Global IoT in Healthcare Market Report and Forecast 2023-2031

Global IoT in Healthcare Market Report and Forecast 2023-2031

Global IoT in Healthcare Market Outlook

The global IoT in healthcare market size was around USD 202.32 billion in 2022. The market growth is being driven by the increasing investment in the development of IoT medical devices. The market size is anticipated to grow at a CAGR of 17.9% during the forecast period of 2023-2031. The market is anticipated to reach a value of USD 890.33 billion by 2031.

Global IoT in Healthcare Market: Introduction

The IoT (Internet of Things) in healthcare market is a rapidly growing sector of the healthcare industry. IoT medical devices are connected medical devices that use the internet and other digital technologies to monitor patient health and transmit data to healthcare providers. The market for IoT in healthcare is driven by the increasing prevalence of chronic diseases, the need for more personalized and efficient healthcare delivery, and the demand for remote patient monitoring solutions.

The COVID-19 pandemic has also accelerated the adoption of IoT in healthcare as healthcare providers increasingly rely on remote patient monitoring solutions to manage patient care and reduce the risk of infection. The use of IoT devices in healthcare has the potential to improve patient outcomes, reduce healthcare costs, and increase access to healthcare services.

The global IoT in healthcare market is expected to grow significantly in the coming years with increasing investment in the development of IoT medical devices and the expansion of IoT infrastructure in healthcare facilities. The market is segmented by component, application, end-user, and geography, and includes a wide range of IoT devices such as wearables, medical sensors, smart pills, and connected medical equipment.

Despite the market's growth potential, the adoption of IoT in healthcare also faces challenges, including concerns over data security and privacy, regulatory challenges related to the use of IoT medical devices in healthcare, and the high cost of these devices. Nevertheless, the global IoT in healthcare market is expected to continue to grow, driven by the increasing demand for remote patient monitoring and personalized healthcare solutions.

IoT in Healthcare - Applications and Uses

The IoT (Internet of Things) in healthcare market is a rapidly growing sector of the healthcare industry. IoT medical devices are connected medical devices that use the internet and other digital technologies to monitor patient health and transmit data to healthcare providers. Here are some of the key applications and uses of IoT in healthcare:

• Remote patient monitoring: IoT devices can be used to monitor patients' health remotely, allowing healthcare providers to detect any changes in health conditions and provide timely interventions.
• Chronic disease management: IoT devices can be used to manage chronic diseases such as diabetes, heart disease, and asthma. These devices can collect and transmit data about a patient's vital signs, medication adherence, and symptoms to healthcare providers in real-time.
• Telemedicine: IoT devices enable remote consultations and virtual visits between patients and healthcare providers, eliminating the need for in-person visits.
• Medication management: IoT devices can be used to track medication adherence, ensuring patients take their medication on time and in the correct dosage.
• Hospital and healthcare facility management: IoT devices can be used to manage hospital and healthcare facility operations, such as inventory management, patient flow, and staff scheduling.
• Clinical trials: IoT devices can be used to collect data for clinical trials, enabling researchers to monitor participants' health remotely and in real-time.

The applications and uses of IoT in healthcare are vast and varied, and the market for these devices is expected to continue to grow in the coming years.

Global IoT in Healthcare Market Segmentations

Market Breakup by Component

• Medical Devices
• Wearable External Devices
• Implanted Medical Devices
• Stationary Medical Devices
• System and Software
• Remote Device Management
• Network Bandwidth Management
• Data Analytics
• Application Security
• Network Security
• Services
• System Integration Services
• Consulting, Training, and Education
• Support and Maintenance Services

Market Breakup by Connectivity Technology

• Wi-Fi
• Bluetooth
• ZIGBEE
• Near-Field Communication
• Cellular
• RFID
• Satellite
• Others

Market Breakup by Application

• Telemedicine
• Patient Monitoring
• Connected Imaging
• Clinical Operations
• Medication Management
• Others

Market Breakup by End User

• Hospitals and Clinics
• Clinical Research Organizations
• Research and Diagnostic Laboratories
• Others

Market Breakup by Region

• North America
• United States of America
• Canada
• Europe
• United Kingdom
• Germany
• France
• Italy
• Others
• Asia Pacific
• China
• Japan
• India
• ASEAN
• Australia
• Others
• Latin America
• Brazil
• Argentina
• Mexico
• Others
• Middle East and Africa
• Saudi Arabia
• United Arab Emirates
• Nigeria
• South Africa
• Others

Global IoT in Healthcare Market Scenario

The global IoT in healthcare market is growing rapidly, driven by factors such as the increasing prevalence of chronic diseases, the need for more personalized and efficient healthcare delivery, and the demand for remote patient monitoring solutions. The COVID-19 pandemic has further accelerated the adoption of IoT in healthcare, as healthcare providers increasingly rely on remote patient monitoring solutions to manage patient care and reduce the risk of infection.

The hardware segment, which includes medical devices and sensors, accounted for the largest share of the market in 2020, driven by the increasing adoption of IoT medical devices for remote patient monitoring and disease management. The software and services segments are also expected to grow, driven by the increasing demand for healthcare analytics and cloud-based platforms.

The remote patient monitoring application segment accounted for the largest share of the market in 2020, driven by the increasing demand for remote patient monitoring solutions to manage chronic diseases and reduce healthcare costs. The telemedicine segment is also expected to grow, driven by the increasing demand for virtual consultations and remote healthcare services.

North America accounted for the largest share of the market in 2020, driven by the presence of a well-established healthcare system and a large number of IoT medical device manufacturers in the region. The Asia Pacific region is expected to grow at the highest CAGR during the forecast period, driven by the increasing adoption of IoT in healthcare in emerging economies such as China and India.

Despite the market's growth potential, the market also faces challenges, including concerns over data security and privacy, regulatory challenges related to the use of IoT medical devices in healthcare, and the high cost of these devices. Nevertheless, the global IoT in healthcare market is expected to continue to grow, driven by the increasing demand for remote patient monitoring and personalized healthcare solutions.

Key Players in the Global IoT in Healthcare Market

The report gives an in-depth analysis of the key players involved in the global IoT in healthcare market. The companies included in the market are as follows:

• Medtronic
• Cisco Inc
• GENERAL ELECTRIC
• STANLEY Healthcare
• Capsule Technologies, Inc
• IBM Corporation
• Koninklijke Philips N.V.
• SAP affiliate company
• AdhereTech
• Cerner Corporation
• Meru Health
• LifeFuels Inc
• CARRÉ TECHNOLOGIES INC.