In 2022, the global IoT in healthcare market size was valued at US$ 181.4 billion, and it is projected to reach US$ 952.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.0%. The market is expected to experience a year-on-year (Y-o-Y) growth rate of 20.7% between 2021 and 2022, surpassing its previous value of US$ 150.3 billion.
The increasing awareness among people worldwide about self-health management has led to the widespread adoption of wearable medical devices for monitoring health concerns. Companies such as Eversense and Dexcom have received approval from the US FDA for their glucose monitoring devices, which can monitor sugar levels for up to 3 months.
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In addition, Zoll LifeVest 4000, a wearable defibrillator, has been introduced to monitor arrhythmias in both children and adults, enabling the detection of sudden cardiac arrest.
AI, ML, and NLP are also contributing to the analysis of patients’ health conditions. However, the potential security risks associated with IoT in healthcare cannot be ignored, which may act as a hindrance to the growth of the market. Future Market Insights has provided insights into these factors in its latest market study, titled ‘IoT in Healthcare Market.’
Key Takeaways from IoT in Healthcare Market
- North America holds a noteworthy market share. This could be reasoned with an increasing emphasis on health management all over the US.
- Europe is also expected to grow on a linear note with the UK and France leading from the front. This could be attributed to growing demand for telemedicine, mHealth, and EHRs (electronic health records).
- The Asia-Pacific is expected to grow at the fastest rate in the IoT in healthcare market with South Korea, India, China holding the baton.
- LATAM is expected to pick up pace in future with increasing focus of the governments in improving healthcare system. For example – different ministries of Brazil, in February 2020, announced collaboration for integrating IoT schemes in healthcare sector.
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Competitive Landscape
- Microsoft Corporation, in October 2020, did announce that it had strategically entered into collaboration with ZEISS Group for enhancing patient care via data-driven healthcare solutions. The major objective is that of improvising on device management, treatment, and enhancing clinical workflow by making use of novel digital connected solution.
- General Electric Company, in May 2019, partnered with NASSCOM for launching and offering digitized healthcare services and solutions in market. The purpose was to upscale digital healthcare via CoE-IoT (Center of Excellence-Internet of Things) platform pertaining to NASSCOM.
- Medtronic, in January 2019, partnered with IBM Watson for providing IQcast. It’s a new-fangled feature of the existing product ‘Sugar.IQ’ for iOS mobile devices all across the US. This software claims to make available a hypoglycemic episode to patients for monitoring the low glucose level. It does work by predicting occurrence 1-4 hours prior.
- Spencer Health Solutions and Royal Philips, in April 2019, started working towards expansion of their rapport for providing chronically ill patients in select EU nations with an in-home adherence to medication on Philips telehealth platform.
“Connected devices are penetrating the healthcare vertical at an alarming rate. This factor is bound to take the IoT in healthcare market by storm in the forecast period”, says an analyst from Future Market Insights.
Key Players:
- 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
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What is the IoT in Healthcare Market Report up to?
- Future Market Insights offers an exclusive perspective and various real-time insights on the IoT in Healthcare market in its latest study, presenting historical demand assessment of 2016 to 2021 and projections for 2022 to 2032.
- The research study is based on component (IoT in healthcare hardware (portable diagnostic devices and non-portable diagnostic devices), IoT in healthcare software, and IoT in healthcare services), by application (telemedicine, medication management, clinical operations, patient monitoring, connected imaging, and likewise), by technology (Bluetooth-based, Wi-Fi-based, NFC-based, Zigbee-based, RFID-based, and others (Cellular, Satellite, Zwave, EnOcean)), and by end-user (hospitals, pharmaceuticals, and clinics & laboratories).
- Numerous developed economies are increasingly shifting their preferences to electronic health record systems. This factor is actually expected to put the IoT in healthcare market on the top pedestal in the forecast period.
Key Segments Covered in the IoT in Healthcare Industry Report
IoT in Healthcare by Component:
- IoT in Healthcare Hardware
- Portable Diagnostic Devices
- Non-Portable Diagnostic Devices
- IoT in Healthcare Software
- IoT in Healthcare Services
IoT in Healthcare by Application:
- IoT in Healthcare for Telemedicine
- IoT in Healthcare for Medication Management
- IoT in Healthcare for Clinical Operations
- IoT in Healthcare for Patient Monitoring
- IoT in Healthcare for Connected Imaging
- Other IoT in Healthcare Applications
IoT in Healthcare by Technology:
- Bluetooth-based IoT in Healthcare
- Wi-Fi-based IoT in Healthcare
- NFC-based IoT in Healthcare
- Zigbee-based IoT in Healthcare
- RFID-based IoT in Healthcare
- Other IoT in Healthcare Technologies (Cellular, Satellite, Zwave, EnOcean)
IoT in Healthcare by End User:
- IoT in Healthcare across Hospitals
- IoT in Healthcare across Pharmaceuticals
- IoT in Healthcare across Clinics & Laboratories
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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