Internet of Things (IOT) in Healthcare Market Size Report, 2022-2030
The global Internet of Things (IOT) in Healthcare market size was estimated at USD 180.5 billion in 2021 and is expected to surpass around USD 960.2 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 20.41% during the forecast period 2022 to 2030.
Key Takeaways:
The internet of things (IoT) is described as a network of physical devices that uses connectivity to enable the exchange of data. In addition, in healthcare filed, IoT is used for the data collection, analysis for research, and monitoring electronic health records which contains personally identifiable information, protected health information, and for other machine-generated healthcare data. Further, IoT applications in healthcare facilitate important tasks such as to improve patient outcomes, and also take some burden off health practitioners. Internet of Things (IoT)-enabled devices have made remote monitoring in the healthcare sector possible, unleashing the potential to keep patients safe and healthy, and empowering physicians to deliver superlative care. Furthermore, from 2017 to 2022, growth in IoT healthcare applications is indeed projected to accelerate as the Internet of Things is a key component in the digital transformation of the healthcare industry and various stakeholders are stepping up their effort in this field.
The pandemic has caused change in providers' willingness to implement IoT solutions which helped in diagnosing the virus using internet of things. Further, many IoT technology is playing a growing role in helping authorities to prevent the further spread of COVID-19, while also treating those that have been infected. IoT, specifically and especially when combined with other transformative technologies such as Cloud and Artificial intelligence (AI). This led to wide range of applications of IoT in healthcare during this crisis. For instance, According to the WHO, in 2020, patients and staff at a field hospital in Wuhan, China, wore bracelets and rings synced with an AI. This platform from CloudMinds the Beijing-based operator of cloud-based systems for intelligent robots to provide constant monitoring of vital signs, including temperature, heart rate, and blood oxygen levels during Covid-19 pandemic. In addition, in India, the mobile application named as aarogya setu app, launched by the Union Health ministry on April 2, 2020 which helps users identify whether they are at a risk of COVID-19 infection. Therefore, Covid-19 has uplifted the demand of internet of things in healthcare market and provides opportunities for the manufacturers in various applications in the healthcare domain during the forecast period.
The major factors that contribute toward the growth of the internet of things in healthcare market include owing to technological advancements, rising incidence rates of chronic diseases such as COPD, genetic diseases, respiratory diseases, and others, better accessibility to high-speed internet, implementation of favorable government regulatory policies. Furthermore, growing demand for cost-effective treatment and disease management, increased adoption of smart devices and wearables, increasing interest in self-health measurement, and reduced healthcare cost with advanced and cost effectives IoT in healthcare products and solutions. Moreover, rising interest of the startup companies in IoT healthcare industry such as MedAngelONE, Amiko, SWORD health, and Aira, is expected to boost the market growth. However, factors such as high costs associated with IoT infrastructure development, data privacy and security issues, lack of awareness among public in developing regions, and limited technical knowledge are expected to impede the market growth. Various factors such as government initiatives to support IoT platform, improvement in healthcare infrastructure in developing countries, and high R&D spending are expected to boost the market growth.
Report Scope of the Internet of Things (IOT) in Healthcare Market
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Report Coverage |
Details |
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Market Size in 2022 |
USD 217.34 Billion |
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Market Size by 2030 |
USD 960.2 Billion |
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Growth Rate from 2022 to 2030 |
CAGR of 20.41% |
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Base Year |
2021 |
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Forecast Period |
2022 to 2030 |
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Segments Covered |
Medical Devices, Software and System, Services, Product, Connectivity, End User and Geography |
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Companies Mentioned |
Medtronic (US), Hillrom- Welch Allyn (US), Stanley Healthcare (US), Abbott Laboratories, AgaMtrix (US), iHealth Lab, Inc, AliveCor,Inc, Bio Telemetry, Inc, Omron Healthcare, Inc (Japan), Siemens AG (Germany), Johnson & Johnson Services, Inc, Boston Scientific Corporation (US), BIOTRNIK (Germany), Honeywell Life Care Solutions (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US) |
Key Findings in the Global Internet of Things (IoT) in Healthcare Market Study:
Hospitals and Clinics Will Continue to Dominate the Internet of Things (IoT) in Healthcare Market by 2030
The Internet of Things (IoT) in Healthcare Market among hospitals and clinics commanded the largest share of the Internet of Things (IoT) in Healthcare technologies market in 2021. Growing adoption of IoT enabled medical devices among healthcare providers in order to improve the efficiency of care delivery and enable patient-centric care delivery services are some of the key factors contributing to the growth of this market.
Over the years, the hospitals have been burdened with increasing number of patients, owing to growing incidence of chronic care diseases such as diabetes, cardiovascular diseases, arthritis, and cancer. With growing number of patients treated, the amount of patient information generated is on the rise, exponentially. IoT infrastructure helps in integrating all the medical devices with the hospital information systems in a seamless manner and thereby improve the operational and clinical workflow within and outside healthcare organization. It also helps in minimizing the turn-around time of care and lower the overall cost of care within hospital settings.
Government initiatives to modernize healthcare infrastructure is also expected to drive adoption of IoT-enabled medical devices among hospitals and healthcare providers and thereby contribute to the growth of the IOT market among hospitals and clinics.
Regional Insights
Asia Pacific: Fastest Growing Regional Market
North America accounted for the largest share of the global Internet of Things (IoT) in Healthcare Market in 2021, followed by Europe and Asia-Pacific regions. However, during the forecast period, the APAC market is expected to register the fastest CAGR. The growth in this geographic market is primarily attributed to the growing smartphone penetration, widening internet connectivity and high-speed networks, need to manage growing burden of chronic diseases on healthcare providers, and government efforts to improve accessibility of healthcare services to remote locations. India and China represent the fastest growing markets in this region and globally as well. Rapid infrastructure development initiatives from governments is expected to fuel a multifold growth in Internet of Things (IoT) in Healthcare Market in India and China over the coming years.
Some of the prominent players in the Internet of Things (IOT) in Healthcare Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Internet of Things (IOT) in Healthcare market
By Medical Devices
By Software and System
By Services
By Product
By Connectivity
By End User
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Points Covered in Internet of Things (IOT) in Healthcare Market Study:
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers