IoT in Healthcare Market

Market Synopsis:

Global IoT in Healthcare market is valued at USD 91.76 Billion in 2022 and is projected to attain a value of USD 571.90 Billion by 2030 at a CAGR of 25.70% during the forecast period, 2022–2028. By monitoring patient behaviour in real time, IoT technology bridges the gap between digital and physical data sources in the healthcare industry. IoT infrastructure technologies are aimed at enhancing the nature of telehealth services in order to improve accessibility to healthcare services, reduce the operational strain on healthcare facilities, and enable the creation of a digitized health ecosystem in a seamless manner. The overall growth of the IoT in Healthcare market is driven by factors such as an increase in the number of digital health initiatives from governments around the world, a growing need to reduce healthcare costs, a growing focus on patient-centric care delivery, and an increase in the penetration of smartphones and high-speed networking and connectivity solutions.

The recent outbreak of COVID-19 has prompted IoT in Healthcare solution vendors to respond fast in order to meet the growing need for high-quality virus protection services. COVID-19 has engulfed the whole healthcare ecosystem, from pharmaceutical corporations to medicine producers to COVID-19 vaccine developers to health insurance and hospitals, thanks to its rapid expansion. During this time, applications like telemedicine, remote patient monitoring, and interactive medicine, as well as inpatient monitoring, are projected to gain popularity.

Increasing Demand for Wearable Devices Amid the COVID-19 Outbreak

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The COVID-19 outbreak has increased demand for wearable gadgets that measure health and fitness data, as well as location and can be linked with other devices like computers and cellphones. Due to the concern of COVID-19, the adoption of health and fitness will accelerate, resulting in more in-stock wearables for real-time health monitoring and increased demand for IoT in Healthcare technology development.

Government Initiatives for Promoting Digital Health

Several countries' governments have launched initiatives to promote digital health. These initiatives range from large investments in infrastructure and digital health promotion to organising conferences, inviting investors and top market players, restructuring the healthcare system, and enacting regulations mandating the use of HER (electronic health records) using advanced technology.

Outdated Infrastructure Hindering the Digital Growth of the Medical Industry

In the healthcare industry, outdated infrastructure is a well-known problem. It has been demonstrated that numerous organisations in the healthcare industry are still burdened by legacy healthcare IT infrastructure. When it comes to deploying new technology, these firms need the right people to do the job. With the widespread adoption of IoT, a substantial threat of data security and privacy has emerged, further increasing the healthcare industry's vulnerability to assaults.

Market Segmentation:

Global IoT in Healthcare market is segmented on the basis of Component into Medical Devices, Systems & Software, Services and Connectivity Technology. Based on application, the IoT in Healthcare market segmented into Telemedicine, Store-and-forward Telemedicine, Remote Patient Monitoring, Interactive Medicine, Clinical Operations and Workflow Management, Connected Imaging, Inpatient Monitoring, Medication Management and Others (Fall detection, sportsmen care, and public safety). Based on End User, Hospitals, Surgical Centers, and Clinics, Clinical Research Organizations, Government and Défense Institutions, Research and, Diagnostic Laboratories. Based on region, the IoT in Healthcare market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the IoT in Healthcare Market

North America dominated the worldwide IoT in Healthcare market, and this trend is expected to continue over the forecast period. Factors such as the increased acceptance of healthcare IT solutions, the presence of significant players, and the availability of sophisticated infrastructure have all contributed to this growth. Rising efforts to cut medical costs, which have resulted in a shift from a fee-for-service to a value-based model, have also boosted the market.

USD 28.5 Billion

Key Players:

Some of the players in the IoT in Healthcare market include Cisco Systems Inc., Microsoft Corporation, IBM Corporation, SAP SE, Qualcomm Life, Inc., Honeywell Life Care Solutions, GE Healthcare, Siemens Healthineers, Medtronic, Philips, Honeywell Life Care Solutions, Boston Scientific, Johnson & Johnson, BIOTRONIK, Omron, AgaMatrix, STANLEY Healthcare, AliveCor, iHealth Lab, and Welch Allyn.