IoT in Healthcare Market by Component (Medical Device, Systems & Software, Services, and Connectivity Technology), Application (Telemedicine, Connected Imaging, and Inpatient Monitoring), End User and Region - Global Forecast 2023 – 2030

IoT in Healthcare Market: Overview

The global IoT in Healthcare Market size is anticipated to increase from USD 127.7 billion in 2023 to USD 289.2 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 17.8% over the forecast period.

The Internet of Things (IoT) is rapidly transforming the healthcare industry, enabling the development of innovative solutions that improve patient outcomes, streamline operations, and reduce costs. IoT devices can be used for a wide range of applications, including remote monitoring of patients, real-time tracking of medical equipment, and smart medication management. The market can be segmented into various categories, including medical devices, systems and software, and services. The medical devices segment is further sub-segmented into implantable sensors, wearable sensors, and others. The systems and software segment includes data analytics software, network management software, and security software. The services segment includes consulting, training, and support services.

COVID-19 Impact:

The pandemic has highlighted the importance of remote patient monitoring to reduce the risk of infection transmission. IoT devices such as wearable sensors, remote patient monitoring systems, and telehealth platforms have experienced increased demand. These technologies enable healthcare providers to monitor patients remotely, collect vital health data, and provide virtual consultations, thus minimizing the need for in-person visits. Telemedicine has witnessed a substantial surge in adoption during the pandemic. IoT technologies play a crucial role in facilitating telemedicine services by connecting healthcare providers and patients through various devices. The use of IoT-enabled medical devices, such as connected stethoscopes, blood pressure monitors, and glucose meters, allows patients to measure and transmit their vital signs to healthcare professionals for remote diagnosis and monitoring.

IoT in Healthcare Market Drivers:

As the population continues to age, there is an increasing need for healthcare services. IoT devices can help provide remote monitoring and care, reducing the burden on healthcare facilities and improving patient outcomes. The healthcare industry is under pressure to reduce costs, and IoT devices can help achieve this goal by automating many routine tasks and enabling remote monitoring and care, reducing the need for hospital visits and reducing overall healthcare costs. IoT devices can provide real-time monitoring and data analysis, allowing healthcare professionals to identify and respond to potential health issues before they become serious. This can lead to improved patient outcomes and better quality of life. The IoT ecosystem is rapidly evolving, and new technologies are emerging that make it easier to collect, analyze, and use data. This is leading to the development of more sophisticated IoT devices that can provide more accurate and comprehensive health information.

IoT in Healthcare Market: Restraints

As with any connected device, there are concerns about the security of the data being transmitted and stored. With sensitive healthcare data, security breaches could have serious consequences, such as compromising patient privacy or disrupting critical healthcare services. Implementing IoT devices and systems can be costly, and healthcare providers may be hesitant to invest in new technology if they are unsure of the return on investment or if they are already operating on tight budgets. With a wide range of IoT devices and systems available, ensuring that they can all work together seamlessly can be a challenge. Lack of interoperability can lead to data silos and inefficiencies in care delivery. Healthcare is a highly regulated industry, and IoT devices and systems must comply with strict regulations around data privacy, security, and patient safety. Meeting these regulatory requirements can be time-consuming and costly.

IoT in Healthcare Market: Segmentation

IoT in healthcare market can be segmented into wireless sensor networks, wearable devices, cloud-based systems, and mobile health apps. The market can be segmented into remote patient monitoring, disease management, telemedicine, and predictive maintenance. The market can be segmented into hospitals, clinics, long-term care facilities, home healthcare providers, and government agencies. The market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

IoT in Healthcare Market: Regional Landscape

North America is the largest market for IoT in healthcare, driven by factors such as the increasing adoption of telemedicine, the presence of major healthcare IT companies, and a strong regulatory framework. The United States is the largest market in the region, with Canada following closely behind. Europe is the second-largest market for IoT in healthcare, driven by factors such as the increasing elderly population, the rising prevalence of chronic diseases, and government initiatives to promote digital healthcare. Germany, France, and the United Kingdom are the largest markets in the region. The Asia-Pacific region is the fastest-growing market for IoT in healthcare, driven by factors such as the increasing adoption of mobile health technologies, a growing geriatric population, and government initiatives to promote digital healthcare. China, Japan, and India are the largest markets in the region. The Latin American market for IoT in healthcare is growing rapidly, driven by factors such as the increasing adoption of mobile health technologies, rising healthcare expenditure, and government initiatives to promote digital healthcare. Brazil and Mexico are the largest markets in the region. The Middle East and Africa region is a small but growing market for IoT in healthcare, driven by factors such as the increasing adoption of telemedicine, rising healthcare expenditure, and government initiatives to promote digital healthcare. The United Arab Emirates and South Africa are the largest markets in the region.

IoT in Healthcare Market: Competitive Landscape

Some of the main competitors dominating the global IoT in Healthcare Market include- IBM Corporation,Cisco Systems Inc.,GE Healthcare,Philips Healthcare,Siemens Healthineers,Verizon Communications Inc.,Qualcomm Technologies Inc.,Amazon Web Services Inc.,Microsoft Corporation,Medtronic plc.

Recent Developments

  • In 2021
  • Vodafone Business announced a partnership with Florida-based startup Nanoprecise to develop an IoT-based solution for monitoring the structural integrity of bridges and other critical infrastructure.
  • Amazon announced the launch of a new healthcare service called Amazon Care, which includes virtual primary care, in-person primary care visits, and prescription delivery. The service uses IoT technology to connect patients with healthcare providers and to monitor their health remotely.
  • Medtronic, a medical device company, announced a partnership with Tidepool, a diabetes management platform, to develop an IoT-based solution for people with diabetes. The solution will combine Medtronic's insulin pumps and continuous glucose monitoring devices with Tidepool's data platform to enable personalized diabetes management
  • In 2020
  • The FDA granted emergency use authorization to a remote monitoring system developed by BioIntelliSense. The system uses wearable sensors to monitor COVID-19 patients and can be used to track vital signs, coughing, and other symptoms.
  • Amazon launched Halo, a health and wellness wearable that includes features such as activity tracking, sleep monitoring, and body composition analysis. The device also includes a feature called Tone, which uses machine learning to analyze the tone of a user's voice to provide insights into their emotional state.
  • Qualcomm Technologies announced the launch of its new Snapdragon Wear 4100+ platform, which is designed for use in wearables such as smartwatches and fitness trackers. The platform includes features such as extended battery life, faster performance, and improved connectivity.

Global IoT in Healthcare Market is segmented as follows:

  • Application-based segmentation:
  • Remote patient monitoring
  • Telemedicine
  • Clinical operations and workflow management
  • Medication management
  • Connected imaging
  • Inpatient monitoring and tracking
  • Fitness and wellness tracking
  • Component-based segmentation:
  • Medical devices
  • Wearable sensors
  • Gateway
  • Cloud platform
  • Services
  • Software
  • Connectivity technology-based segmentation:
  • Wi-Fi
  • Bluetooth
  • ZigBee
  • Near-field communication (NFC)
  • Cellular network
  • Satellite
  • Others (e.g., Z-Wave, Ethernet)
  • End-user-based segmentation:
  • Hospitals and clinics
  • Diagnostic laboratories
  • Ambulatory care centers
  • Homecare settings
  • Others (e.g., nursing homes, assisted living facilities)

By Region

  • North America
  • The U.S.
  • Canada
  • Mexico
  • Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
  • Rest of Southeast Asia
  • The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
  • Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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Report Detail

  • Status:Published
  • Report Code:NNRR 74
  • No. of Pages:161
  • Published DateJune 2023
  • Category:Healthcare
  • Delivery Timeline:48 hrs

Customized

  • => Region Level Market Share
  • => Import Export Analysis
  • => Additional Company Profiles
  • => Region Specific Market Dynamics
  • => Production Analysis
  • => Additional Countries (Apart From Mentioned Countries)
  • => Country/Region-specific Report