IoT in Healthcare Market is valued at USD 113.53 Billion in 2020 and expected to reach USD 388.18 Billion by 2027 with the CAGR of 19.20% over the forecast period.
Global IoT in Healthcare Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2029: Rising prevalence of chronic diseases such as COPD, genetic diseases, respiratory diseases and others, penetration of high-speed internet and rising implementation of favorable government regulatory policies are some of the major factors driving the growth of Global IoT in Healthcare Market.
Internet of Things (IoT) advantages in healthcare turn around the improvement of care as such with remote monitoring and telemonitoring.UsingIoT, tracking, monitoring and maintenance of assets can be possible in healthcare industry. Mostly, IoTtechnologyis more popular in the field of medical devices. IoT is used for the data collection, monitoring electronic health recordsand analysis for research which has personally identifiable information, protected health information and for other machine-generated healthcare data. IoT plays an important role in digital transformation of healthcare. Internet of Things (IoT) is used in specific applications such as smart pills, smart home care systems, personal healthcare, robotics and real-time health systems (RTHS).
IoT in Healthcare market report is segmented on the basis of component,application, end-userand region & country level.Based uponcomponent, global IoT in healthcare market is classified into medical devices, system and software, services and connectivity technology. Medical devices category is further sub-classified into wearable external medical devices, implanted medical devices and stationary medical devices. System and softwarecategory is further sub-classified into remote device management, network bandwidth management, dataanalytics, application security and network security. Servicescategory is further is sub-classified into deployment and integration, consulting and support and maintenance. Based upon application, global IoT in healthcare market is classified into telemedicine, store-and-forward telemedicine, remote patient monitoring, interactive medicine, clinical operations and workflow management, connected imaging, inpatient monitoring, medication management and others. Based upon end-user,global IoT in healthcare market is classified into hospitals, surgical centers and clinics, clinical research organizations, government and defense institutions and research and diagnostic laboratories.
The regions covered in this IoT in healthcare market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of IoT in healthcare is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
IoT in healthcare market report covers prominent players are -
Rising prevalence of chronic diseases such as COPD, genetic diseases, respiratory diseases and others, penetration of high-speed internet and implementation of favorable government regulatory policies are someof the major factors drivingthe growth of global IoT in healthcare markets. In addition, growing demand for cost-effective treatment and disease management, increased adoption of smart and wearable devices, increasing interest in self-health measurement and improvement in healthcare infrastructure in developing countriesare also expected to boost the market growth within the forecast period. According to WHO, rise in cardiovascular diseases, 7.9 million people died per year, accounting for around 31% of deaths globally.
As per World Bank, from 2006 to 2016, the number of internet users has increased by nearly 28% from 206.01 million to 286.94 million in the U.S.According to Cellular Telecommunications Industry Association, the total number of mobile wireless connections in the U.S. was over 400 million in 2017. Furthermore,the recent occurrence of COVID-19 has led internet of things (IoT) in healthcare market and provides opportunities for the manufacturers in various applications in the healthcare sectors across the globe.Thus,Covid-19 has improved the demand of internet of things in healthcare marketwithin forecast period.
However,high costs related with IoT infrastructure development, data privacy and security issues, lack of awareness among people regarding the IoT in healthcare products and solutions will hamper the growth of IoT in healthcare market.In spite of that, advancements in technology in regard to medical devices,government initiatives for promoting digital healthand high R&D spendingare predicted to create wide opportunities for the players operating in the IoT in healthcare market during the forecast period.
North America is expected to dominate the global IoT in healthcare market with the potential rate due to the rising use of fast-emerging digital technologies, such as data analytics, AI, IoT, cloud computing and all Internet-based servicesin healthcare industry, rapid technological advancements and increasing investments from top IoT companies in this region. In addition, supportive governmental rules to promote IoT in healthcare, rise in prevalence of chronic disease patient population and increase in demand for cost effective disease treatment in the region are also fostering the market growth. According to recent report of United Nations Conference on Trade and Development, IoT devices were an estimated to grow from 9.9 billion in 2019 to 21.5 billion in 2025 and the United States accounts for around 50% of global IoT spending on the devices.
The U.S. media and entertainment (M&E) industry is the largest in the world by U.S. government.According to the PewResearchCenter, estimates that 92 percent of Americans have cell phones and 45 percent have access to a tablet computing device.According to World Bank, almost 287 million internet users accessed the web from United States. According to Pew Research Center, around 26% of adults in the U.S. access the internet almost constantly and also about 98% of respondents in the U.S. from age 18 to 29 were internet users in 2018.According to American Heart Association, approximately 6 Million adults currently have HFin the USand it is expected to increase by 40% by 2035.
The Asia Pacific is expected to emerge as the fastest-growing market in globalIoT in healthcare over the forecast period due to increasing number of internet users,large patient population, rising public awareness, increasing healthcare spending,rising number of smart connection devices and adoption of smart phones, developing healthcare infrastructure and availability of effective treatment in emerging countries in this region. According to Ministry of Electronics & Information Technology, about 560 million internet subscriptions in 2018, up from 238.71 million in 2013, India is the second-largest internet subscriptions market in the world. Moreover, increasing government initiatives to support IoT platformand adoption innovative technology in developing countries such as China and India are also supplementing the market growth. For instance;on April 2nd, 2020, the Union Health ministry launched a new mobile app ‘Aarogya Setu’, helps users identify whether they are at a risk of COVID-19 infection. Also, this new application provides people with important information, including ways to avoid corona infection, its symptoms.
Medtronic: Added an “M” to “IoT”
November 18th, 2016;Medtronic announced theuse of IoT technology to mature its product line and elevate its position in patient care.The Internet of Things is very important to the medical industry as The Internet of Medical Things, or IoMT, has the potential to touch nearly all aspects of patient care.
Nasscom Partnered with GE Healthcare to Bring Digital Healthcare Solutions to Market
May 1st, 2019;The National Association of Software and Services Companies (NASSCOM) announced partnership with GE Healthcare to bring digital healthcare solutions to the market. The partnership willfurther help GE Healthcare to develop healthtech start-up ecosystem in the country to bring digital healthcare solutions for real-world healthcare challenges in the areas of digital applications.
|Historical data||2016 - 2021|
|Forecast Period||2022 - 2029|
|Market Size in 2020:||USD 113.53 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2027:||USD 388.18 Billion|
|Tables, Charts & Figures:||175|
|Companies||GE Healthcare Ltd., Google (Alphabet), International Business Machines Corporation, QUALCOMM Incorporated, Abbot Laboratories, Apple Inc., Cisco Systems Inc., Medtronic PLC, Microsoft Corporation, Proteus Digital Health, Koninklijke Philips N.V., Boston Scientific Corporation, Honeywell Life Care Solutions, Capsule Technologies, Siemens , others.|
|Segments Covered||By Component, By End-User, By Application|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|