[297 Pages Report] The global IoT in healthcare market is projected to reach US$ 181.4 Billion in 2022, anticipated to grow at a CAGR of 18.0%, reaching US$ 952.3 Billion by 2032. The market is slated to document a Y-o-Y growth rate of 20.7% from 2021-2022, increasing from the previously registered value of US$ 150.3 Billion.
The Internet of Things is a major component in the digital transformation of the healthcare business, and numerous stakeholders are ramping up their efforts in this arena, thus development in IoT healthcare applications is expected to increase.
| Attributes | Details |
|---|---|
| IoT in Healthcare Market CAGR (2022 to 2032) | 18.0% |
| IoT in Healthcare Market Size (2022) | US$ 181.4 Billion |
| IoT in Healthcare Market Size (2032) | US$ 952.3 Billion |
The increased use of healthcare information systems, the rise of big data in healthcare, enhanced device accuracy and connection, and the high penetration of connected devices in healthcare are driving the IoT industry. The Internet of Things (IoT) has the potential to transform traditional paper-based healthcare treatment by facilitating real-time patient data access and remote patient monitoring. The introduction of this digital healthcare technology addressed the looming demand for improved diagnostics and focused therapy solutions.
It not only allows physicians to monitor patients remotely, but it also serves as a fitness and wellness tracker for athletes and a dosage reminder for patients. The successful adoption of IoT in the remote monitoring of diabetic and asthma patients, combined with the widespread use of fitness and wellness gadgets, has resulted in a significant demand for the IoT healthcare industry.
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The COVID-19 pandemic has increased demand for wearable gadgets that measure health and fitness information, and location, and can be coupled with devices such as computers and cell phones. Because of the concern of COVID-19, the growing rate of adoption of health and fitness will increase purchases of in-stock wearables for real-time health monitoring, further raising the demand for development in healthcare IoT technology.
Big data analytics is a rapidly growing area in IoT. Big data analytics need to incorporate the most current advancements in machine learning, logical methods, computational intelligence, and data mining. Many healthcare professionals, including payers and providers, are increasingly studying big data to get in-depth expertise. Even though these initiatives are still in their early phases, they are expected to contribute to addressing industry-related issues such as inconsistency in healthcare quality and rising healthcare costs.
Improvements in the quality of people's everyday health and living activities, as well as big data analytics to support and encourage such research efforts, are among the drivers driving market expansion, as IoT-based healthcare systems play an important part in the growth of medical information systems. Patient tracking, tracing, and monitoring are critical for improving the healthcare system.
Several governments throughout the world have launched digital health projects. These initiatives range from large investments in infrastructure and digital health promotion to organizing conferences, inviting shareholders and major market participants, restructuring the healthcare system, and implementing regulations mandating the use of HER (electronic health records) using advanced technology.
In healthcare, outdated infrastructure is a well-known concern. It has been demonstrated that numerous firms in the healthcare business are still encumbered by legacy healthcare IT infrastructure.
With the introduction of newer technologies, these companies require the appropriate workforce to apply them. With the increasing use of IoT, a big issue that IoT poses is data security and privacy, which increases the healthcare industry's exposure to cyber-attacks.
Principal Consultant
Portable Diagnostic Hardware Devices to Experience Maximum Uptick in Coming Years
According to FMI, portable hardware diagnostic devices are expected to account for maximum sales, driven by advancements in technology in portable diagnostic devices. For example, EKO Devices received FDA approval for Eko Duo, which can be used as an effective ECG monitoring tool, in 2017. As per the report, a CAGR of 15.1% has been projected from 2022 to 2032.
Other factors such as rising chronic condition incidence, rising geriatric population presence of a large target patient population, rising diagnosis rate, rising patient awareness about portable diagnostic devices, and improvements in treatment rates and healthcare infrastructure are also expected to propel market growth.
Demand across Hospitals to register Maximum Expansion
According to FMI, hospitals will emerge as the primary end users of IoT in healthcare, expected to register a CAGR of 18.2% during the 2022 to 20322 forecast period. Growth is attributed to the fact that hospitals are the primary point of contact for all major healthcare innovations.
Given the increasing hospitalization rates for numerous chronic and infectious diseases, stakeholders are investing in highly advanced diagnostic, therapeutic, and workflow-optimizing solutions. These help various departments achieve greater economies of scale, as well as help them improve positive patient outcomes.
Ongoing Investments to Beef up Healthcare to Drive APAC Market Growth
Asia Pacific is seeing tremendous expansion in the IoT in the healthcare market. Because the APAC region contains more than half of the world's population, any big technological shifts, such as those foreshadowed by IoT, are likely to determine the region's future.
Many Asian nations, including China, Japan, and India, are embracing information-intensive IoT technologies to meet rising healthcare service demand, and as a result, APAC is likely to provide significant prospects to use IoT in healthcare solutions.
According to data published by FMI, the aforementioned countries are expected to document CAGRs worth 19.5%, 19.2%, and 21.1% respectively. Furthermore, China, Japan, and India will likely document market values of US$ 98.2 Billion, US$ 73.1 Billion, and US$ 85.7 Billion respectively.
What are the Growth Prospects of the IoT in the Healthcare Market in the USA?
The healthcare Internet of Things (IoT) industry in North America led the worldwide market and is expected to continue in this manner over the projected period. This expansion may be attributed to reasons such as the increasing acceptance of healthcare IT solutions, the presence of significant players, and the availability of advanced infrastructure in the USA.
Rising measures to reduce medical costs, resulting in a transition from a fee-for-service to a value-based approach, have also boosted the industry significantly. According to the report, demand for IoT in healthcare solutions in the USA is poised to surge at an 18.9% CAGR until 2032. An absolute opportunity worth US$ 171.4 Billion is projected for the USA market, along with a market value of US$ 208.1 Billion in 2032.
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The Internet of Things (IoT) in healthcare is somewhat competitive, with numerous prominent competitors. Certain strategic efforts, such as mergers, new product launches, acquisitions, and collaborations, are being implemented by corporations to assist them increase their market position.
IoT in Healthcare Market Developments
The IoT in healthcare market is expected to grow at a stellar CAGR of 18.0% over the forecast period.
The global market for IoT in Healthcare was valued at US$ 150.1 Billion in 2021.
Hardware IoT in healthcare is expected to showcase a CAGR of 15.1% during the forecast period
India is expected to be the main hub for IoT in healthcare, experiencing a CAGR of 21.1%
The market for IoT in healthcare is expected to grow to nearly US$ 952.3 Billion by 2032
The absolute dollar growth of IoT in healthcare is estimated at US$ 770.9 Billion
1. Preface | IoT in Healthcare Market 1.1. Market Definition and Scope 1.2. Market Segmentation 1.3. Key Research Objectives 1.4. Research Highlights 2. Assumptions and Research Methodology 3. Executive Summary: Global Market 4. Market Overview 4.1. Introduction 4.2. Market Dynamics 4.2.1. Drivers 4.2.2. Restraints 4.2.3. Opportunities 4.3. Key Market Indicator 4.4. Global IoT in Healthcare Market Analysis and Forecasts, 2015 to 2032 4.4.1. Market Revenue Projections (US$ Billion) 4.5. Porter’s Five Force Analysis 4.6. Value Chain Analysis 4.7. Market Outlook 5. Global Market Analysis and Forecasts, By Component 5.1. Definitions 5.2. Market Analysis Forecast (US$ Billion), By Component, 2015 to 2032 5.2.1. Hardware 5.2.1.1. Portable Diagnostic Devices 5.2.1.1.1. On-body Wearable 5.2.1.1.2. Others 5.2.1.2. Non-Portable Diagnostic Devices 5.2.2. Software 5.2.3. Service 5.3. Component Comparison Matrix 5.4. Market Attractiveness By Component 6. Global Market Analysis and Forecasts, By Application 6.1. Definitions 6.2. Market Analysis Forecast (US$ Billion), By Application, 2015 to 2032 6.2.1. Telemedicine 6.2.2. Medication Management 6.2.3. Clinical Operations 6.2.4. Patient Monitoring 6.2.5. Connected Imaging 6.2.6. Others 6.3. Application Comparison Matrix 6.4. Market Attractiveness By Application 7. Global Market Analysis and Forecasts, By Technology 7.1. Definitions 7.2. Market Analysis Forecast (US$ Billion), By Technology, 2015 to 2032 7.2.1. Bluetooth 7.2.2. Wi-Fi 7.2.3. NFC 7.2.4. Zigbee 7.2.5. RFID 7.2.6. Others (Cellular, Satellite, Zwave, EnOcean) 7.3. Application Comparison Matrix 7.4. Market Attractiveness By Application 8. Global Market Analysis and Forecasts, By End-use 8.1. Definitions 8.2. Market Analysis Forecast (US$ Billion), By End-use, 2015 to 2032 8.2.1. Hospitals 8.2.2. Pharmaceuticals 8.2.3. Clinics & Laboratories 8.3. End-use Comparison Matrix 8.4. Market Attractiveness By End-use 9. Global Market Analysis and Forecasts, By Region 9.1. Key Findings 9.2. Key Trends 9.3. Market Analysis Forecast, By Region, 2015 to 2032 (sqm) 9.3.1. North America 9.3.2. Europe 9.3.3. Asia Pacific 9.3.4. Middle East and Africa 9.3.5. South America 9.4. Market Attractiveness By Region 10. North America Market Analysis and Forecast 10.1. Key Findings 10.2. Market Analysis Forecast (US$ Billion), By Component, 2015 to 2032 10.2.1. Hardware 10.2.1.1. Portable Diagnostic Devices 10.2.1.1.1. On-body Wearable 10.2.1.1.2. Others 10.2.1.2. Non-Portable Diagnostic Devices 10.2.2. Software 10.2.3. Service 10.3. Market Analysis Forecast (US$ Billion), By Application, 2015 to 2032 10.3.1. Telemedicine 10.3.2. Medication Management 10.3.3. Clinical Operations 10.3.4. Patient Monitoring 10.3.5. Connected Imaging 10.3.6. Others 10.4. Market Analysis Forecast (US$ Billion), By Technology, 2015 to 2032 10.4.1. Bluetooth 10.4.2. Wi-Fi 10.4.3. NFC 10.4.4. Zigbee 10.4.5. RFID 10.4.6. Others (Cellular, Satellite, Zwave, EnOcean) 10.5. Market Analysis Forecast (US$ Billion), By End-use, 2015 to 2032 10.5.1. Hospitals 10.5.2. Pharmaceuticals 10.5.3. Clinics & Laboratories 10.6. Market Analysis Forecast (US$ Billion), By Country, 2015 to 2032 10.6.1. The USA 10.6.2. Canada 10.6.3. Rest of North America 10.7. Market Attractiveness Analysis 10.7.1. By Component 10.7.2. By Application 10.7.3. By Technology 10.7.4. By End-use 10.7.5. By Country 11. Europe Market Analysis and Forecast 11.1. Key Findings 11.2. Market Analysis Forecast (US$ Billion), By Component, 2015 to 2032 11.2.1. Hardware 11.2.1.1. Portable Diagnostic Devices 11.2.1.1.1. On-body Wearable 11.2.1.1.2. Others 11.2.1.2. Non-Portable Diagnostic Devices 11.2.2. Software 11.2.3. Service 11.3. Market Analysis Forecast (US$ Billion), By Application, 2015 to 2032 11.3.1. Telemedicine 11.3.2. Medication Management 11.3.3. Clinical Operations 11.3.4. Patient Monitoring 11.3.5. Connected Imaging 11.3.6. Others 11.4. Market Analysis Forecast (US$ Billion), By Technology, 2015 to 2032 11.4.1. Bluetooth 11.4.2. Wi-Fi 11.4.3. NFC 11.4.4. Zigbee 11.4.5. RFID 11.4.6. Others (Cellular, Satellite, Zwave, EnOcean) 11.5. Market Analysis Forecast (US$ Billion), By End-use, 2015 to 2032 11.5.1. Hospitals 11.5.2. Pharmaceuticals 11.5.3. Clinics & Laboratories 11.6. Market Analysis Forecast (US$ Billion), By Country, 2015 to 2032 11.6.1. Germany 11.6.2. France 11.6.3. UK 11.6.4. Rest of Europe 11.7. Market Attractiveness Analysis 11.7.1. By Component 11.7.2. By Application 11.7.3. By Technology 11.7.4. By End-use 11.7.5. By Country 12. Asia-Pacific Market Analysis and Forecast 12.1. Key Findings 12.2. Market Analysis Forecast (US$ Billion), By Component, 2015 to 2032 12.2.1. Hardware 12.2.1.1. Portable Diagnostic Devices 12.2.1.1.1. On-body Wearable 12.2.1.1.2. Others 12.2.1.2. Non-Portable Diagnostic Devices 12.2.2. Software 12.2.3. Service 12.3. Market Analysis Forecast (US$ Billion), By Application, 2015 to 2032 12.3.1. Telemedicine 12.3.2. Medication Management 12.3.3. Clinical Operations 12.3.4. Patient Monitoring 12.3.5. Connected Imaging 12.3.6. Others 12.4. Market Analysis Forecast (US$ Billion), By Technology, 2015 to 2032 12.4.1. Bluetooth 12.4.2. Wi-Fi 12.4.3. NFC 12.4.4. Zigbee 12.4.5. RFID 12.4.6. Others (Cellular, Satellite, Zwave, EnOcean) 12.5. Market Analysis Forecast (US$ Billion), By End-use, 2015 to 2032 12.5.1. Hospitals 12.5.2. Pharmaceuticals 12.5.3. Clinics & Laboratories 12.6. Market Analysis Forecast (US$ Billion), By Country, 2015 to 2032 12.6.1. China 12.6.2. India 12.6.3. Japan 12.6.4. Rest of Asia Pacific 12.7. Market Attractiveness Analysis 12.7.1. By Component 12.7.2. By Application 12.7.3. By Technology 12.7.4. By End-use 12.7.5. By Country 13. Middle East & Africa (MEA) Market Analysis and Forecast 13.1. Key Findings 13.2. Market Analysis Forecast (US$ Billion), By Component, 2015 to 2032 13.2.1. Hardware 13.2.1.1. Portable Diagnostic Devices 13.2.1.1.1. On-body Wearable 13.2.1.1.2. Others 13.2.1.2. Non-Portable Diagnostic Devices 13.2.2. Software 13.2.3. Service 13.3. Market Analysis Forecast (US$ Billion), By Application, 2015 to 2032 13.3.1. Telemedicine 13.3.2. Medication Management 13.3.3. Clinical Operations 13.3.4. Patient Monitoring 13.3.5. Connected Imaging 13.3.6. Others 13.4. Market Analysis Forecast (US$ Billion), By Technology, 2015 to 2032 13.4.1. Bluetooth 13.4.2. Wi-Fi 13.4.3. NFC 13.4.4. Zigbee 13.4.5. RFID 13.4.6. Others (Cellular, Satellite, Zwave, EnOcean) 13.5. Market Analysis Forecast (US$ Billion), By End-use, 2015 to 2032 13.5.1. Hospitals 13.5.2. Pharmaceuticals 13.5.3. Clinics & Laboratories 13.6. Market Analysis Forecast (US$ Billion), By Country, 2015 to 2032 13.6.1. UAE 13.6.2. Saudi Arabia 13.6.3. South Africa 13.6.4. Rest of Middle East & Africa 13.7. Market Attractiveness Analysis 13.7.1. By Component 13.7.2. By Application 13.7.3. By Technology 13.7.4. By End-use 13.7.5. By Country 14. South America Market Analysis and Forecast 14.1. Key Findings 14.2. Market Analysis Forecast (US$ Billion), By Component, 2015 to 2032 14.2.1. Hardware 14.2.1.1. Portable Diagnostic Devices 14.2.1.1.1. On-body Wearable 14.2.1.1.2. Others 14.2.1.2. Non-Portable Diagnostic Devices 14.2.2. Software 14.2.3. Service 14.3. Market Analysis Forecast (US$ Billion), By Application, 2015 to 2032 14.3.1. Telemedicine 14.3.2. Medication Management 14.3.3. Clinical Operations 14.3.4. Patient Monitoring 14.3.5. Connected Imaging 14.3.6. Others 14.4. Market Analysis Forecast (US$ Billion), By Technology, 2015 to 2032 14.4.1. Bluetooth 14.4.2. Wi-Fi 14.4.3. NFC 14.4.4. Zigbee 14.4.5. RFID 14.4.6. Others (Cellular, Satellite, Zwave, EnOcean) 14.5. Market Analysis Forecast (US$ Billion), By End-use, 2015 to 2032 14.5.1. Hospitals 14.5.2. Pharmaceuticals 14.5.3. Clinics & Laboratories 14.6. Market Analysis Forecast (US$ Billion), By Country, 2015 to 2032 14.6.1. Brazil 14.6.2. Rest of South America 14.7. Market Attractiveness Analysis 14.7.1. By Component 14.7.2. By Application 14.7.3. By Technology 14.7.4. By End-use 14.7.5. By Country 15. Competition Landscape 15.1. Market Player - Competition Matrix 15.2. Market Share Analysis By Company (2021) 15.3. Company Profiles (Details - Overview, Financials, SWOT, Strategy) 15.3.1. AdhereTech Inc. 15.3.1.1. Company Overview 15.3.1.2. Company Description 15.3.1.3. Financial Overview 15.3.1.4. SWOT Analysis 15.3.1.5. Strategy Overview 15.3.2. Cerner Corporation 15.3.2.1. Company Overview 15.3.2.2. Company Description 15.3.2.3. Financial Overview 15.3.2.4. SWOT Analysis 15.3.2.5. Strategy Overview 15.3.3. Cisco Inc. 15.3.3.1. Company Overview 15.3.3.2. Company Description 15.3.3.3. Financial Overview 15.3.3.4. SWOT Analysis 15.3.3.5. Strategy Overview 15.3.4. Ericsson AB 15.3.4.1. Company Overview 15.3.4.2. Company Description 15.3.4.3. Financial Overview 15.3.4.4. SWOT Analysis 15.3.4.5. Strategy Overview 15.3.5. General Electric Company (GE Healthcare) 15.3.5.1. Company Overview 15.3.5.2. Company Description 15.3.5.3. Financial Overview 15.3.5.4. SWOT Analysis 15.3.5.5. Strategy Overview 15.3.6. Honeywell International Inc. 15.3.6.1. Company Overview 15.3.6.2. Company Description 15.3.6.3. Financial Overview 15.3.6.4. SWOT Analysis 15.3.6.5. Strategy Overview 15.3.7. IBM Corporation 15.3.7.1. Company Overview 15.3.7.2. Company Description 15.3.7.3. Financial Overview 15.3.7.4. SWOT Analysis 15.3.7.5. Strategy Overview 15.3.8. Koninklijke Philips N.V. 15.3.8.1. Company Overview 15.3.8.2. Company Description 15.3.8.3. Financial Overview 15.3.8.4. SWOT Analysis 15.3.8.5. Strategy Overview 15.3.9. Medtronic Inc. 15.3.9.1. Company Overview 15.3.9.2. Company Description 15.3.9.3. Financial Overview 15.3.9.4. SWOT Analysis 15.3.9.5. Strategy Overview 15.3.10. Microsoft corporation 15.3.10.1. Company Overview 15.3.10.2. Company Description 15.3.10.3. Financial Overview 15.3.10.4. SWOT Analysis 15.3.10.5. Strategy Overview 15.3.11. NXP Semiconductors 15.3.11.1. Company Overview 15.3.11.2. Company Description 15.3.11.3. Financial Overview 15.3.11.4. SWOT Analysis 15.3.11.5. Strategy Overview 15.3.12. Qualcomm Technologies, Inc. 15.3.12.1. Company Overview 15.3.12.2. Company Description 15.3.12.3. Financial Overview 15.3.12.4. SWOT Analysis 15.3.12.5. Strategy Overview 15.3.13. SAP SE 15.3.13.1. Company Overview 15.3.13.2. Company Description 15.3.13.3. Financial Overview 15.3.13.4. SWOT Analysis 15.3.13.5. Strategy Overview 15.3.14. STANLEY Healthcare 15.3.14.1. Company Overview 15.3.14.2. Company Description 15.3.14.3. Financial Overview 15.3.14.4. SWOT Analysis 15.3.14.5. Strategy Overview 15.3.15. Zebra Technologies 15.3.15.1. Company Overview 15.3.15.2. Company Description 15.3.15.3. Financial Overview 15.3.15.4. SWOT Analysis 15.3.15.5. Strategy Overview 16. Key Takeaways
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IoT in Healthcare Market
