Leading medical companies in the Internet of Things theme

The future of the medical industry will be shaped by a range of disruptive topics, with the Internet of Things (IoT) being one of the topics that will have a significant impact on medical companies.

The Internet of Things 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 Internet of Things is a system of wireless, interconnected, and connected digital devices that can collect, transmit, and store data over a network without the need for human-to-human or human-to-computer interaction. For example, in the healthcare industry, the Internet of Things makes it possible to connect a range of medical devices to a server, allowing patients to monitor their health and contact healthcare providers remotely. IoT can also be used in research and development, clinical trials, supply chains, and manufacturing.

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GlobalData predicts that the IoT platforms market for healthcare providers will reach $13.3 billion in 2025, up from $10.6 billion in 2020, representing a compound annual growth rate (CAGR) over a period of 4.6%. The pharmaceutical IoT market will reach $0.7 billion by 2025, up from $0.5 billion in 2020, at a compound annual growth rate of 6.1%. IoT spending in the medical device market will reach $0.8 billion by 2025, up from $0.6 billion in 2020, having grown at a compound annual growth rate of 6.6% over the period.

However, not all companies are equal when it comes to their capabilities and investments in the key topics that matter most in their industry. Understanding how companies position and rank on the most important topics can be a major leading indicator of their future earnings potential and relative competitive position.

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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 top-rated companies

Boston Scientific

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’ heart health and implant device data.

GE Healthcare

GE Healthcare uses Internet of Things technology such as remote patient monitoring (RPM) and wearable devices, and provides services such as computerized data management, remote diagnostics, and medical equipment repair.

Medtronic

Medtronic is at the forefront of long-term trends in demographics and national health and chronic disease budgets. These three factors combine to force widespread adoption of RPM, shorter hospital stays, and home health care. The company collaborated with IBM to develop a new generation of personalized diabetes management systems. The alliance aims to leverage IBM Watson’s aggregation of clinical research analytics and social data in a secure cloud environment.

To understand the key topics and technologies disrupting the medical industry, access GlobalData’s latest objective research report on the Internet of Things in Healthcare.

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