The report on the global IoT in healthcare market provides qualitative and quantitative analysis for the period from 2021-2030. The revenue generated by the IoT in healthcare market was USD 227.33 billion in 2022 and is expected to reach USD 787.17 billion in 2030 and is expected to grow with a CAGR of 14.70% over the forecast period 2023-2030. The study on IoT in healthcare market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.
The Internet of Things (IoT) comprises a network of physical devices equipped with sensors, software, and network connectivity to facilitate data collection and exchange. In the healthcare sector, IoT applications span from wearable fitness trackers and remote patient monitoring systems to advanced medical devices like insulin pumps and pacemakers. This interconnected ecosystem enables real-time data access and analysis, promoting proactive and personalized healthcare interventions. IoT technology offers a multitude of healthcare applications, including remote monitoring, intelligent sensors, and seamless integration of medical devices. These innovations enhance patient safety and well-being while optimizing healthcare delivery by improving physician-patient interactions. Healthcare devices gather a wealth of diverse data from a wide range of real-world scenarios, enhancing the volume and accuracy of medical information. Furthermore, IoT promotes data transparency and ensures the distribution of precise, up-to-date information to patients, thereby reducing miscommunication-related accidents, enhancing preventive care, and elevating patient satisfaction levels.
The prevalence of chronic diseases like diabetes, heart conditions, and respiratory ailments is on the rise among middle-aged and elderly populations due to unhealthy lifestyles. These health conditions demand ongoing monitoring and effective management. In response to this need, there is a rise in the demand for IoT devices such as smart wearables and sensors such as pulse-oximeters, electrocardiograms, thermometer, fluid level sensors, sphygmomanometer (blood pressure) that read the current patient situation (data). These devices come into play, as it allows the real-time tracking of vital signs, medication adherence, and patient behaviors. As a result, there's a growing demand for IoT technology in healthcare driven by the necessity for better chronic disease management. Additionally, the growing integration of Information Technology (IT) within healthcare systems, such as electronic health records and telemedicine, is fueling the demand for Internet of Things (IoT) applications in healthcare. From remote patient monitoring to smart medical devices, IoT offers a solution to streamline healthcare delivery, improve patient outcomes, and reduce costs. As healthcare becomes increasingly data-driven and interconnected, the synergy between IT and IoT is driving transformative changes in the industry. IoT in healthcare is making healthcare more accessible, efficient, and patient-centric. One of the most significant challenges in healthcare that IoT poses is data security & privacy. IoT security devices capture and transmit data in real-time. However, most IoT devices lack data protocols and security requirements. Therefore, the issue associated with data privacy and security is expected to hamper market growth. Moreover, ongoing improvements in the healthcare infrastructure, rising investments in R&D, and growing demand for technological advancement in the healthcare sector are projected to create several opportunities for this market in upcoming years.
North America commands the leading market share in the IoT in the healthcare sector due to several factors. The region possesses a highly developed healthcare infrastructure, a tech-savvy consumer base, and a strong focus on healthcare innovation. The presence of major IoT and technology companies such as GE Healthcare, Medtronic, and many others in North America contributes to the rapid adoption and development of healthcare IoT solutions. Additionally, favorable government policies, robust investments, and increasing awareness of the benefits of IoT in healthcare drive the market's growth. The region's commitment to addressing healthcare challenges through technology positions North America as a dominant force in the global IoT in the healthcare market. Additionally, Asia-Pacific is the fastest-growing region in IoT in the healthcare market. The growing demand for a cloud-based management system in the healthcare industry drives market growth in the Asia-Pacific region. Furthermore, the presence of various hospitals and surgical centers and the growing healthcare infrastructure are likely to escalate the market growth in the Asia-Pacific region.
1. Key Opinion Leaders
2. Internal and External subject matter experts
3. Professionals and participants from the industry
2. Product/brand/marketing managers
3. CXO level executives
4. Regional/zonal/ country managers
5. Vice President level executives.
2. Government/institutional publications
3. Trade and associations journals
4. Databases such as WTO, OECD, World Bank, and among others.
5. Websites and publications by research agencies
2. Complete coverage of all the segments in the IoT in healthcare market to analyze the trends, developments in the global market and forecast of market size up to 2030.
3. Comprehensive analysis of the companies operating in the global IoT in healthcare market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
The Internet of Things (IoT) comprises a network of physical devices equipped with sensors, software, and network connectivity to facilitate data collection and exchange. In the healthcare sector, IoT applications span from wearable fitness trackers and remote patient monitoring systems to advanced medical devices like insulin pumps and pacemakers. This interconnected ecosystem enables real-time data access and analysis, promoting proactive and personalized healthcare interventions. IoT technology offers a multitude of healthcare applications, including remote monitoring, intelligent sensors, and seamless integration of medical devices. These innovations enhance patient safety and well-being while optimizing healthcare delivery by improving physician-patient interactions. Healthcare devices gather a wealth of diverse data from a wide range of real-world scenarios, enhancing the volume and accuracy of medical information. Furthermore, IoT promotes data transparency and ensures the distribution of precise, up-to-date information to patients, thereby reducing miscommunication-related accidents, enhancing preventive care, and elevating patient satisfaction levels.
The prevalence of chronic diseases like diabetes, heart conditions, and respiratory ailments is on the rise among middle-aged and elderly populations due to unhealthy lifestyles. These health conditions demand ongoing monitoring and effective management. In response to this need, there is a rise in the demand for IoT devices such as smart wearables and sensors such as pulse-oximeters, electrocardiograms, thermometer, fluid level sensors, sphygmomanometer (blood pressure) that read the current patient situation (data). These devices come into play, as it allows the real-time tracking of vital signs, medication adherence, and patient behaviors. As a result, there's a growing demand for IoT technology in healthcare driven by the necessity for better chronic disease management. Additionally, the growing integration of Information Technology (IT) within healthcare systems, such as electronic health records and telemedicine, is fueling the demand for Internet of Things (IoT) applications in healthcare. From remote patient monitoring to smart medical devices, IoT offers a solution to streamline healthcare delivery, improve patient outcomes, and reduce costs. As healthcare becomes increasingly data-driven and interconnected, the synergy between IT and IoT is driving transformative changes in the industry. IoT in healthcare is making healthcare more accessible, efficient, and patient-centric. One of the most significant challenges in healthcare that IoT poses is data security & privacy. IoT security devices capture and transmit data in real-time. However, most IoT devices lack data protocols and security requirements. Therefore, the issue associated with data privacy and security is expected to hamper market growth. Moreover, ongoing improvements in the healthcare infrastructure, rising investments in R&D, and growing demand for technological advancement in the healthcare sector are projected to create several opportunities for this market in upcoming years.
North America commands the leading market share in the IoT in the healthcare sector due to several factors. The region possesses a highly developed healthcare infrastructure, a tech-savvy consumer base, and a strong focus on healthcare innovation. The presence of major IoT and technology companies such as GE Healthcare, Medtronic, and many others in North America contributes to the rapid adoption and development of healthcare IoT solutions. Additionally, favorable government policies, robust investments, and increasing awareness of the benefits of IoT in healthcare drive the market's growth. The region's commitment to addressing healthcare challenges through technology positions North America as a dominant force in the global IoT in the healthcare market. Additionally, Asia-Pacific is the fastest-growing region in IoT in the healthcare market. The growing demand for a cloud-based management system in the healthcare industry drives market growth in the Asia-Pacific region. Furthermore, the presence of various hospitals and surgical centers and the growing healthcare infrastructure are likely to escalate the market growth in the Asia-Pacific region.
Report Findings
1) Drivers
- The increasing need for improved management of chronic diseases is fueling a rising demand for IoT technology in the healthcare sector.
- The increasing incorporation of it in healthcare is driving the demand for IoT applications in the healthcare industry.
2) Restraints
- Data privacy and security concerns are anticipated to impede the growth of the market.
3) Opportunities
- Sustained investments in healthcare infrastructure improvements, combined with technological advancements, open up growth opportunities for the IoT in healthcare market.
Research Methodology
A) Primary Research
The primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached include1. Key Opinion Leaders
2. Internal and External subject matter experts
3. Professionals and participants from the industry
The primary research respondents typically include
1. Executives working with leading companies in the market under review2. Product/brand/marketing managers
3. CXO level executives
4. Regional/zonal/ country managers
5. Vice President level executives.
B) Secondary Research
Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.The secondary sources of the data typically include
1. Company reports and publications2. Government/institutional publications
3. Trade and associations journals
4. Databases such as WTO, OECD, World Bank, and among others.
5. Websites and publications by research agencies
Segment Covered
The global IoT in healthcare market is segmented on the basis of technology, application, and end user.The Global IoT in Healthcare Market by Technology
- WI-FI
- NFC
- ZigBee
- Bluetooth
- Others
The Global IoT in Healthcare Market by Application
- Clinical Operations
- Telemedicine
- Workflow Management
- Connected Imaging
- Inpatient Monitoring
- Medication Management
- Others
The Global IoT in Healthcare Market by End User
- Hospitals
- Surgical Centers and Clinics
- Clinical Research Organization (CRO)
- Government
- Defense Institutions
- Research and Diagnostics Laboratories
Company Profiles
The companies covered in the report include- Medtronic
- Cisco Systems, Inc.
- IBM Corporation
- GE HealthCare
- Honeywell Life Care Solutions (acquired by Clear Arch Health)
- Royal Philips
- Microsoft Corporation
- SAP SE
- Francisco Partners (acquired Qualcomm Life)
- STANLEY Healthcare (acquired by Securitas Healthcare)
What does this Report Deliver?
1. Comprehensive analysis of the global as well as regional markets of the IoT in healthcare market.2. Complete coverage of all the segments in the IoT in healthcare market to analyze the trends, developments in the global market and forecast of market size up to 2030.
3. Comprehensive analysis of the companies operating in the global IoT in healthcare market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
Table of Contents
Chapter 1. Preface
Chapter 2. Executive Summary
Chapter 3. Global IoT in Healthcare Market Overview
Chapter 5. Company Profiles and Competitive Landscape
Chapter 6. Global IoT in Healthcare Market by Technology
Chapter 7. Global IoT in Healthcare Market by Application
Chapter 8. Global IoT in Healthcare Market by End User
Chapter 9. Global IoT in Healthcare Market by Region 2023-2030
Companies Mentioned
- Medtronic
- Cisco Systems, Inc.
- IBM Corporation
- GE HealthCare
- Honeywell Life Care Solutions (acquired by Clear Arch Health)
- Royal Philips
- Microsoft Corporation
- SAP SE
- Francisco Partners (acquired Qualcomm Life)
- STANLEY Healthcare (acquired by Securitas Healthcare)
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 255 |
| Published | June 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 227.33 Billion |
| Forecasted Market Value ( USD | $ 787.17 Billion |
| Compound Annual Growth Rate | 14.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
