Internet of Things (IoT) in Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Internet of Things (IoT) in Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Internet of Things (IoT) in the Healthcare market is expected to register a CAGR of 11.6% over the forecast period. The IoT market is driven by the growing adoption of healthcare information systems, the emergence of big data in healthcare, improved device accuracy and connectivity, and the increasing penetration of connected devices in healthcare.

Key Highlights

• Internet of Things (IoT) technology has the potential to revolutionize traditional paper-based healthcare treatment by simplifying access to real-time patient data and remote patient monitoring. The emergence of this digital healthcare technology has addressed the impending need for better diagnostics and targeted therapeutic tools. In addition, it provides remote patient monitoring to physicians and works as a fitness and wellness tracker for athletes and a dosing reminder for patients. The successful implementation of IoT in remote monitoring of diabetes and asthma patients, coupled with high penetration of fitness and wellness devices, has created a high demand for the IoT healthcare market.
• Big data analytics is a fast-emerging topic in IoT. The demand for big data analytics integrates the most recent innovation in machine learning, logical methodologies, computational intelligence, and data mining. Many healthcare experts, including payers and providers, are now analyzing big data to obtain detailed knowledge. Even though these efforts are still in their early stages, they are expected to collectively help tackle the industry-related problems regarding inconsistency in healthcare quality and escalating healthcare expenditures. Organizations might leverage the Big Data approaches and solutions to engage patients, personalize care, lower costs and variability, and enhance the quality of service.
• The IoT Healthcare Market is driven by a rise in digital adoption in the healthcare industry. The Healthcare sector has grown enormously due to technological advancement, digitization of healthcare, and government participation. Trends that have arisen throughout this stage have enabled modern technology to simplify further and enhance the patient experience. Nowadays, almost every element of healthcare uses technology like machine learning, automation, and artificial intelligence (AI). As a way to help doctors make more accurate diagnoses, AI and ML tools are becoming increasingly common.
• Improvements in the quality of people's daily health and life activities, as well as big data analytics to support and promote such research activities, are some of the factors driving the market growth, as IoT-based healthcare systems play a key role in the development of medical information systems. Tracking, tracing, and monitoring patients are essential to enhance the healthcare system.
• Market growth is projected to be restrained by difficulties such as the high costs of IoT infrastructure development, privacy and security concerns about data, a general lack of awareness among underdeveloped countries' populations, and a lack of technical expertise.
• The COVID-19 widespread distribution impacted businesses in many sectors, including healthcare. The pandemic created opportunities for IoT healthcare providers due to the increasing need for remote solutions for patient diagnosis and treatment, vaccine cold chain monitoring, and device unit management. Furthermore, the IoT in the healthcare sector is producing excellent results due to the disruption of fast Internet and network technologies. Additionally, the lockdown's movement restrictions led to a rise in the usage of internet platforms for medical consultations. Medical experts could treat patients remotely using IoT-powered telemedicine solutions.

Key Market TrendsIncreased digital Adoption in the Healthcare Sector

• Growth in digital health adoption improves engagement with the healthcare system. The survey conducted by Accenture Health and Life Sciences Experience in the United States in 2021 reveals that 26 percent of people said that healthcare system access had been better than during the pandemic. Digital adoption spiked overnight as providers had to pivot to virtual care quickly.
• The public and private healthcare industries have adopted digital technology at a considerably higher rate due to the pandemic. A few of the cohort's start-ups have also proved crucial to pandemic management. Blackfrog Technologies has created solutions for temperature-regulated vaccine carriers, allowing them to deploy in specific areas of Rajasthan. Also, ThermaiScan, a Swedish solution, has developed a solution to screen for breast cancer through mobile phones. This showcases the increased demand for digital technologies in the healthcare sector.
• The medication management segment is also expected to show significant growth due to the growing adoption of healthcare information systems, the rising need to reduce medication errors and improve patient safety, and the increasing adoption of mHealth solutions for medication management. A rising focus of market players on developing innovative solutions in the field of medication management is also boosting the segment's growth.
• With the development of digital technologies, such as Artificial Intelligence and Machine Learning, which have massive potential in the market for healthcare, hospitals and other medical institutions can treat more patients at once while significantly lowering their workload.
• AI can assist medical professionals in giving more precise diagnoses and treatment plans using patient data and other information. AI can also help make healthcare more proactive and predictive by analyzing extensive data to create better patient preventative care suggestions.

North America Holds the Largest Market Share of IoT in Healthcare Market

• The healthcare Internet of Things (IoT) in North America dominated the global market and is estimated to show a similar trend during the forecast period. This growth is due to factors like the growing adoption of healthcare IT solutions, the presence of key players, and the availability of sophisticated infrastructure.
• Remote monitoring in the healthcare industry has become possible due to IoT-enabled devices across the region, unlocking the potential to keep patients safe and healthy and enabling doctors to provide excellent treatment. Due to improved doctor-patient communication, they have also seen improved patient involvement and satisfaction rates. The hospital stay is shortened, and readmission is avoided because of remote patient monitoring.
• The use of EHRs (Electronic Health Records) has reached its full potential throughout North America, particularly in the USA. Numerous companies are out front in the IoT and healthcare sectors, aiming to capture a significant market share by creating solutions for particular medical applications, expanding collaborative research and development, and acquiring new startups. Particularly in the US today, healthcare IT firms are experiencing successful, revolutionary, and innovative advantages by providing services.
• By incorporating intelligence into medical devices, monitoring has become a primary focus in this region. For instance, the FDA approved using Epitel's initial product, a wireless and wearable EEG sensor for monitoring brain waves, in hospital emergency rooms and critical care units in 2021. This gadget provides real-time data insights about patients.
• Rising initiatives to reduce medical costs, security of data transfer on health IoT devices, and a transition from fee-for-service to a value-based approach have all significantly boosted the market. In February 2022, the government introduced bipartisan legislation, S.3620, the Health Data Use and Privacy Commission Act, to establish a commission and analyze the potential threats to privacy in healthcare.

Competitive Landscape

The Internet of things (IoT) in the healthcare market is moderately competitive and consists of several major players. The companies are implementing specific strategic initiatives, such as mergers, new product launches, acquisitions, and partnerships, that help them strengthen their market position. The key players in this market are Medtronic, GE Healthcare, Koninklijke Philips N.V., Honeywell Life Care Solutions, Biotronik, and many other prominent players.

• In February 2022, Healthnet Global, a subsidiary of Apollo Hospitals, launched Automated, an innovative in-patient room automation system capable of remote patient monitoring and triaging to continuously monitor a patient's respiratory rate, heart rate, and other clinical parameters remotely.
• In March 2021, Zyter, Inc. announced Zyter Smart Hospitals. This comprehensive intelligent solution integrates a hospital's many data systems, departments, personnel, and cutting-edge Internet of Things (IoT) technology devices on Zyter's assertive digital communication and collaboration platform.

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