IoT in Healthcare Market : Global Share, Size, Growth, Trends & Outlook ( 2023 – 2032 )
It is only the result of global connectivity today, that the whole world is held together and virtual reaching along with exchanging information from one point to the other is made possible in just a blink of an eye. This connectivity is very well known to be facilitated by what is known as The Internet. In healthcare, Internet has had a major role to play and its application is only rapidly increasing with time. Also known as ‘Smart Healthcare ‘, IoT (Internet of Things) in the healthcare industry refers to a digitized healthcare system, which connects available medical resources and healthcare services. It enables healthcare professionals to be more watchful and connect with their patients proactively by facilitating remote health monitoring and emergency notification systems. The global IoT in healthcare market is projected to reach noteworthy value by 2032, expanding at a robust CAGR of 19.9%.
The growth of this market is attributed towards various relying factors including government initiatives to support IoT platform, improvement in healthcare infrastructure in developing countries, high R&D spending, focus on active patient engagement and patient-centric care, rising prevalence of chronic conditions, growing need for adoption of cost-control measures in the healthcare sector, and growth of high-speed network technologies for IoT connectivity.
Moreover, IoT-based systems are predominantly patient-centered, which involves being flexible to the patient's medical conditions. Remote monitoring is made possible through the connection of powerful wireless solutions which also plays a fundamental role in managing chronic diseases and in disease prevention and control by allowing doctors, patients, and others, such as guardians of patients, nurses, families, and similar, to be part of a system, where patient records are saved in a database, allowing them to have access to patient information.
Furthermore, reduction in waiting times at emergency rooms , increasing pace of adoption of health and fitness due to the fear of COVID-19, governmental initiatives for promoting digital health and for setting up the requisite infrastructure are factors that are proving to be successful in scaling the market towards an upward trend.
However, factors such as high costs associated with IoT infrastructure development, outdated infrastructure, data privacy and security issues, lack of awareness among public in developing regions, and limited technical knowledge are expected to hamper the market growth.
IOT IN HEALTHCARE MARKET SEGMENTATION:
- Medical Devices
- Wearable External Medical Devices
- Implanted Medical Devices
- Stationary Medical Devices
- Systems and Software
- Remote Device Management
- Network Bandwidth Management
- Data Analytics
- Application Security
- Network Security
- Deployment and Integration
- Support and Maintenance
- Connectivity Technology
- Bluetooth low energy
- Near Field Communication (NFC)
- Store-and-forward Telemedicine
- Remote Patient Monitoring
- Interactive Medicine
- Clinical Operations and Workflow Management
- Connected Imaging
- Inpatient Monitoring
- Medication Management
- Others (Fall detection, sportsmen care, and public safety)
By End User:
- Hospitals, Surgical Centers, and Clinics
- Clinical Research Organizations
- Government and Defense Institutions
- Research and Diagnostic Laboratories
- North America
- Asia Pacific (APAC)
- Middle East and Africa (MEA)
KEY REGIONAL INSIGHT:
In 2019, North America accounted for the highest share in the IoT in healthcare market with significant revenue share and is expected to continue its upward trend owing to rapid technological advancements, increasing investments from top players, supportive governmental rules, rise in prevalence of chronic disease, patient population and increase in demand for cost effective disease treatment etc.
However, APAC is expected to hold the highest CAGR and to be the fastest growing market because of improving health IT infrastructure, innovative models such as e-catalogs and price transparency procedures, rising initiatives for promoting connected health services, gradually increasing adoption of advanced technologies, growing investment, leveraging of information-intensive IoT technologies in the region.
FEW KEY PLAYERS OF IOT IN HEALTHCARE MARKET:
- Apple Inc
- Cisco Systems Inc
- GE Healthcare Ltd
- Google (Alphabet)
- International Business Machines Corporation
- Medtronic PLC, Microsoft Corporation
- Proteus Digital Health
- Koninklijke Philips N.V.
- QUALCOMM Incorporated
- Abbot Laboratories
- Other Key & Niche Players
- In January 2019, Medtronic partnered with IBM Watson to introduce a new feature IQcast, in its existing product Sugar.IQ, available for iOS mobile devices in the US. The app would offer patients a hypoglycemic event to monitor their low glucose level by predicting the occurrence anywhere between 1 to 4 hours in advance.
- In April 2019, Royal Philips and Spencer Health Solutions expanded their partnership to offer in-home medication adherence and the telehealth platform of Philips to chronically ill patients in selected European Union (EU) countries.
- In September 2020, Medigate, the leader in IoT and medical device security and asset management, announced that it entered into an agreement with Arrow Electronics, Inc. to bring healthcare delivery organizations (HDOs) award-winning cybersecurity solutions for their connected devices.
- In October 2020, Cynerio offered healthcare facilities in North America a free risk assessment until October 31 in support of CISA's National Cyber Awareness Month as millions of critical IoT and connected medical devices lost cyber support on the heels of rising ransomware attacks when Microsoft retired the operating system on October 13.
- In October 2020, Cooper Lighting Solutions announced new bundled Internet-of-Things (IoT) offerings that enable networked-lighting-centric indoor location services in allowing enterprises to operate more safely in the presence of a pandemic.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the global IoT in healthcare market by the following segments:
- End User
Customization: We also offer customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global IoT in Healthcare Industry Report
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?