Internet Of Things In Healthcare Market Report
Internet of Things in Healthcare Market by Component (Medical Devices, System & Software, and Services), Connectivity Technology (Cellular, LPWANs, Wi-Fi, RFID, Bluetooth, and Zigbee), Application (Telemedicine, Medical Management, Patient Monitoring, Connected Imaging, Clinical Operations, and Others), End-user (Hospitals & Clinics, Research & Diagnostic Laboratories, Clinical Research Organizations, and Others ), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Internet of Things in Healthcare Overview
The healthcare sector has been significantly impacted by the Internet of Things (IoT). IoT in the healthcare industry refers to a network of interconnected systems, devices, and sensors that gather and communicate data to boost operational effectiveness, improve patient care, and enable remote monitoring and administration. Healthcare providers can get real-time information on patients' vital signs, medication adherence, and general health status thanks to IoT devices that enable remote patient monitoring. Healthcare workers can gain important insights from wearable devices that continuously monitor heart rate, blood pressure, glucose levels, and other biometric data. Examples include smartwatches and sensors built into clothes.
Global Internet of Things in Healthcare Market Analysis
The global Internet of Things in healthcare market size was $255.9 billion in 2022 and is predicted to grow at a CAGR of 16.7%, by generating a revenue of $1,193.3 billion by 2032.
COVID-19 Impact on Global Internet of Things in Healthcare Market
During the pandemic, IoT-enabled gadgets were frequently used for remote patient monitoring. Healthcare practitioners have depended on Internet of Things (IoT) devices to remotely monitor patients' vital signs, oxygen levels, and symptoms due to the necessity to restrict in-person visits and lower the danger of exposure. Particularly for individuals with COVID-19 or other chronic illnesses, this has made it possible to continuously monitor them and take prompt action.
The transition to remote and digital healthcare services has been expedited by the pandemic. IoT is essential for telehealth consultations, home-based care, and remote patient monitoring. The need for IoT solutions will increase as healthcare organisations continue to adopt these models because they offer real-time data and connectivity for efficient remote care delivery.
Remote Patient Monitoring to Drive the Market Growth
Hospital professionals can now get real-time data on patients' health problems outside of the typical hospital settings because of IoT's remote patient monitoring capability. Care for the elderly, post-surgical care, and controlling chronic conditions all benefit from this. Remote patient monitoring improves patient outcomes, enabling early detection of health problems, and lowers the number of hospital readmissions. IoT technology makes it easier to provide individualised, patient-centred care. Health care practitioners can use connected devices and sensors to collect data on patients' vitals, activities, and behaviours to create individualised treatment regimens.
Data Security and Privacy Concerns to Restrain Market Growth
Countless critical patient data points are generated and sent by IoT devices. This data's security and privacy must be guaranteed, which is a difficult task. Data breaches, unauthorised access, and the exploitation of private health data are risks. To reduce these dangers, healthcare organisations must employ strong security measures and adhere to strict data protection standards. The healthcare sector uses a variety of platforms, devices, and systems that might not be able to communicate with one another. A seamless data exchange and integration process may be hampered by a lack of standards compliance and system compatibility among various IoT devices and platforms.
Advanced Remote Monitoring to Drive Excellent Opportunities
The ability to monitor patients remotely will continue to increase thanks to IoT-enabled gadgets. Healthcare professionals can gather real-time data on patients' health conditions, vital signs, and activities by integrating sensors, wearables, and linked gadgets. In particular for the management of chronic diseases and ageing populations, this will enable proactive care management, early diagnosis of health concerns, and improved patient outcomes. Healthcare that is predictive and prescriptive is made possible by the integration of IoT, big data analytics, and AI.
Global Internet of Things in Healthcare Market Share, by Component, 2022
The medical devices sub-segment accounted for the highest share in 2022. Remote patient monitoring is made possible by IoT, and it is now crucial for controlling chronic diseases, providing post-operative care, and caring for the elderly. Wearable sensors and remote monitoring systems are two examples of connected medical devices that gather real-time data on patients' vital signs, symptoms, and medication adherence. For remote analysis and prompt intervention, this data can be sent to healthcare practitioners, improving patient outcomes and lowering hospital readmissions.
Global Internet of Things in Healthcare Market Share, by Connectivity Technology, 2022
The cellular sector accounted for the highest market size in 2022. Widespread coverage offered by cellular networks ensures connectivity in both urban and rural locations. This makes it possible for medical equipment and software to function dependably in a variety of healthcare venues, such as offices, clinics, and homes. Continuous data transfer and communication are made possible by ubiquitous coverage, which improves the effectiveness and efficiency of healthcare services.
Global Internet of Things in Healthcare Market Share, by Application, 2022
The telemedicine sector accounted for the highest market size in 2022. IoT-enabled telemedicine allows patients to obtain medical services remotely, overcoming obstacles including geographic distance, restricted mobility, and a shortage of medical professionals. IoT technologies, such as video conferencing tools, remote monitoring tools, and connected medical peripherals, make it easier for patients in remote or rural places to access healthcare services and to conduct virtual consultations, diagnose problems remotely, and receive treatment.
Global Internet of Things in Healthcare Market Share, by End-user, 2022
The hospitals and clinics sector accounted for the highest market size in 2022. IoT enables healthcare facilities to boost efficiency and streamline operations. Sensors and connected devices can automate tasks like asset management, inventory control, and equipment upkeep. Real-time data from IoT devices can improve resource allocation, streamline workflows, and eliminate manual labour costs, which will increase productivity and cut costs.
Global Internet of Things in Healthcare Market Share, by Region, 2022
The North America Internet of Things in healthcare market accounted for the highest market share in 2022. Some of the most prestigious technological corporations and research organisations are based in North America. In many areas, including healthcare, the region has been in the forefront of developing and implementing IoT technologies. The seamless integration of IoT devices and solutions is supported by advanced communication infrastructure, such as 4G and 5G networks.
Competitive Scenario in the Global Internet of Things in Healthcare Market
Product development and geographic expansion are major strategies followed by the key players in the highly competitive global Internet of Things in Healthcare market. Microsoft announced the launch of the new Dragon Ambient eXperience (DAX) express in March 2023 in order to automate clinical documentation on a large scale. For the first time, DAX Express, a clinical documentation tool integrated into automated processes, integrates GPT-4's superior reasoning and natural language skills with conversational and environmental AI that have been proved effective over time.
Some of the leading Internet of Things in healthcare market players are Medtronic, Cisco Systems, Inc., IBM Corporation, SAP SE, GE Healthcare, QUALCOMM Incorporated, Microsoft Corporation, Infosys Limited, Amazon, and Cerner Corporation
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Component
Segmentation by Connectivity Technology
Segmentation by Application
Segmentation by End-user
Key Companies Profiled
Q1. What is the size of the internet of things in healthcare market?
A. The size of the internet of things in healthcare market was over $255.9 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 16.7% during the forecast period.
Q2. Which are the major companies in the internet of things in healthcare market?
A. Amazon and Medtronic are some of the key players in the global internet of things in healthcare market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The North America region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Product development and geographic expansion are the two key strategies opted by the operating companies in this market.
Q5. Which companies are investing more in R&D practices?
A. Amazon and Medtronic are the companies investing more in R&D activities for developing new products and technologies.