IoT in Healthcare Market

SKU: DMHCIT1049 | Last Updated On: Dec 27 2022 | Available Formats

> IoT in Healthcare Market Expected to reach a high CAGR of 26.20% By 2029:

IoT in Healthcare Market is segmented By Component (Medical Devices, Systems and software), By Technology (Bluetooth Low Energy, Zigbee, WI-FI, Cellular, Z-Wave, Others (includes Satellite, LTE, 6LowPan)), By Application (Fitness and Wellness Measurement, Telemedicine, Clinical Operations, Inpatient Monitoring, Connected Imaging, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis,  2022-2029.

 

IoT in Healthcare Market is expected to reach at a high CAGR of 26.20% during the forecasting period 2022 - 2029.

An IoT smart device uses embedded processors, sensors, and communication hardware to collect, send and act on data they acquire from their environments. Internet of Things (IoT)-enabled healthcare devices have made remote monitoring in the healthcare sector possible, unleashing the potential to keep patients safe and healthy, and empowering physicians to deliver excellent care. Due to various benefits provided by these devices in healthcare, the global IoT in the healthcare market is expected to grow at a high pace during the forecast period (2022-2029).

IoT in Healthcare Market Scope

Metrics

Details

Market CAGR

26.20%

Segments Covered

By Component, By Technology, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

IoT in Healthcare Market Dynamics

An increase in investments for the application of IoT solutions by the healthcare sector is one of the key factors driving the global IoT in the healthcare market. It is owing to the various benefits offered by using IoT in healthcare. It helps in increasing patient engagement and satisfaction as interactions with doctors have become more comfortable and more efficient. Further, remote monitoring of patients’ health helps in reducing the length of hospital stay and prevents re-admissions. IoT in healthcare also has a major impact on reducing healthcare costs significantly and improving treatment outcomes. Additionally, the availability of customer-friendly devices not only provides remote clinical operations to physicians but also functions as a fitness and wellness tracker for athletes and as a dose reminder, especially for chronic-disease patients. Furthermore, increasing support from government organizations.

However, security is the primary concern in dealing with IoT connectivity. The lack of consistency in interoperability, interconnectivity, and security issue is the major factors hampering the growth of the IoT in the healthcare market.

IoT in Healthcare Market Segmentation

Based on technology the global IoT in the Healthcare market is broadly segmented into Wi-Fi, Bluetooth low energy, ZigBee, cellular, satellite, and others. Among all these, bluetooth low-energy technology accounted for a significant market share in 2018. It is owing to the increasing adoption of Bluetooth low-energy gadgets and tools in hospitals for sending medical data to-and-from the cloud. In 2016, Roche launched a Bluetooth-based coagulation system that helps in checking the time taken by blood clots. During the forecast period, cellular technology is expected to grow at a high pace. This technology allows sending a huge amount of data over a long distance. Cellular networks are increasingly used for medical applications, such as remote Clinical Operations. It is a safer, conducive, and faster connectivity solution for remote monitoring, and also enhances portability, usability, and versatility for connected medical devices.

Based on applications the global IoT in the healthcare market is segmented into telemedicine, clinical operations, fitness, and wellness measurement, inpatient monitoring, connected imaging, and others. Among all these telemedicine accounted for a major market share in 2018 and is expected to grow at a significant rate over the forecast period (2019-2026). Telemedicine includes remote patient monitoring and health. The demand for monitoring device systems such as continuous glucose monitoring systems is skyrocketing due to the rising incidence of diabetes. For instance, according to the American Diabetes Association, in 2015, 30.3 million Americans, or 9.4% of the population, had diabetes, and approximately 1.25 million American children and adults had type 1 diabetes. Also, various initiatives to promote CGMs are driving the market. In 2018, on World Diabetes Day (14 November), the NHS provided the FreeStyle Libre smart CGM to type 1 diabetes patients. It is estimated that this would increase the access to CGM devices in England from 3-5% to 20-25%. Thus, the growing usage of patient monitoring systems is diving into the telemedicine segment in the global IoT in the healthcare market.

IoT in Healthcare Market Geographical Analysis

The global IoT in the Healthcare market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The North America region accounted for a major market share in 2018. It is owing to technological advancements and various government initiatives promoting the adoption of digital platforms in the life science industry. The Asia Pacific region is projected to grow at a significant rate over the forecast period (2019-2026). Rising initiatives by governments for promoting connected health services, and gradually increasing adoption of advanced technologies, such as smart wearables, are the key factors driving the region’s growth. In 2018, the government of Singapore launched several key technology initiatives with direct impacts on the medical manufacturing sector. These include programs on 3D printing, robotics, and industrial applications of the Internet of Things (IoT), to name a few.  Also, the increase in the number of hospitals and surgical centers in this region. IoT’s application is also helping to lower costs, improve efficiency, and bring the focus back to quality patient care.

IoT in Healthcare Market Competitive Trends

  • Significant players in the global IoT in the healthcare market are Apple Inc., Cisco Systems Inc., GE Healthcare Ltd., International Business Machines Corporation, Medtronic PLC, Microsoft Corporation, Qualcomm Life Inc., Proteus Digital Health, Koninklijke Philips N.V., St. Jude Medical Inc., and others. The diversified product portfolio is the major factor that is responsible for strengthening the position of these companies in the market. Also, they have been adopting key strategies, such as new product developments, acquisitions, and expansions, to increase their share in the cold chain packaging market. For instance,

  • In April 2019, GE Healthcare partnered with Nasscom to encourage startups to work on digital healthcare solutions in India.

  • In November 2017, GE Healthcare announced a partnership with Intel to enhance patient care using digital imaging solutions, deployed via edge and cloud.

  • In 2015, IBM collaborated with Medtronic PLC to provide IoT services for Medtronic’s medical devices data. 

Frequently Asked Questions

What is the Projected CAGR value of the IoT in Healthcare Market?

IoT in Healthcare Market is expected to grow at a CAGR of 26.20% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the IoT in Healthcare Market during 2022-2029.

Which is the fastest growing region in the IoT in Healthcare Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period.

Trending Topics

Telemedicine Market

Healthcare IT Market

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