Iot In Healthcare Market
IoT in Healthcare Market Forecasts to 2030 - Global Analysis By Component (Medical Devices, System & Software, Services and Hardware), Technology, Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $132.34 BN |
|
Projected Year Value (2030) |
US $293.46 BN |
|
CAGR (2023 - 2030) |
19.8% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global IoT in Healthcare Market is accounted for $132.34 billion in 2023 and is expected to reach $293.46 billion by 2030 growing at a CAGR of 19.8% during the forecast period. The Internet of Things (IoT) in healthcare refers to the integration of connected devices, sensors, and systems within the healthcare ecosystem to collect, transmit, and analyze data for various healthcare applications. IoT devices enable continuous monitoring of patients' vital signs, such as heart rate, blood pressure, oxygen levels, and glucose levels, in real time. This data is transmitted to healthcare providers, allowing for early detection of health issues and timely interventions.
According to the U.S. CDC data, in the first quarter of 2020, Telehealth visits increased by 50% compared to the same period in 2019.
Market Dynamics:
Driver:
Rising advancements in wearable technology
Wearable technology enables remote monitoring of patients & reduces the need for frequent in-person visits. This is especially valuable for patients with chronic illnesses, elderly individuals, or those recovering from surgery. It improves patient engagement and adherence. By enabling remote monitoring and early intervention, wearables can potentially reduce hospital readmissions and emergency room visits. In addition, factors such as personalized healthcare, enhanced post-operative care, chronic disease management and real-time health monitoring are fuelling the market demand.
Restraint:
Lack of standardization
The lack of standardization in the Internet of Things (IoT) landscape, particularly in the healthcare sector, can have significant impacts on the adoption, interoperability, and effectiveness of IoT solutions. Different IoT devices and platforms may use proprietary protocols or communication standards. Without standardized interfaces, it becomes difficult to ensure seamless communication and data exchange between different devices, systems, and applications. It further raises security risks, compliances issues, limited choice and fragmented ecosystems which hinder the market growth.
Opportunity:
Growing smart healthcare facilities
Smart healthcare facilities play a pivotal role in driving the growth of the Internet of Things (IoT) in the healthcare. IoT-enabled smart facilities can provide a more seamless and personalized experience for patients. IoT sensors and devices can monitor the usage of resources such as energy, water, and medical supplies. Also, it enables real-time location tracking and telemedicine support. Further, its healthcare asset management, predictive maintenance and optimized resource utilization are boosting the market demand.
Threat:
Security and privacy concerns
Healthcare data is highly sensitive, containing personal information about patients. Breaches can lead to unauthorized access and other privacy risks. IoT devices can be vulnerable to cyber attacks, including malware, ransomware, and Distributed Denial of Service (DDoS) attacks. Compromised devices can lead to data theft or manipulation. Insecure Wi-Fi networks or inadequate network security can expose vulnerabilities in the communication between IoT devices, making them susceptible to interception or tampering. Therefore, this element is hampering the market demand.
Covid-19 Impact
The COVID-19 pandemic had a significant impact on the IoT in healthcare market. To minimize the risk of virus transmission, there was a preference for contactless healthcare solutions. IoT-enabled devices, like touch less thermometers and smart kiosks for check-ins, gained popularity in healthcare facilities. IoT-generated data was used for data analytics and modeling to understand the spread of the virus, predict outbreaks, and plan healthcare resources accordingly. The adoption of IoT in healthcare, particularly in areas like telemedicine and remote monitoring, is likely to have long-lasting effects. Overall, the COVID-19 pandemic accelerated the adoption and innovation of IoT in healthcare.
The telemedicine segment is expected to be the largest during the forecast period
The telemedicine segment is estimated to have a lucrative growth. The integration of telemedicine and IoT in healthcare enhances the quality of care, increases accessibility, and empowers patients to take a more active role in their own health management. Telemedicine combined with IoT solutions can be easily scaled to accommodate a growing number of patients. Its timely interventions, personalized treatment plans and enhanced efficiency boosts the segment growth.
The hospitals & clinics segment is expected to have the highest CAGR during the forecast period
The hospitals & clinics segment is anticipated to witness the highest CAGR growth during the forecast period, due to its continuous patient monitoring. Health IoT devices can continuously monitor vital signs, such as heart rate, blood pressure, oxygen levels, and temperature, allowing healthcare providers to remotely track the health of patients. The implementation of IoT in hospitals has the potential to significantly improve patient care, enhance operational efficiency, and drive better clinical outcomes.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the rising chronic disease cases and growing aging population. The prevalence of chronic diseases such as diabetes, hypertension, and heart disease is on the rise in the Asia Pacific region. Some countries in this region have launched initiatives to promote the adoption of digital health technologies, including IoT solutions. Digital health start-ups and innovation hubs are boosting the market demand in this region.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period. Europe is considered as one of the key regions for the adoption of IoT in healthcare. It has the presence of both global players and a growing number of innovative start-ups and technology firms specializing in healthcare IoT solutions. The market has been growing steadily, driven by factors such as aging populations, rising chronic diseases, and a strong emphasis on digital health initiatives.
Key players in the market
Some of the key players profiled in the IoT in Healthcare Market include Microsoft Corporation, Medtronic PLC, SAP SE, Koninklijke Philips NV, GE Healthcare, Cisco Systems, Stanley Healthcare, International Business Machines Corporation, Resideo Technologies Inc., Capsule Technologies Inc., Johnson & Johnson, Baxter, OMRON Healthcare, Inc., Intel Corporation, Siemens Healthineers, Abbot Laboratories, Boston Scientific Corporation, Honeywell Life Care Solutions, Securitas Healthcare LLC and iHealth Labs.
Key Developments:
In June 2022, Siemens AG has launched an open digital business platform, Siemens Xcelerator, to accelerate digital transformation and value creation for customers of all sizes in industry, buildings, grids and mobility. The business platform makes digital transformation easier, faster and scalable.
In March 2022, Microsoft launches Azure Health Data Services to unify health data and power AI in the cloud. Azure Health Data Services is a new way of working with unified data—providing the team with a platform to support both transactional and analytical workloads from the same data store and enabling cloud computing to transform how we develop and deliver AI across the healthcare ecosystem.
Components Covered:
• Medical Devices
• System & Software
• Services
• Hardware
Technologies Covered:
• Wi-Fi
• Cellular
• Zigbee
• Bluetooth
• Radio-Frequency Identification (RFID)
• Low Power Wide Area Networks (LPWANs)
• Satellite
• Zwave
• EnOcean
• Near Field Communication (NFC)
Applications Covered:
• Patient Monitoring
• Connected Imaging
• Telemedicine
• Clinical Operations
• Medication Management
• Workflow Optimization
• Other Applications
End Users Covered:
• Clinical Research Organizations
• Hospitals & Clinics
• Research & Diagnostic Laboratories
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global IoT in Healthcare Market, By Component
5.1 Introduction
5.2 Medical Devices
5.2.1 Wearable External Devices
5.2.2 Implanted Medical Devices
5.2.3 Stationary Medical Devices
5.3 System & Software
5.3.1 Remote Device Management
5.3.2 Network Bandwidth Management
5.3.3 Data Analytics
5.3.4 Application Security
5.3.5 Network Security
5.4 Services
5.4.1 System Integration Services
5.4.2 Consulting, Training & Education
5.4.3 Support & Maintenance Services
5.5 Hardware
5.5.1 Portable Diagnostic Devices
5.5.2 Non-Portable Diagnostic Devices
6 Global IoT in Healthcare Market, By Technology
6.1 Introduction
6.2 Wi-Fi
6.3 Cellular
6.4 Zigbee
6.5 Bluetooth
6.6 Radio-Frequency Identification (RFID)
6.7 Low Power Wide Area Networks (LPWANs)
6.8 Satellite
6.9 Zwave
6.10 EnOcean
6.11 Near Field Communication (NFC)
7 Global IoT in Healthcare Market, By Application
7.1 Introduction
7.2 Patient Monitoring
7.3 Connected Imaging
7.4 Telemedicine
7.5 Clinical Operations
7.6 Medication Management
7.7 Workflow Optimization
7.8 Other Applications
8 Global IoT in Healthcare Market, By End User
8.1 Introduction
8.2 Clinical Research Organizations
8.3 Hospitals & Clinics
8.4 Research & Diagnostic Laboratories
8.5 Other End Users
9 Global IoT in Healthcare Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Microsoft Corporation
11.2 Medtronic PLC
11.3 SAP SE
11.4 Koninklijke Philips NV
11.5 GE Healthcare
11.6 Cisco Systems
11.7 Stanley Healthcare
11.8 International Business Machines Corporation
11.9 Resideo Technologies Inc.
11.10 Capsule Technologies Inc.
11.11 Johnson & Johnson
11.12 Baxter
11.11 OMRON Healthcare, Inc.
11.14 Intel Corporation
11.15 Siemens Healthineers
11.16 Abbot Laboratories
11.17 Boston Scientific Corporation
11.18 Honeywell Life Care Solutions
11.19 Securitas Healthcare LLC
11.20 iHealth Labs
List of Tables
1 Global IoT in Healthcare Market Outlook, By Region (2021-2030) ($MN)
2 Global IoT in Healthcare Market Outlook, By Component (2021-2030) ($MN)
3 Global IoT in Healthcare Market Outlook, By Medical Devices (2021-2030) ($MN)
4 Global IoT in Healthcare Market Outlook, By Wearable External Devices (2021-2030) ($MN)
5 Global IoT in Healthcare Market Outlook, By Implanted Medical Devices (2021-2030) ($MN)
6 Global IoT in Healthcare Market Outlook, By Stationary Medical Devices (2021-2030) ($MN)
7 Global IoT in Healthcare Market Outlook, By System & Software (2021-2030) ($MN)
8 Global IoT in Healthcare Market Outlook, By Remote Device Management (2021-2030) ($MN)
9 Global IoT in Healthcare Market Outlook, By Network Bandwidth Management (2021-2030) ($MN)
10 Global IoT in Healthcare Market Outlook, By Data Analytics (2021-2030) ($MN)
11 Global IoT in Healthcare Market Outlook, By Application Security (2021-2030) ($MN)
12 Global IoT in Healthcare Market Outlook, By Network Security (2021-2030) ($MN)
13 Global IoT in Healthcare Market Outlook, By Services (2021-2030) ($MN)
14 Global IoT in Healthcare Market Outlook, By System Integration Services (2021-2030) ($MN)
15 Global IoT in Healthcare Market Outlook, By Consulting, Training & Education (2021-2030) ($MN)
16 Global IoT in Healthcare Market Outlook, By Support & Maintenance Services (2021-2030) ($MN)
17 Global IoT in Healthcare Market Outlook, By Hardware (2021-2030) ($MN)
18 Global IoT in Healthcare Market Outlook, By Portable Diagnostic Devices (2021-2030) ($MN)
19 Global IoT in Healthcare Market Outlook, By Non-Portable Diagnostic Devices (2021-2030) ($MN)
20 Global IoT in Healthcare Market Outlook, By Technology (2021-2030) ($MN)
21 Global IoT in Healthcare Market Outlook, By Wi-Fi (2021-2030) ($MN)
22 Global IoT in Healthcare Market Outlook, By Cellular (2021-2030) ($MN)
23 Global IoT in Healthcare Market Outlook, By Zigbee (2021-2030) ($MN)
24 Global IoT in Healthcare Market Outlook, By Bluetooth (2021-2030) ($MN)
25 Global IoT in Healthcare Market Outlook, By Radio-Frequency Identification (RFID) (2021-2030) ($MN)
26 Global IoT in Healthcare Market Outlook, By Low Power Wide Area Networks (LPWANs) (2021-2030) ($MN)
27 Global IoT in Healthcare Market Outlook, By Satellite (2021-2030) ($MN)
28 Global IoT in Healthcare Market Outlook, By Zwave (2021-2030) ($MN)
29 Global IoT in Healthcare Market Outlook, By EnOcean (2021-2030) ($MN)
30 Global IoT in Healthcare Market Outlook, By Near Field Communication (NFC) (2021-2030) ($MN)
31 Global IoT in Healthcare Market Outlook, By Application (2021-2030) ($MN)
32 Global IoT in Healthcare Market Outlook, By Patient Monitoring (2021-2030) ($MN)
33 Global IoT in Healthcare Market Outlook, By Connected Imaging (2021-2030) ($MN)
34 Global IoT in Healthcare Market Outlook, By Telemedicine (2021-2030) ($MN)
35 Global IoT in Healthcare Market Outlook, By Clinical Operations (2021-2030) ($MN)
36 Global IoT in Healthcare Market Outlook, By Medication Management (2021-2030) ($MN)
37 Global IoT in Healthcare Market Outlook, By Workflow Optimization (2021-2030) ($MN)
38 Global IoT in Healthcare Market Outlook, By Other Applications (2021-2030) ($MN)
39 Global IoT in Healthcare Market Outlook, By End User (2021-2030) ($MN)
40 Global IoT in Healthcare Market Outlook, By Clinical Research Organizations (2021-2030) ($MN)
41 Global IoT in Healthcare Market Outlook, By Hospitals & Clinics (2021-2030) ($MN)
42 Global IoT in Healthcare Market Outlook, By Research & Diagnostic Laboratories (2021-2030) ($MN)
43 Global IoT in Healthcare Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
List of Figures
Figure 1 Global IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 2 North America IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 3 US IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 4 Canada IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 5 Mexico IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 6 Europe IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 7 Germany IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 8 UK IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 9 Italy IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 10 France IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 11 Spain IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 12 Rest of Europe IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 13 Asia Pacific IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 14 Japan IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 15 China IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 16 India IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 17 Australia IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 18 New Zealand IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 19 South Korea IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 20 Rest of Asia Pacific IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 21 South America IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 22 Argentina IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 23 Brazil IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 24 Chile IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 25 Rest of South America IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 26 Middle East & Africa IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 27 Saudi Arabia IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 28 UAE IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 29 Qatar IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 30 South Africa IoT in Healthcare Market Outlook (2021-2030) ($MN)
Figure 31 Rest of Middle East & Africa IoT in Healthcare Market Outlook (2021-2030) ($MN)
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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