Internet of Things (IoT) in Healthcare Market Forecast | 2023-2028

Market Insights

The IoT in healthcare market is estimated to grow from USD 106.17 billion in 2022 to USD 329.68 billion by 2028 at a CAGR of 20.78% during the forecast period.

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What is IoT (Internet of Things) in Healthcare?

The Internet of Things (IoT) is defined as a network of physical devices that communicate with one another to enable data exchange. Furthermore, IoT is used in the healthcare field for data collection, analysis for research, and monitoring of electronic health records that contain personally identifiable information, protected health information, and other machine-generated healthcare data.

Furthermore, IoT applications in healthcare facilitate important tasks such as improving patient outcomes while also relieving some of the burdens from health practitioners. Remote monitoring in the healthcare sector has become possible thanks to the Internet of Things (IoT)-enabled devices, unleashing the potential to keep patients safe and healthy while also empowering physicians to provide exceptional care.

COVID-19 Impact Analysis

The recent COVID-19 outbreak has prompted Internet of things (IoT) healthcare solution providers to respond quickly in order to meet the increasing demand for high-quality services for virus protection.

COVID-19's rapid spread has engulfed the entire healthcare ecosystem, from pharmaceutical companies and drug makers to COVID-19 vaccine developers and health insurers, and hospitals. Telemedicine, remote patient monitoring, and interactive medicine, as well as inpatient monitoring, are expected to gain traction during this period.

Key Players

The following are some of the key players operating in the market are-

• Agamatrix (US)
• Armis (US)
• Bosch (Germany)
• Capsule Technologies (US)
• Comarch SA (Poland)
• Cisco Systems (US)
• GE Healthcare (US)
• HQSoftware (Estonia)
• Huawei (China)
• IBM Corporation (US)
• Intel (US).

Market Dynamics

These factors are expected to boost the demand for internet of things (IoT) in healthcare market:

• Increase in demand for wearable devices that track health and fitness data, and location, and can be integrated with devices like laptops and smartphones.
• Outdated infrastructure is impeding the medical industry's digital growth.
• Initiatives by the government to promote digital health. Several governments have launched initiatives to promote digital health.

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The major advantages of IoT in healthcare include:

• Cost Reduction: The implementation of IoT technology facilitates real-time patient monitoring, leading to a substantial reduction in unnecessary doctor visits, hospital stays, and readmissions.
• Improved Treatment: By enabling physicians to make evidence-based informed decisions, IoT technology promotes absolute transparency in healthcare.
• Faster Disease Diagnosis: Through continuous patient monitoring and real-time data analysis, IoT technology aids in the early detection of diseases, potentially identifying symptoms even before the disease fully manifests.
• Proactive Treatment: Continuous health monitoring paves the way for delivering proactive medical treatment.
• Drugs and Equipment Management: The healthcare industry faces significant challenges in managing drugs and medical equipment. However, connected devices enable efficient management and utilization of these resources, leading to reduced costs.
• Error Reduction: The data generated by IoT devices not only supports effective decision-making but also enhances healthcare operations by minimizing errors, waste, and system costs.

Segment Analysis

Component Trends

The market has been bifurcated into systems and software, devices, & service. Under these, the devices segment held the largest market share of more than 35% in 2022 & is expected to maintain its lead in the market during the forecast period.

This is linked to the widespread use of medical devices because of the growing demand for effective and affordable healthcare delivery options. For instance, medical gadgets linked to IoT sensors provide doctors with a continuous stream of real-time health data including blood pressure, heart rate, and glucose monitoring.

Additionally, the demand for linked medical devices in the healthcare industry is anticipated to increase in response to the growing desire for self-monitoring gadgets like wearable technology. Universities and several significant companies are introducing cutting-edge medical equipment for self-monitoring of health indicators.

Application Trends

The market has been bifurcated into disposable internet of things in patient monitoring, clinical operation and workflow optimization, clinical imaging, fitness and wellness measurement, and drug development.

The Patient Monitoring segment accounted for the largest market share in 2022 & is expected to maintain its dominance during the forecast period. It offers a variety of monitoring systems designed to collect physiological data, which is then analyzed and stored via gateways and clouds.

Regional Analysis

Asia Pacific accounted for the largest share in 2022 and is expected to grow at a significant CAGR during the review period. The APAC region is experiencing rapid growth in the market.

Because the APAC region contains more than half of the world's population, any major technological shifts, such as those heralded by IoT, are likely to shape the region's future.

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Many Asian countries, including China, Japan, and India, are leveraging information-intensive Internet of Things (IoT) technologies to meet rising healthcare service demand, and as a result, APAC is expected to offer promising opportunities to deploy IoT in healthcare solutions.

Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories: 

 By Component

• System and Software
• Device
• Service

By Application

• Patient Monitoring
• Clinical Operation and Workflow Optimization
• Clinical Imaging
• Fitness and Wellness Measurement
• Drug Development

By End-User

• Healthcare Providers
• Patients
• Healthcare Payers
• Research Laboratories (Biotech/Pharma)
• Government Authority.

By Region

• North America (Country: The USA, Canada, and Mexico)
• Europe (Country: Germany, France, The UK, Russia, Italy, and the Rest of Europe)
• Asia-Pacific (Country: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country: Brazil, Argentina, and Others)

Target Audience

The target audience of the market includes-

• Internet of Things (IoT)  in Healthcare distributors
• Internet of Things (IoT)  in Healthcare suppliers
• Internet of Things (IoT)  in Healthcare manufacturers
• Contract Research Organizations

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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