USD 215.4 billion
IoT In Healthcare Market Size, Share, Growth Analysis, By Component(Devices, System & Software, and Services), By Application(Patient Monitoring, Clinical Operation & Workflow Optimization, Connected Imaging, Fitness & Wellness Measurement), By End User(Healthcare Providers, Patients, Healthcare Payers, Research Laboratories), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2103 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
138
|Figures:
77
IoT In Healthcare Market Insights
Global IoT in Healthcare Market size was valued at USD 215.4 Billion in 2022 poised to grow from USD 252.1 Billion in 2023 to USD 926.9 Billion by 2031, growing at a CAGR of 16.8% in the forecast period (2024-2031).
The term "internet of things" (IoT) refers to a physical device network that leverages connectivity to allow for data exchange. Additionally, IoT is used in the healthcare field for data collecting, analysis, research, and monitoring of electronic health records, which include protected health information, personally identifiable information, and other machine-generated healthcare data. Furthermore, IoT applications in healthcare relieve some of the workload for medical professionals and facilitate crucial activities like improving patient outcomes. The healthcare industry can now monitor patients remotely thanks to Internet of Things (IoT)-enabled gadgets, which have enormous potential to keep patients safe and well.
The pandemic has altered providers' receptiveness to deploying IoT solutions, which has aided in the use of IoT for virus diagnosis. In addition, a lot of IoT technology is increasingly assisting authorities in treating sick individuals and stopping the spread of COVID-19. IoT, particularly and particularly in conjunction with other revolutionary technologies like cloud computing and artificial intelligence (AI). As a result, there were numerous IoT applications in healthcare during this crisis. For example, the WHO reports that in 2020, employees and patients at a field hospital in Wuhan, China, wore rings and wristbands that were synced with artificial intelligence.
US IOT In Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals
Fastest Growth
Surgical Centers, and Clinics
Growth Rate
16.8% CAGR
Global IOT In Healthcare Market ($ Bn)
Country Share by North America (%)
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IoT In Healthcare Market Segmental Analysis
The global IoT in healthcare market is segmented based on Component, Application and End User. In terms of Component, the market is grouped into Devices, System & Software and Services. Based on the Application, the market is segmented into Patient Monitoring, Clinical Operation & Workflow Optimization, Connected Imaging, Fitness & Wellness Measurement and Drug Development. In terms of End User, the market is grouped into Healthcare Providers, Patients, Healthcare Payers, Research Laboratories and Government Authority. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Analysis by Component
As per categorization by Component, the market is classified as devices, system & software and services. Among these, services earned the largest share and continue to dominate the market. As they may improve patient care and operational efficiency, new service developments like telemedicine and remote patient monitoring are propelling growth in the worldwide IoT healthcare market. Services are in demand As they make it possible to analyse data in real time, enhance patient involvement, and provide scalable solutions that successfully meet administrative and clinical objectives.
As a result of the increased demand for sophisticated threat detection, continuous monitoring, and reliable data protection, systems and software are anticipated to grow at the quickest rate in the worldwide IoT security market. Comprehensive, scalable security solutions are required due to the proliferation of IoT devices and the increase in sophisticated cyber threats.
Analysis by Application
Wearable technology and remote health management systems are examples of IoT-enabled patient monitoring innovations that improve real-time data collecting and analysis in the global healthcare business. Due to its capacity to enhance patient outcomes, shorten hospital stays, and facilitate proactive healthcare management—all of which promote efficiency and cost savings—patient monitoring is unmatched.
Due to rising consumer demand for health-tracking gadgets and apps, the fitness and wellness measurement area of the worldwide IoT security market is expected to grow at the quickest rate. These developments necessitate strong security to safeguard private health information, which is why sophisticated IoT security solutions are needed in this rapidly expanding market.
Global IOT In Healthcare Market By Component (%)
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IoT In Healthcare Market Regional Insights
North America's sophisticated technology infrastructure, large healthcare spending, and robust legislative support have allowed it to lead the world's IoT in healthcare sector. Thanks to large investments in R&D and innovation, the region has a high adoption rate of cutting-edge healthcare technology, including IoT. To improve patient care and operational efficiency, top IT businesses and healthcare organizations in North America are leading the way in IoT solutions for telemedicine, data analytics, and patient monitoring. The market is further propelled by encouraging government programmes and activities targeted at enhancing the quality and accessibility of healthcare.
Due to the region's rapid urbanization, rising healthcare spending, and broad use of digital health technology, Asia Pacific is the one with the quickest rate of growth in the global IoT in healthcare market. The industry is growing as a result of significant investments in IoT infrastructure and government programmes supporting smart healthcare. The desire for cutting-edge healthcare solutions is fueled by the region's enormous population, with China and India setting the standard for IoT technology adoption. The rise is also attributed to the expanding middle class, the rising incidence of chronic illnesses, and the increased use of wearable technology and cellphones.
Global IOT In Healthcare Market By Geography
- Largest
- Fastest
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IoT In Healthcare Market Dynamics
IOT In Healthcare Market Driver
Unstoppable Rise of IoMT and Connected Medical Devices
- The healthcare sector has unavoidably been impacted by the Internet of Things. The number of health-connected devices and the connected medical device market are rising as connected technology permeates more aspects of daily life, according to the healthcare sector. With the use of linked medical equipment and medical mobile applications, IoMT connects people (patients, clinicians, and carers) and data (patient information or performance data).
Leveraging IoT-Connected Devices for Enhanced Underwriting
- Health insurers can benefit greatly from IoT-connected intelligent gadgets. Insurance companies can use health monitoring device data for underwriting and claims processing. They will be able to select candidates for underwriting and detect fraud claims thanks to this data. IoT devices facilitate openness in the underwriting, pricing, claims handling, and risk assessment procedures between insurance companies and their clients.
Restraints
Internet Infrastructure Challenges
- The largest obstacle to the adoption of IoT solutions in the healthcare sector is the underdeveloped internet infrastructure and limited internet usage among vulnerable groups, including the elderly, those with low levels of education, people living in rural regions, and people of color. The main disadvantage of IoT solutions is that technology is always evolving, making laborers responsible for handling it.
Data Privacy Risks in IoT-Driven Healthcare
- The increasing influence of technology in healthcare comes with a double-edged sword: there are innumerable advantages, but there are also innumerable chances for malicious actors to steal the most private data. The data security and privacy risks associated with the increasing adoption of IoT further heighten the healthcare sector's susceptibility to cyberattacks.
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IoT In Healthcare Market Competitive Landscape
The fierce competition between the top technology and healthcare businesses characterises the global IoT in healthcare industry. Medtronic, GE Healthcare, Philips, Siemens Healthineers, and IBM Watson Health are important participants. By improving healthcare delivery and operational efficiency, these companies foster innovation through cutting-edge IoT solutions for telemedicine, data analytics, and patient monitoring. Common tactics to keep a competitive edge and increase market presence include strategic alliances, acquisitions, and R&D expenditures.
Top Players Company Profiles IOT in Healthcare Market
- AdhereTech (US)
- Capsule Technologies, Inc. (US)
- Cerner Corporation (US)
- Cisco Systems, Inc. (US)
- GE Healthcare (US)
- Honeywell International, Inc. (US)
- IBM Corporation (US)
- Intel Corporation (US)
- Koninklijke Philips N.V. (Netherlands)
- Medtronic Plc (Ireland)
- Microsoft Corporation (US)
- NXP Semiconductors N.V. (Netherlands)
- Qualcomm Life, Inc. (US)
- Siemens AG (Germany)
- STMicroelectronics N.V. (Switzerland)
- Telit Communications PLC (US)
Recent Developments in IOT in Healthcare Market
- In January 2024, With the integration of AI-driven analytics for improved picture interpretation, Siemens Healthineers unveiled a cutting-edge Internet of Things solution for smart imaging diagnostics. This innovation facilitates remote consultations and real-time data sharing, allowing for more precise and effective diagnostic procedures. It also optimises efficiency and enhances patient care through creative connectivity.
- In April 2024, To make managing chronic diseases easier, Philips has introduced a new platform for remote patient monitoring that incorporates Internet of Things technologies. This platform makes use of wearable technology and mobile apps to give medical personnel access to ongoing patient data. This allows for faster interventions and individualized care, which enhances patient engagement and improves clinical outcomes.
- In June 2024, The most recent IoT-enabled glucose monitoring device from Medtronic was just released, giving patients and medical professionals access to real-time data. By providing continuous glucose monitoring and actionable insights, as well as by leveraging enhanced connectivity and data analytics to improve patient outcomes and treatment efficiency, this breakthrough seeks to improve the management of diabetes.
IoT In Healthcare Key Market Trends
- AI and IoT in Personalized Therapy and Predictive Analytics: One of the main trends in the worldwide IoT in healthcare industry is the rise of wearable health devices. Leading the way are businesses like Apple and Fitbit, which provide cutting-edge monitoring solutions that track physical activity and vital signs. These gadgets improve data gathering and patient self-management for improved medical results.
- AI and IoT Convergence in Healthcare: The growing trend of integrating AI and IoT in healthcare is propelling advancements in personalized therapy and predictive analytics. Global companies like IBM Watson Health and Philips are leading the way in applying AI algorithms to analyze Internet of Things data, optimize treatment regimens, and enhance diagnostic precision—all of which are revolutionizing patient care.
IoT In Healthcare Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, improved data gathering, analysis, and monitoring brought about by IoT integration in healthcare is radically changing patient care. Companies like Medtronic, Philips, and Siemens Healthineers are leading the way in innovations like wearable health gadgets and remote patient monitoring, which are propelling growth.
Due to its sophisticated infrastructure and investments, North America continues to lead the industry, while Asia Pacific is expanding quickly because of its large population and advances in technology. Despite these developments, issues like restricted internet connectivity and concerns about data privacy need to be resolved in order to properly utilize IoT in the healthcare industry.
| Report Metric | Details |
|---|---|
| Market size value in Healthcare | USD 215.4 Billion |
| Market size value in 2031 | USD 926.9 Billion |
| Growth Rate | 16.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| 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:-
|
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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 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 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 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 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 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 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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