acquired Cerner in June 2022. Oracle offers database technology and Enterprise Resource Planning (ERP) software to global businesses. Cerner supplies healthcare information solutions and services to cater to the operational, clinical, & financial requirements of healthcare organizations. The company serves over 27,000 healthcare facilities, including hospitals, laboratories,ambulatory centers, physician practices, cardiac facilities, and surgery centers, worldwide. It offers a broad range of services like training & implementation, support & maintenance, healthcare data analytics, remote hosting, employee wellness programs, and others.

  • SAP SE - SAP SE is a global provider of enterprise software and related services. It provides solutions to various businesses, including digital supply chain, enterprise resource planning, finance & fund management, analytics, customer experience & customer relationship management, networking solutions, and human resource & employee engagement.

  • Infosys Limited - Infosys Limited offers business consulting, information technology, and outsourcing services. The solutions offered by the company to its clients are based on the latest technologies, such as robotics, machine learning, artificial intelligence, rich content visualization, predictive analytics, and mobile technologies. It offers services like customer service, finance & accounting, human resources, BPM analytics, sourcing & procurement, sales & fulfillment, digital interaction services, business transformation services, etc. The company operates in industries such as communication & services, energy & utilities, financial services, healthcare, insurance, manufacturing, media & entertainment, retail, CPG, logistics, Edutech services, and business transformation services.

  • QUALCOMM Incorporated - QUALCOMM Incorporated is a global company that develops & designs wireless telecommunication products and services. The company offers products under the four categories: mobile, automotive, IoT, and core technologies. The range of products include smartphone, tablets, connectivity devices, smart home, cameras, positioning solutions, Wi-Fi networks, AI, processors, retail & payments, and IoT devices. It has 170 sales offices in more than 30 countries worldwide.

  • Amazon -, Inc. is a multinational company that engages in the retail selling of consumer goods and subscriptions. The business is divided into the North American, International, and Amazon Web Services segments (AWS). Under the AWS segment, the company offers medical devices, software solutions, and services for healthcare & life sciences industry. It has more than 90 life science, open health & genomic datasets and covers more than 50 global genomic initiatives powered by AWS.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Internet Of Things In Healthcare Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Internet Of Things In Healthcare Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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