The global IoT in healthcare Market sales was valued at US$ 181.4 billion in 2022, and it is expected to rise to US$ 952.3 billion by 2032, at a compound annual growth rate (CAGR) of 18.0%. Between 2021 and 2022, the market is predicted to increase at a year-on-year (Y-o-Y) rate of 20.7%, surpassing its prior value of US$ 150.3 billion.
The growing global awareness of self-health management has resulted in the widespread use of wearable medical devices for monitoring health risks. Eversense and Dexcom have gained FDA certification for their glucose monitoring devices, which can monitor sugar levels for up to three months.
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Furthermore, the Zoll LifeVest 4000, a wearable defibrillator, has been introduced to monitor arrhythmias in both children and adults, allowing for the diagnosis of sudden cardiac arrest.
AI, ML, and NLP are also helping to analyse patients’ health issues. However, the inherent security dangers associated with IoT in healthcare must not be overlooked, as they may stymie business expansion. Future industry Insights’ recent industry analysis, named ‘IoT in Healthcare Market,’ provides insights into these variables.
Key Takeaways from IoT in Healthcare Market
- North America has a sizable market share. This could be explained by a growing emphasis on health management throughout the United States.
- Europe is likewise predicted to develop linearly, with the United Kingdom and France leading the way. This may be due to increased demand for telemedicine, mHealth, and EHRs (electronic health records).
- The Asia-Pacific region is predicted to grow at the fastest rate in the IoT in healthcare market, led by South Korea, India, and China.
- With countries focusing more on upgrading healthcare systems, LATAM is projected to pick up speed in the future. For example, in February 2020, many Brazilian ministries established a collaboration to integrate IoT systems in the healthcare sector.
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Competitive Landscape
- Microsoft Corporation announced in October 2020 that it had entered into a strategic relationship with ZEISS Group to improve patient care through data-driven healthcare solutions. The primary goal is to improve device management, treatment, and clinical workflow by utilising a revolutionary digitally connected approach.
- In May 2019, General Electric Company teamed with NASSCOM to create and deliver digitised healthcare services and solutions in the market. The goal was to improve digital healthcare through the NASSCOM CoE-IoT (Centre of Excellence-Internet of Things) platform.
- 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.
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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
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
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