Leading Medical Companies on the Internet of Things
The future of the medical industry will be shaped by a number of disruptive topics, with the Internet of Things (IoT) being one of the topics that will have a significant impact on medical companies.
IoT describes the use of connected sensors and actuators to monitor and control the environment, the things that move within it, and the people who act within it. IoT is a system of wireless, interconnected, 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 healthcare, IoT allows a variety 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 $13.3 billion in 2025, up from $10.6 billion in 2020, representing a compound annual growth rate (CAGR) of 4.6% over the period. The pharmaceutical IoT market will reach $0.7 billion by 2025, from $0.5 billion in 2020, at a CAGR of 6.1%. Spending on IoT in the medical device market will reach $0.8 billion by 2025, up from $0.6 billion in 2020, growing at a CAGR of 6.6 percent during the period.
However, not all companies are equal when it comes to their capabilities and investments in the key topics that matter most to their industry. Understanding how companies position and rank in the most important topics can be a key leading indicator of their future profit potential and relative competitive position.
According to GlobalData’s Thematic Research Report: Internet of Things in Healthcareleading adopters include: Boston Scientific, GE Healthcare, MedtronicRoche Diagnostics, Royal Philips, Bupa, Centro Hospitalar Universitário Lisboa Central, Cleveland Clinic and Moorfields Eye Hospital.
Insights from some of the top rated companies
Boston Scientific is a medical device company that develops, manufactures and markets devices used in a variety of interventional medical procedures. The company’s RPM system, Latitude NXT, allows healthcare professionals (HCPs) to remotely monitor patients’ heart health and implanted device data.
GE Healthcare uses IoT technology such as remote patient monitoring (RPM) and wearables, and provides services such as computerized data management, remote diagnostics and medical equipment repair.
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 long-term demographic trends, national health budgets and chronic diseases. These three factors combine to drive 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 topical research report. Internet of Things in Healthcare.
- The alphabet
- Siemens Healthcare
- Quest diagnostics
- Agilent Technologies
- 3 m
- Nihon Kohden
- Becton Dickinson
- Intuitive surgical
- Smith and Nephew
- Thermo Fisher Scientific
- Edwards Lifesciences