IoT in Healthcare Market by Component (Medical Devices, Services, Systems & Software), Technology (Bluetooth, NFC, Wi-Fi), Application, End-User - Global Forecast 2024-2030

IoT in Healthcare Market by Component (Medical Devices, Services, Systems & Software), Technology (Bluetooth, NFC, Wi-Fi), Application, End-User - Global Forecast 2024-2030

The IoT in Healthcare Market size was estimated at USD 170.33 billion in 2023 and expected to reach USD 196.48 billion in 2024, at a CAGR 16.10% to reach USD 484.49 billion by 2030.

The healthcare sector is experiencing a transformative phase driven by the integrating of the Internet of Things (IoT) technology. IoT in healthcare implies using interconnected devices capable of generating, analyzing, and transmitting health-related data. These devices range from wearable fitness trackers to sophisticated medical equipment in hospitals. The IoT in healthcare has witnessed significant growth due to its advantages, such as improved patient monitoring, increased accuracy in diagnosis, enhanced disease management, and optimizations in hospital operations. Furthermore, rising government support and initiatives for promoting digital health are accelerating market growth. In contrast, complex integration supporting multiple devices and protocols and increasing the risk of data breaches and compliance is limiting the adoption of IoT in healthcare sector. However, several market players are investing and working on these issues to overcome them. Moreover, the emerging trend of personalized medicine and telemedicine and the integration of advanced technology in medical devices and wearable technologies are creating lucrative opportunities for market growth.

Regional Insights

In the Americas, the adoption of IoT in healthcare is propelled by the advanced healthcare infrastructure and the emphasis on reducing the cost of care while improving quality. A significant driving force is the availability of robust telecommunication networks and high smartphone penetration, which facilitate remote patient monitoring and telehealth. This region has increased healthcare expenditures, and government initiatives to modernize healthcare infrastructure support adopting IoT healthcare solutions. The Europe, Middle East, and Africa (EMEA) region showcases a varied landscape in IoT healthcare adoption. In Europe, high healthcare standards and government initiatives drive IoT adoption. Meanwhile, the Middle East is experiencing rapid development in healthcare facilities, focusing on smart hospitals and IoT for enhanced patient care. Africa's adoption of mobile technology is expected to grow with mobile technology usage for healthcare delivery and managing limited resources effectively. APAC is witnessing the fastest growth in the healthcare IoT, underpinned by the rapid economic development in countries. Increasing healthcare awareness, rising disposable incomes, and a growing middle class contribute to the demand for advanced healthcare services. Governments are investing in healthcare infrastructure and digitization while regulatory encouragement, such as favorable policies for telemedicine, propels the IoT in healthcare forward in the region.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the IoT in Healthcare Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Increasing focus to improve patient engagement and deliver patient-centric care
Growing penetration of mHealth in developed and developing economies
Government initiatives for promoting digital health

Market Restraints

Complex integration supporting multiple devices and protocols

Market Opportunities

Emerging trend of personalized medicine and telemedicine
Integration in medical devices and wearable technologies

Market Challenges

Data security and privacy issues

Market Segmentation Analysis

Component: Consumer preference for services as it provide support and maintenance, consulting, and integration services
Technology: Widening availability of wireless technology providing seamless integration in patient monitoring
Application: Adoption of artificial intelligence & advanced analytics in preference to meet the healthcare needs
End-User: Increasing uses of IoT in CRO and hospitals catering better outcomes with faster medical diagnostics

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the IoT in Healthcare Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the IoT in Healthcare Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Cynerio and Integra (e-Quip) Announce Strategic Partnership, Revolutionising IoT Security in the UK Healthcare Market

Cynerio partnered with Integra e-Quip Ltd., which aims to bring the best CMMS solution integrated with cutting-edge IoT security tools to the UK healthcare market. Integrating e-Quip's comprehensive CMMS solution with Cynerio's advanced IoT security platform gives healthcare organizations a powerful solution to mitigate risks and streamline operations.

Cynerio and Sodexo Announce Partnership to Get Ahead of Risks and Attacks on Network-Connected Medical Devices

Cynerio partnered with Sodexo, enhancing healthcare security by offering institutions comprehensive insights into their Internet of Medical Things (IoMT) landscape. Through this collaboration, healthcare facilities gain access to advanced tools that detect immediate threats and deliver tailored mitigation strategies to tackle each identified risk effectively. This joint venture equips hospitals with the necessary threat intelligence to meticulously catalog all connected devices within their networks, encompassing medical IoT and broader enterprise IoT systems.

E& Enterprise IoT & AI Partners with Stella Technologies to Advance Gcc's Digital Healthcare

Enterprise IoT & AI partnered with Stella Technologies to expand and explore novel opportunities in the digital healthcare landscape in the GCC region. This partnership, e& enterprise IoT & AI, leverages the system integration capabilities of Stella Technologies to set up a comprehensive go-to-market strategy focused on healthcare regulators, hospital enterprises, and small to medium-sized healthcare businesses. The collaboration is expected to enable enterprises in the healthcare space through a combination of internet of things (IoT) and artificial intelligence (AI) solutions.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the IoT in Healthcare Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the IoT in Healthcare Market, highlighting leading vendors and their innovative profiles. These include Abbott Laboratories, Agilie, AliveCor, Inc., Appinventiv Technologies Pvt. Ltd., Cerner Corporation by Oracle Corp., Cisco Systems Inc., Claroty Ltd., Cleveroad Inc., Digi International Inc., Finoit Inc., GE Healthcare, Google LLC, HCL Technologies Ltd., Honeywell International Inc., InfiSIM Ltd, International Business Machines Corporation, Johnson & Johnson Services, Inc., Koninklijke Philips N.V., Medtronic PLC, Microsoft Corporation, Ordr, Inc., OSP Labs, QUALCOMM Incorporated, SAP SE, Securitas Healthcare, LLC, Siemens AG, Simon IoT LLC., Software AG, Thales Group, Tiga Health, Toobler Technologies, u-blox AG, and Wipro Limited.

Market Segmentation & Coverage

This research report categorizes the IoT in Healthcare Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
Medical Devices
Implantable
Stationary
Wearable
Services
Consulting
Deployment & Integration
Support & Maintenance
Systems & Software
Application & Data Security
Data Analytics
Remote Device Management
Technology
Bluetooth
NFC
Wi-Fi
ZigBee
Application
Clinical Operations & Workflow Management
Connected Imaging
Inpatient Monitoring
Medication Management
Telemedicine
End-User
Clinical Research Organization
Government & Defense Institutions
Hospitals, Surgical Centers, & Clinics
Research & Diagnostics Laboratories
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year