IoT Healthcare Market

GMI Research analysis indicates that the IoT Healthcare Market size was estimated at USD 85.4 billion in 2021 and is slated to register a double digit CAGR of 21.1% over the period 2022-2029 and is projected to reach USD 395.0 billion in 2029 attributed to reduced cost of care and advancements in medical devices.

To have an edge over the competition by knowing the market dynamics and current trends of “IoT Healthcare Market” request for Sample Report here

Key IoT Healthcare Market Trends and Drivers

Major factors driving IoT healthcare market are growing popularity of wearable devices, increasing demand for healthcare information and increasing adoption of high speed network technology for IoT connectivity. During Covid-19 outbreak, wearable devices like fitness trackers and medical devices are becoming more popular amongst consumers as these devices can track different health metrics such as sleep patterns, oxygen saturation levels, heart rate, step count and body temperature. These devices can be integrated with smartphones and laptops to monitor data in real-time, increase patient engagement and improve communication, which are some of its features increasing its adoption rate. Post-covid 19, consumers are becoming more conscious about their health, which is expected to increase the demand for Internet of Things medical devices in upcoming years.

Some of IoT use cases in healthcare industry includes remote patient monitoring, predictive maintenance of medical equipment, telemedicine, tracking location and movement of medical supplies and healthcare facility management. Moreover, government in various countries worldwide are conducting conferences to promote digital health, making favourable policies for related to the use of electronic health records (EHR), restructuring healthcare systems and making huge investments for setting requisite infrastructure, which are creating lucrative growth opportunities for global IoT healthcare market. IoT can track patient’s health through home monitoring equipment, helps insurance companies to validate claims by using data collected by devices, facilitates medical research and check minute details of patients, are some of the benefits of IoT in healthcare sector.

Integration of Artificial Intelligence (AI) with IoT devices are helping healthcare professionals to smoothen the treatment process as they can diagnose and predict ailment or diseases in real-time, which increases the overall operational efficiency. Additionally, rising prevalence of chronic disorders worldwide, increasing geriatric population and growing need to replace outdated medical and clinical devices in hospitals, are supplementing the demand of IoT devices in healthcare industry. Some of the commonly used connected devices healthcare includes pulse oximeters, personal ECG and insulin pumps. Fall in the prices of hardware, growing investments in digital technologies, and increasing penetration of connected devices, are accelerating the growth of IoT healthcare market. However, rise in the number of cyber-attacks in healthcare industry, are restricting the market growth.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

According to IoT healthcare market analysis, medical Devices segment is estimated to dominate the market.

Internet of things medical devices are becoming popular amongst consumers due to its cost-effective features. In the healthcare industry, these devices help healthcare professionals in making decisions as IoT medical devices provides critical data related to patient’s health parameters. Furthermore, System and Software segment is driven by development of connected novel solutions for life science industry, growing need to manage healthcare records and adoption of digital technologies in the health centers.

Based on Application, Inpatient Management segment, is forecast to expand at the fastest CAGR.

Internet of Things facilitates inpatient monitoring processes such as measuring psychological functions of patients, which are used for making therapeutic interventions. Telemedicine segment is propelled by advancements in the field of telemedicine technology coupled with increasing focus of companies on developing innovative telemedicine devices for improving healthcare system.

Based on End User, Hospitals segment is estimated to capture the largest market share.

Rising prevalence of chronic diseases, increasing research and development activities by companies and growing adoption of digital technologies, are some of the factors augmenting the segment’s growth. In addition, hospitals are increasingly adopting IoT solutions for facilitating real-time communication, managing records and improving their operational efficiency. Clinical research organizations use Internet of Things for increasing patient retention and facilitating recruitment process in clinical research.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Customization here

Based on Region, North American region is projected to hold the largest market share.

North American IoT healthcare market is driven by growing popularity of telehealth services, increasing number of hospitals and rising adoption of electronic health records. As per the data released by the Office of the National Coordinator for Health Information Technology, the adoption of certified Electronic Health Records (HER) in United States have increased to reach 78% in 2021, which indicates an increase of 6% as compared to 2019.

Asia-Pacific IoT healthcare market is driven by increasing healthcare expenditure in countries like India and China, growing adoption of latest technologies by hospitals to streamline workflow activities and population of huge population. IoT healthcare market in India is propelled by growing prevalence of chronic diseases and increasing demand for connected devices.

Top IoT Healthcare Companies

Key market players are investing a lot in the research & development activities. The companies are focusing on product launches for keeping their leadership in global IoT Healthcare Market. Some of the notable IoT medical device companies operating in the market are Cisco Systems, Inc., Koninklijke Philips N.V, IBM Corporation, Stanley Healthcare, Medtronic plc, Qualcomm Life, Inc, Honeywell Care Solution, Microsoft Corporation, GE Healthcare & Apple Inc and others.

Key Developments:

• • In June 2022, GE Healthcare, a major medical technology company based out of United States announced that it has launched Allia platform, which is specifically designed to help surgeons in invasive image-guide surgery. Allia will increase the overall workflow efficiency and boost the adoption of image guidance in daily surgical practice.
  • In June 2018, Medtronic announced that it has partnered with IBM Watson to develop a new feature for its personal diabetes assistant application Sugar.IQ. This app is designed to help patients in monitoring glucose levels and will be available for iOS-based mobile devices in the United States.

Segments Covered in the Report:

Global IoT healthcare market has been segmented on the basis of product type, application type, end user and region. Based on product type, the market comprises of medical devices, systems & software, and services. The application type includes clinical operations and workflow management, telemedicine, inpatient management and others. The end user includes clinical research organizations, diagnostic laboratories, hospitals and clinics, & others.

For detailed scope of the “IoT Healthcare Market” report request a Sample Copy of the report

Market Segmentation

Global IoT Healthcare Market by Component

• • Medical Devices
  • Services
  • Systems & Software

Global IoT Healthcare Market by Application

• • Clinical Operations & Work Flow Management
  • Telemedicine
  • Inpatient Management
  • Others

Global IoT Healthcare Market by End User

• • Clinical Research Organization
  • Diagnostics Laboratories
  • Hospitals
    • Others

Global IoT Healthcare Market by Region

• • North America IoT Healthcare Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By Application
    • By End-User
    • By US Market All-Up
    • By Canada Market All-Up
  • Europe IoT Healthcare Market (Option 2: As a part of the free 25% customization)
    • By Component
    • By Application
    • By End-User
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific IoT Healthcare (Option 3: As a part of the free 25% customization)
    • By Component
    • By Application
    • By End-User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • Rest of the World IoT Healthcare Market (Option 4: As a part of the free 25% customization)
    • By Component
    • By Application
    • By End-User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia
    • UAE Market All-Up
    • Rest of the world (remaining countries of LAMEA region) Market All-Up