USD 215.4 billion
Global IOT In Healthcare Market Size, Share, Growth Analysis, By Component(Medical Devices, Systems), By Application(Telemedicine, Store-), By End user(Hospitals, Surgical Centers) - Industry Forecast 2023-2030
Report ID: SQMIG35G2103 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 107 | Figures: 76
Global IOT In Healthcare Market Insights
Global IOT In Healthcare Market size was valued at USD 215.4 billion in 2021 and is poised to grow from USD 252.1 billion in 2022 to USD 926.9 billion by 2030, growing at a CAGR of 16.8% in the forecast period (2023-2030).
The Internet of Things (IoT) in healthcare connects all devices and operating machinery and enables data transfer and storage via the internet. The rising demand for connected medical devices and automated remote patient care is expected to drive IOT in Healthcare Market expansion.
For several years, the healthcare sectors of several developed countries have shifted away from paper-based clinical records and toward electronic health record systems. The rapid advancement of technology encourages the government to invest in IoT to enable remote access to healthcare services. As a result, government initiatives to support technology development and adoption are expected to drive significant growth in the IoT in the healthcare market.
A network of physical devices connected by connectivity to exchange data is referred to as the Internet of Things (IoT). Further, in the healthcare field, IoT is used in the collection, analysis, and monitoring of personal health records, protected health information, and other data generated by machines in healthcare. Additionally, IoT applications in healthcare facilitate important tasks, such as improving patient outcomes, and relieve some of the burdens on healthcare practitioners.
US IOT In Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2023-2030
Global Market Size
Largest Segment
Hospitals
Fastest Growth
Surgical Centers, and Clinics
Growth Rate
16.8% CAGR
Global IOT In Healthcare Market , 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global IOT In Healthcare Market Size By End User , 2021-2028 ($ Bn)
Global IOT In Healthcare Market Size By End User , 2021-2028 (%)
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Global IOT In Healthcare Market Segmental Analysis
Global IOT in Healthcare Market is segmented based on Component, Application, End user, and Region. Based on Component it is categorized into: Medical Devices, Systems and Software, Services, Connectivity Technology. Based on Application it is categorized into: Telemedicine, Store-and-forward Telemedicine, Remote Patient Monitoring, Interactive Medicine, Clinical Operations and Workflow Management, Connected Imaging, Inpatient Monitoring, Medication Management, Others (Fall detection, sportsmen care, and public safety. Based on End user it is categorized into: Hospitals, Surgical Centers, and Clinics, Clinical Research Organizations, Government and Defense Institutions, Research and Diagnostic Laboratories. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
IOT In Healthcare Market Analysis by End-User
The hospital and clinic segment is expected to dominate the segment share. The adoption of IoT has increased customer experiences owing to the instant and real-time attention provided through connected devices. Thus, hospitals are extensively investing in IoT technology. The rising adoption of wearable devices is expected to fuel IoT-powered clinics. Similarly, with its capabilities to provide real-time data analysis, laboratory researchers have started integrating the technology with the research work. The growing requirement to manage an ever-increasing number of patient data, as well as the expanding demand for data accessibility and interoperability in hospitals and clinics, is propelling this industry forward.
Global IOT In Healthcare Market By End User, 2021(%), 2021 (%)
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Global IOT In Healthcare Market Regional Insights
The North American segment accounted for a key share in 2020 and is predicted to continue this trend due to rapid technological advancements, increasing investments from top players, supportive government regulations, and a rise in the prevalence of chronic diseases, and the demand for cost-effective disease management. In contrast, Asia-Pacific is expected to register a CAGR of 17.40% during the forecast period. There are several reasons for this, including rapidly changing healthcare infrastructure in developing countries like India and China, a large patient population, public awareness, and increasing healthcare spending.
Global IOT In Healthcare Market By Geography, 2021 - 2028, 2023-2030
- Largest
- Fastest
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Global IOT In Healthcare Market Dynamics
IOT In Healthcare Market Driver
- The global IOT in healthcare market is driven by rising cases of chronic diseases such as genetic diseases, respiratory diseases, COPD, and others. The market is also growing due to favorable government policies and high internet accessibility. demand for disease management and cost efficient treatments is supporting the need for smart devices and wearables.
IOT In Healthcare Market Restraint
- Interoperability and connectivity solutions for many medical devices are extremely expensive. Furthermore, IT support and maintenance services, which include customizing and upgrading software to meet changing user needs and maintaining a reliable IT infrastructure, are a recurring cost. This makes up a significant portion of the total cost of ownership. Additionally, to assure solution integrity and completeness, post-sale custom interface creation for device integration necessitates additional testing and validation, as a result, The total cost of ownership for healthcare providers will rise even more. Small healthcare facilities, particularly in emerging nations, are hesitant to replace their outdated systems with advanced IoT-enabled equipment due to the significant costs involved.
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Global IOT In Healthcare Market Competitive Landscape
The Global IOT in Healthcare Market are characterized by a fragmented landscape and fierce competition among industry participants. The players have focused their efforts on bolstering their IOT in Healthcare Market position through mergers and acquisitions, alliances, and global development. These techniques assist businesses in expanding their geographic reach and improving their service offerings in both domestic and foreign markets.
Top Players Company Profiles Global IOT in Healthcare Market
- AdhereTech
- Capsule Technologies, Inc.
- Cerner Corporation
- Cisco Systems, Inc.
- GE Healthcare
- Honeywell International, Inc.
- IBM Corporation
- Intel Corporation
- Koninklijke Philips N.V.
- Medtronic Plc
- Microsoft Corporation
- NXP Semiconductors N.V.
- Qualcomm Life, Inc.
- Siemens AG
- STMicroelectronics N.V.
- Telit Communications PLC
- Terumo Corporation
- Texas Instruments Incorporated
- Welch Allyn, Inc. (A Hill-Rom Company)
- Zebra Technologies Corporation
Recent Developments in Global IOT in Healthcare Market
- In April 2022, Clear Arch Health Acquired Life Care Solutions to Expand RPM Marketshare
- In March 2022, BIOTRONIK launched HeartInsight for early prediction of heart failure hospitalizations
- In Feb 2022, Medtronic announced launch of NuVent™ Eustachian tube dilation balloon
- In May 2021, Surgical Theater and Medtronic have announced a collaboration to integrate Surgical Theater's SyncAR augmented reality (AR) technology with Medtronic's StealthStation S8 surgical navigation system.
- In February 2021, EarlySense was bought by Hill-Rom to provide a unique suite of linked solutions to improve patient outcomes.
Global IOT In Healthcare Key Market Trends
- People all over the world are becoming more aware of self-health management as early-life issues become more prevalent. The growing health-consciousness of the young and active population is driving the adoption of wearable devices. With the introduction of wearable medical devices, it has become much easier and more convenient to monitor health concerns. According to the International Diabetes Federation (IDF), the majority of the world is affected by diabetic issues. Nonetheless, 46% of patients are not diagnosed on time. As a result, people are increasingly turning to wearable medical devices to conduct regular health checks.
- Companies such as Dexcom and Eversense are the first to receive FDA approval for glucose monitor devices, which help monitor blood sugar levels for 90 days.These IoT-powered wearable devices are also assisting in the monitoring and alerting of remote patients suffering from chronic illnesses. This wearable device aids in the diagnosis of sudden cardiac arrest. As a result of the effectiveness of IoT devices, people are adopting these devices for health monitoring, which is expected to drive IOT in Healthcare Market growth.
- The rapid proliferation of emerging technologies such as Artificial Intelligence and Machine Learning to achieve greater efficiency in healthcare services will drive the IOT in Healthcare Market.
- Mobile devices offer a key opportunity to reach underserved patients for telehealth services, but complexity and connection issues hinder their effectiveness.
Global IOT In Healthcare Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research has identified that the major factors driving the growth of the internet of things in the healthcare market include technological advancements, rising incidence rates of chronic diseases such as COPD, genetic diseases, respiratory diseases, and others, improved access to high-speed internet, and the implementation of favorable government regulatory policies. Furthermore, with advanced and cost-effective IoT in healthcare products and solutions, there is a growing demand for cost-effective treatment and disease management, increased adoption of smart devices and wearables, increased interest in self-health measurement, and reduced healthcare costs.
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| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 215.4 billion |
| Market size value in 2030 | USD 252.1 billion |
| Growth Rate | 16.8% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global IOT In Healthcare Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global IOT In Healthcare Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global IOT In Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global IOT In Healthcare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global IOT In Healthcare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global IOT In Healthcare Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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