This report provides Transforma Insights’ view on the IoT Healthcare Monitoring market. This segment comprises clinical remote monitoring devices for heart disease, diabetes, and pulmonary diseases. It also includes wearable fitness tracking devices (but not smart watches), and various home health monitoring devices such as connected bathroom scales.
Monitoring of patients at home is supported by the sharing of health information with physicians to reduce the burden on clinical staff who are often grappling with challenges associated with shortages of medical personnel.
The collection and sharing of patients’ health data with healthcare professionals remotely not only lowers the pressure on existing healthcare infrastructure but also improves the quality of care through continuous patient monitoring. These devices can also help in a medical emergency by alerting first responders, potentially saving a patient’s life.
The report provides a detailed definition of the sector, analysis of market development and profiles of the key vendors in the space. It also provides a summary of the current status of adoption and Transforma Insights’ ten-year forecasts for the market. The forecasts include analysis of the number of IoT connections by geography, the technologies used (including splits by 2G, 3G, 4G, 5G, LPWA, short range, satellite and others), as well as the revenue split between module, value-added connectivity and services. A full set of forecast data, including country-level forecasts, sector break-downs and public/private network splits, is available through the IoT Forecast tool.
The report examines key factors that are influencing the development of the market, including:
This section of the report defines and explains the features of remote heart monitoring devices such as detecting atrial fibrillation/irregular heartbeat. It then talks about the benefits of these devices like reducing the pressure on healthcare infrastructure by identifying issues earlier, decreasing hospitalisations, and enhancing patient care.
This subsection focuses on the connectivity technologies (including Short Range technologies) that are used in connected pacemakers and explains why such technologies are suitable for these devices. For instance, Short Range technologies ensure minimal power usage and enable the use of smaller implanted devices.
It also explains the use of defibrillators and talks about the technological advancement in these devices, like the development of the world’s first Bluetooth-enabled defibrillator by Abbott in 2020.
This subsection begins with the challenges of connected pacemakers like security concerns, which can tweak product settings and disable product functionalities, posing danger to human lives. It then covers the protective measures taken by various governments, regulatory bodies, and manufacturers to deal with such issues.
It also provides a few examples of relevant IoT deployments in this application, such as the New Mexico Heart Institute and Ardent Health using connected cardiac monitors.
This section of the report first explains the reasons behind the rising adoption of continuous glucose monitoring (CGM) devices and the two variants of these devices: fingersticks and continuous glucose monitoring (CGM), and then talks about the features of both of these variants. It also mentions the advantages CGM devices have over fingersticks (such as CGMs being non-invasive resulting in zero blood loss).
This subsection talks about the steps taken by various governments to support diabetes patients. For instance, in 2022, under the National Diabetes Services Scheme (NDSS), the Australian government offered subsidised CGM devices to 130,000 nationals living with type 1 diabetes.
This subsection expounds upon the ongoing strategic partnerships between the providers of CGM devices and telemedicine providers, and their benefits (like benefitting virtual care providers). It also lists some such partnerships, like MedNOW partnering with Dexcom to provide a personalised online diabetic care management solution. It also gives an example of a relevant IoT deployment in this application, like Scripps Health using Dexcom’s G6 continuous glucose monitoring device.
This section talks about the use of RPM devices by COPD patients and discusses how these devices function. For instance, these devices record and transmit blood oxygen levels along with other vital data to a cloud platform. It also charts and discusses some of the monitoring devices including connected spirometer and connected pulse oximeter.
It also focusses on sleep apnoea and explains how continuous positive airway pressure (CPAP) machines are used by patients to keep their lungs functioning properly. It also talks about the features of these machines like being equipped with wireless network technology to store and share patients’ sleep data with physicians, which, in turn, can help physicians in prescribing sleep apnoea therapies.
It then provides a few examples of relevant IoT deployments in this application, like US Davis Health collaborating with Propeller Health for COPD monitoring.
This section of the report explains how hospitals are using smart devices to connect patients using IoT-based wearable tags and the benefits of these tags, like helping nurses and doctors track the location and health status of patients (at times).
It then talks about the connectivity technologies (like RFID and BLE-based tags) that are used to support most patient tracking systems and the benefits of these technologies. It also lists and explains the key benefits of real-time patient trackers, like ensuring better management of critical patients.
This section of the report tracks the development of fitness trackers over time and charts the features of advanced and sophisticated tracking devices (like offering a plethora of health data like heart rate and blood oxygen).
This subsection expounds upon the rapid increase in obesity among people and various governments launching health programs to encourage healthy living. For instance, Public Health England introduced the Better Health initiative to encourage people to adopt a healthy lifestyle and lose weight.
This subsection of the report talks about employers and health insurance providers coming together to incentivise users to use smart watches. For example, Vitality Health in the UK launched ‘Vitality Essentials’, lifestyle health, and primary care benefits for its SME clients, which include discounts of 40% on Virgin Active and Nuffield Health gym memberships and up to 40% discount on wearable fitness devices.
This subsection discusses some of the drawbacks of fitness tracking devices, such as some users getting obsessed with these devices, eventually hampering their mental, personal, and professional health.
This subsection explains the lack of regulations regarding these data, which can lead to cybercrime. For instance, in September 2021, more than 61 million Fitbit and Apple Watch users’ fitness tracker data were exposed online.
This subsection explains how sometimes, tracking devices send false alarms resulting in avoidable physician visits, wastage of time, and overutilisation of healthcare infrastructures.
This subsection talks about smartwatches, which pose the toughest challenge for the dedicated fitness tracker market. It explains how features of smart watches like larger displays and better user interfaces can unsettle and diminish the scope of the fitness tracker market. It also talks about some of the popular providers of fitness tracking devices including Garmin, Fitbit, and Amazfit.
This section discusses the uses of connected scales (like self-monitoring to lose weight). It then mentions both the benefits (like developing a calorie-controlled diet) and drawbacks (like stress resulting in disordered eating) of frequent weight monitoring.
It then mentions the connectivity technologies that are used to support connected scales, explains their working mechanism, and talks about their functions (like measuring standing heart rate). It also talks about some of the largest providers of fitness tracking devices including Withings, Fitbit, and Garmin.
The key vendors section lists some of the main providers of products and services related to the market such as Dexcom, KardiaMobile by AliveCor, Medtronic, Abbott, Philips, Zio by iRhythm, and Eversense by Senseonics. The report provides profiles of the various vendors including aspects most relevant to this Application Group, such as product offerings, pricing, financial results, and technology.
In the market forecasts section, we provide a summary of the forecasts from the Transforma Insights IoT Forecast Database:
The report charts the growth in the number of connected healthcare monitoring devices, which will grow from 89.3 million in 2023 to 312 million in 2033.
Transforma Insights forecasts are compiled on a country-by-country basis. This report includes a regional summary, showing splits between Australasia, Greater China, North America, Europe, Japan, Latin America, MENA, Russia & Central Asia, South East Asia, South Korea, India & South Asia, and Sub-Saharan Africa.
Transforma Insights’ IoT forecasts include splits between the various connectivity technologies as follows: 2G, 3G, 4G, 5G mMTC, 5G non-mMTC, LPWA (non-mMTC), Satellite, Short Range, and Other.
This section discusses which technologies will be used in the healthcare monitoring application group.
This part of the report discusses the market growth in terms of revenue (module revenue, service wrap revenue, and VAC revenue). Transforma Insights estimates that the revenue in the Healthcare Monitoring Application Group will grow at a CAGR of 16%.
