IoT in Healthcare Market Forecasts to 2030 – Global Analysis By Component (Medical Devices, System & Software, Services and Hardware), Technology, Application, End User and By Geography

IoT in Healthcare Market Forecasts to 2030 – Global Analysis By Component (Medical Devices, System & Software, Services and Hardware), Technology, Application, End User and By Geography

According to Stratistics MRC, the Global IoT in Healthcare Market is accounted for $132.34 billion in 2023 and is expected to reach $293.46 billion by 2030 growing at a CAGR of 19.8% during the forecast period. The Internet of Things (IoT) in healthcare refers to the integration of connected devices, sensors, and systems within the healthcare ecosystem to collect, transmit, and analyze data for various healthcare applications. IoT devices enable continuous monitoring of patients' vital signs, such as heart rate, blood pressure, oxygen levels, and glucose levels, in real time. This data is transmitted to healthcare providers, allowing for early detection of health issues and timely interventions.

According to the U.S. CDC data, in the first quarter of 2020, Telehealth visits increased by 50% compared to the same period in 2019.

Market Dynamics

Driver

Rising advancements in wearable technology

Wearable technology enables remote monitoring of patients & reduces the need for frequent in-person visits. This is especially valuable for patients with chronic illnesses, elderly individuals, or those recovering from surgery. It improves patient engagement and adherence. By enabling remote monitoring and early intervention, wearables can potentially reduce hospital readmissions and emergency room visits. In addition, factors such as personalized healthcare, enhanced post-operative care, chronic disease management and real-time health monitoring are fuelling the market demand.

Restraint

Lack of standardization

The lack of standardization in the Internet of Things (IoT) landscape, particularly in the healthcare sector, can have significant impacts on the adoption, interoperability, and effectiveness of IoT solutions. Different IoT devices and platforms may use proprietary protocols or communication standards. Without standardized interfaces, it becomes difficult to ensure seamless communication and data exchange between different devices, systems, and applications. It further raises security risks, compliances issues, limited choice and fragmented ecosystems which hinder the market growth.

Opportunity

Growing smart healthcare facilities

Smart healthcare facilities play a pivotal role in driving the growth of the Internet of Things (IoT) in the healthcare. IoT-enabled smart facilities can provide a more seamless and personalized experience for patients. IoT sensors and devices can monitor the usage of resources such as energy, water, and medical supplies. Also, it enables real-time location tracking and telemedicine support. Further, its healthcare asset management, predictive maintenance and optimized resource utilization are boosting the market demand.

Threat

Security and privacy concerns

Healthcare data is highly sensitive, containing personal information about patients. Breaches can lead to unauthorized access and other privacy risks. IoT devices can be vulnerable to cyber attacks, including malware, ransomware, and Distributed Denial of Service (DDoS) attacks. Compromised devices can lead to data theft or manipulation. Insecure Wi-Fi networks or inadequate network security can expose vulnerabilities in the communication between IoT devices, making them susceptible to interception or tampering. Therefore, this element is hampering the market demand.

Covid-19 Impact

The COVID-19 pandemic had a significant impact on the IoT in healthcare market. To minimize the risk of virus transmission, there was a preference for contactless healthcare solutions. IoT-enabled devices, like touch less thermometers and smart kiosks for check-ins, gained popularity in healthcare facilities. IoT-generated data was used for data analytics and modeling to understand the spread of the virus, predict outbreaks, and plan healthcare resources accordingly. The adoption of IoT in healthcare, particularly in areas like telemedicine and remote monitoring, is likely to have long-lasting effects. Overall, the COVID-19 pandemic accelerated the adoption and innovation of IoT in healthcare.

The telemedicine segment is expected to be the largest during the forecast period

The telemedicine segment is estimated to have a lucrative growth. The integration of telemedicine and IoT in healthcare enhances the quality of care, increases accessibility, and empowers patients to take a more active role in their own health management. Telemedicine combined with IoT solutions can be easily scaled to accommodate a growing number of patients. Its timely interventions, personalized treatment plans and enhanced efficiency boosts the segment growth.

The hospitals & clinics segment is expected to have the highest CAGR during the forecast period

The hospitals & clinics segment is anticipated to witness the highest CAGR growth during the forecast period, due to its continuous patient monitoring. Health IoT devices can continuously monitor vital signs, such as heart rate, blood pressure, oxygen levels, and temperature, allowing healthcare providers to remotely track the health of patients. The implementation of IoT in hospitals has the potential to significantly improve patient care, enhance operational efficiency, and drive better clinical outcomes.

Region with largest share

Asia Pacific is projected to hold the largest market share during the forecast period owing to the rising chronic disease cases and growing aging population. The prevalence of chronic diseases such as diabetes, hypertension, and heart disease is on the rise in the Asia Pacific region. Some countries in this region have launched initiatives to promote the adoption of digital health technologies, including IoT solutions. Digital health start-ups and innovation hubs are boosting the market demand in this region.

Region with highest CAGR

Europe is projected to have the highest CAGR over the forecast period. Europe is considered as one of the key regions for the adoption of IoT in healthcare. It has the presence of both global players and a growing number of innovative start-ups and technology firms specializing in healthcare IoT solutions. The market has been growing steadily, driven by factors such as aging populations, rising chronic diseases, and a strong emphasis on digital health initiatives.

Key players in the market

Some of the key players profiled in the IoT in Healthcare Market include Microsoft Corporation, Medtronic PLC, SAP SE, Koninklijke Philips NV, GE Healthcare, Cisco Systems, Stanley Healthcare, International Business Machines Corporation, Resideo Technologies Inc., Capsule Technologies Inc., Johnson & Johnson, Baxter, OMRON Healthcare, Inc., Intel Corporation, Siemens Healthineers, Abbot Laboratories, Boston Scientific Corporation, Honeywell Life Care Solutions, Securitas Healthcare LLC and iHealth Labs.

Key Developments

In June 2022, Siemens AG has launched an open digital business platform, Siemens Xcelerator, to accelerate digital transformation and value creation for customers of all sizes in industry, buildings, grids and mobility. The business platform makes digital transformation easier, faster and scalable.

In March 2022, Microsoft launches Azure Health Data Services to unify health data and power AI in the cloud. Azure Health Data Services is a new way of working with unified data—providing the team with a platform to support both transactional and analytical workloads from the same data store and enabling cloud computing to transform how we develop and deliver AI across the healthcare ecosystem.

Components Covered
• Medical Devices
• System & Software
• Services
• Hardware

Technologies Covered
• Wi-Fi
• Cellular
• Zigbee
• Bluetooth
• Radio-Frequency Identification (RFID)
• Low Power Wide Area Networks (LPWANs)
• Satellite
• Zwave
• EnOcean
• Near Field Communication (NFC)

Applications Covered
• Patient Monitoring
• Connected Imaging
• Telemedicine
• Clinical Operations
• Medication Management
• Workflow Optimization
• Other Applications

End Users Covered
• Clinical Research Organizations
• Hospitals & Clinics
• Research & Diagnostic Laboratories
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements