According to MRFR analysis, The internet of things in healthcare market size was valued at USD 81.90 billion in 2021 and is projected to grow from USD 102.79 billion in 2022 to USD 996.25 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 25.5% during the forecast period (2023 - 2032).
The global IoT in healthcare market is driven by several factors, such as increasing adoption of wearables to measure vitals regularly, rising mental and physical health awareness among the young population, growing telemedicine sector, and rising demand for remote monitoring systems. In addition, the emergence of implantable monitoring systems, ingestible sensors, and connected smart contact lenses is also creating new opportunities for the market. These monitoring and tracking systems analyse the vitals and notify the patient of the next drug dose. Moreover, the introduction of smart hospitals across the globe is generating possibilities for the deployment of IoT-based devices. This will enable medical staff to accelerate the processing of patient data, better drug and medicine management, and enhanced mobility and alertness of hospital employees, among others.
This partnership will augment the IoT-based solution deployment across hospitals and research centres for convenient processing.
Regional Analysis
North America is expected to dominate the IoT in healthcare market in 2021, owing to the presence of many market players, better solution development infrastructure, high-class manufacturing facilities, and highly trained professionals. In addition, the prominent players are highly involved in the innovation of new products and keep on upgrading the existing hardware and software to provide an enriched consumer experience. Moreover, the competitors are involved in RD activities to integrate health based IoT solutions with smartphones and other smart gadgets for residential and commercial use. In addition, the major players are focusing on various business strategies such as product launch, collaborations, partnerships, and high investments in RD to gain market share across the region.
Furthermore, the growth of the market in the Rest of the World is attributed to the increasing adoption of advanced healthcare solutions, installation of the latest network band for better connectivity, and increasing cash flows by the key players to dominate the IoT in healthcare market. The government authorities are inviting highly qualified healthcare professionals to enhance their healthcare services. Moreover, the development strategies such as collaboration, clinical trials, and product development are strengthening the market growth. Such initiatives are fuelling the market growth of IoT in healthcare in the Rest of the World region.
Internet of Things in Healthcare Market Players
The global IoT in healthcare market players are Koninklijke Philips N.V. (Netherlands), Medtronic (US), Honeywell Life Care Solutions (US), GE Healthcare (US), Boston Scientific Corporation (US), Cisco System Inc. (US), Microsoft Corporation (US), SAP SE (Germany), Proteus Digital Health (US), Qualcomm Incorporated (US), IBM Corporation (US), Resideo Technologies (US), Capsule Technologies (US), and Siemens Healthineers(Germany).
Segmentation
The global IoT in healthcare market has been segmented into component, application, connectivity technology, and end-use. By component, the market has been segregated into medical devices, systems software, and services. The medical devices are further segmented into wearable external medical devices, implanted medical devices, and stationary medical devices. In addition, systems and software are further categorized into remote device management, network bandwidth management, data analytics, application security, and network security. The services are categorized into support and maintenance services, consulting, and system integration. The medical device segment is expected to hold a considerable share of the market in 2021. Increasing the use of RFID, sensors, and other remote technologies for diagnosing and monitoring will augment the market growth in the assessed period.
Based on application, the global IoT in healthcare market report has been classified as inpatient monitoring, medication management, telemedicine, clinical operations, and workflow management, and connected imaging. Telemedicine held the largest segment share in 2020, owing to the rising demand for monitoring patient’s vitals remotely and offering virtual medical consultation to the individuals who require urgent assistance.
By connective technology, the global IoT in healthcare market has been classified as Wi-Fi, Bluetooth low energy, ZigBee, near field communication, cellular, and satellite. Cellular technology held the largest segment share in 2020, owing to the increasing adoption of smartphones, rising integration of healthcare applications, and growing online health consultation practices.
Based on end-use, the IoT in healthcare market is classified into clinical laboratory test research organizations, hospitals and clinics, research and diagnostic laboratories, and others. Hospitals clinics held the largest market share in 2020 due to the digitization of hospitals and the development of smart hospitals for advanced treatment.
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