According to Nova one advisor, the global Internet Of Things (IOT) In Healthcare market was valued at USD 180.5 billion in 2021 and it is expected to hit around USD 960.2 billion by 2030 with a CAGR of 20.41% during the forecast period 2022 to 2030.
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Key Takeaways:
By component, services segment held 59% revenue share in 2021.
By end user, the hospital segment has garnered 35% revenue share in 2021.
North America has had a highest revenue share of over 40.3% in 2021.
Asia Pacific region is projected to grow at a CAGR of 18.50% from 2022 to 2030.
The internet of things (IoT) is described as a network of physical devices that uses connectivity to enable the exchange of data. In addition, in healthcare IoT is used for the data collection, analysis for research, and monitoring electronic health records which contains personally identifiable information, protected health information, and for other machine-generated healthcare data. Further, IoT applications in healthcare facilitate important tasks such as to improve patient outcomes, and also take some burden off health practitioners. Internet of Things (IoT)-enabled devices have made remote monitoring in the healthcare sector possible, unleashing the potential to keep patients safe and healthy, and empowering physicians to deliver superlative care. Furthermore, from 2017 to 2022, growth in IoT healthcare applications is indeed projected to accelerate as the Internet of Things is a key component in the digital transformation of the healthcare industry and various stakeholders are stepping up their effort in this field.
The pandemic has caused change in providers' willingness to implement IoT solutions which helped in diagnosing the virus using internet of things. Further, many IoT technology is playing a growing role in helping authorities to prevent the further spread of COVID-19, while also treating those that have been infected. IoT, specifically and especially when combined with other transformative technologies such as Cloud and Artificial intelligence (AI). This led to wide range of applications of IoT in healthcare during this crisis. For instance, According to the WHO, in 2020, patients and staff at a field hospital in Wuhan, China, wore bracelets and rings synced with an AI. This platform from CloudMinds the Beijing-based operator of cloud-based systems for intelligent robots to provide constant monitoring of vital signs, including temperature, heart rate, and blood oxygen levels during Covid-19 pandemic. In addition, in India, the mobile application named as aarogya setu app, launched by the Union Health ministry on April 2, 2020 which helps users identify whether they are at a risk of COVID-19 infection. Therefore, Covid-19 has uplifted the demand of internet of things in healthcare market and provides opportunities for the manufacturers in various applications in the healthcare domain during the forecast period.
The major factors that contribute toward the growth of the internet of things in healthcare market include owing to technological advancements, rising incidence rates of chronic diseases such as COPD, genetic diseases, respiratory diseases, and others, better accessibility to high-speed internet, implementation of favorable government regulatory policies. Furthermore, growing demand for cost-effective treatment and disease management, increased adoption of smart devices and wearables, increasing interest in self-health measurement, and reduced healthcare cost with advanced and cost effectives IoT in healthcare products and solutions. Moreover, rising interest of the startup companies in IoT healthcare industry such as MedAngelONE, Amiko, SWORD health, and Aira, is expected to boost the market growth. However, factors such as high costs associated with IoT infrastructure development, data privacy and security issues, lack of awareness among public in developing regions, and limited technical knowledge are expected to impede the market growth. Various factors such as government initiatives to support IoT platform, improvement in healthcare infrastructure in developing countries, and high R&D spending are expected to boost the market growth.
Report Scope of the Internet of Things (IOT) in Healthcare Market
Report Coverage
Details
Market Size in 2022
USD 217.34 Billion
Market Size by 2030
USD 960.2 Billion
Growth Rate from 2022 to 2030
CAGR of 20.41%
Base Year
2021
Forecast Period
2022 to 2030
Segments Covered
Medical Devices, Software and System, Services, Product, Connectivity, End User and Geography
Companies Mentioned
Medtronic (US), Hillrom- Welch Allyn (US), Stanley Healthcare (US), Abbott Laboratories, AgaMtrix (US), iHealth Lab, Inc, AliveCor,Inc, Bio Telemetry, Inc, Omron Healthcare, Inc (Japan), Siemens AG (Germany), Johnson & Johnson Services, Inc, Boston Scientific Corporation (US), BIOTRNIK (Germany), Honeywell Life Care Solutions (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US)
Key Findings in the Global Internet of Things (IoT) in Healthcare Market Study:
Hospitals and Clinics Will Continue to Dominate the Internet of Things (IoT) in Healthcare Market by 2030
The Internet of Things (IoT) in Healthcare Market among hospitals and clinics commanded the largest share of the Internet of Things (IoT) in Healthcare technologies market in 2021. Growing adoption of IoT enabled medical devices among healthcare providers in order to improve the efficiency of care delivery and enable patient-centric care delivery services are some of the key factors contributing to the growth of this market.
Over the years, the hospitals have been burdened with increasing number of patients, owing to growing incidence of chronic care diseases such as diabetes, cardiovascular diseases, arthritis, and cancer. With growing number of patients treated, the amount of patient information generated is on the rise, exponentially. IoT infrastructure helps in integrating all the medical devices with the hospital information systems in a seamless manner and thereby improve the operational and clinical workflow within and outside healthcare organization. It also helps in minimizing the turn-around time of care and lower the overall cost of care within hospital settings.
Government initiatives to modernize healthcare infrastructure is also expected to drive adoption of IoT-enabled medical devices among hospitals and healthcare providers and thereby contribute to the growth of the IOT market among hospitals and clinics.
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Regional Insights
Asia Pacific: Fastest Growing Regional Market
North America accounted for the largest share of the global Internet of Things (IoT) in Healthcare Market in 2021, followed by Europe and Asia-Pacific regions. However, during the forecast period, the APAC market is expected to register the fastest CAGR. The growth in this geographic market is primarily attributed to the growing smartphone penetration, widening internet connectivity and high-speed networks, need to manage growing burden of chronic diseases on healthcare providers, and government efforts to improve accessibility of healthcare services to remote locations. India and China represent the fastest growing markets in this region and globally as well. Rapid infrastructure development initiatives from governments is expected to fuel a multifold growth in Internet of Things (IoT) in Healthcare Market in India and China over the coming years.
Some of the prominent players in the Internet of Things (IOT) in Healthcare Market include:
Medtronic (US)
Hillrom- Welch Allyn (US)
Stanley Healthcare (US)
Abbott Laboratories
AgaMtrix (US)
iHealth Lab, Inc
AliveCor,Inc
Bio Telemetry, Inc
Omron Healthcare, Inc (Japan)
Siemens AG (Germany)
Johnson & Johnson Services, Inc
Boston Scientific Corporation (US)
BIOTRNIK (Germany)
Honeywell Life Care Solutions (US)
Koninklijke Philips N.V. (Netherlands)
GE Healthcare (US)
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Internet of Things (IOT) in Healthcare market
By Medical Devices
Stationary Medical Devices
Wearable External Medical Devices
Implantable Medical Device
Other medical devices
By Software and System
Application Security
Network Security
Data Analytics
Remote Device Management
Network Bandwidth Management
By Services
Architecture (System Integration)
Consulting
Application Development (Support and Maintenance)
By Product
Vital Signs Monitoring Devices
Blood Glucose Monitors
ECGs/Heart Rate Monitors
Blood Pressure Monitors
Multiparameter Monitors
Oximeters
Imaging Systems
Respiratory Devices
Implantable Cardiac Devices
Implantable Cardioverter-defibrillators
Pacemakers
Implantable Cardiac Monitors
Patient Monitors
Infusion Pump
Fetal Monitoring Devices
Neurological Devices
Ventilators
Anesthesia Machines
Hearing Devices
Other Products
By Connectivity
Bluetooth
Zigbee
Wi-Fi
NFC
Embedded System
Others
By End User
Hospitals
Clinics
Laboratory Research
Others
Regional Segmentation
Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
North America [United States, Canada, Mexico]
South America [Brazil, Argentina, Columbia, Chile, Peru]
Middle East & Africa [GCC, North Africa, South Africa]
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Internet Of Things (IOT) In Healthcare industry analysis from 2022 to 2030 to identify the prevailing Internet Of Things (IOT) In Healthcare industry opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the global Internet Of Things (IOT) In Healthcare industry segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global Internet Of Things (IOT) In Healthcare industry trends, key players, market segments, application areas, and market growth strategies.
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