[297 Pages Report] The global IoT in healthcare market is projected to reach US$ 181.4 Billion in 2022, anticipated to grow at a CAGR of 18.0%, reaching US$ 952.3 Billion by 2032. The market is slated to document a Y-o-Y growth rate of 20.7% from 2021-2022, increasing from the previously registered value of US$ 150.3 Billion.
The Internet of Things is a major component in the digital transformation of the healthcare business, and numerous stakeholders are ramping up their efforts in this arena, thus development in IoT healthcare applications is expected to increase.
| Attributes | Details |
|---|---|
| IoT in Healthcare Market CAGR (2022 to 2032) | 18.0% |
| IoT in Healthcare Market Size (2022) | US$ 181.4 Billion |
| IoT in Healthcare Market Size (2032) | US$ 952.3 Billion |
The increased use of healthcare information systems, the rise of big data in healthcare, enhanced device accuracy and connection, and the high penetration of connected devices in healthcare are driving the IoT industry. The Internet of Things (IoT) has the potential to transform traditional paper-based healthcare treatment by facilitating real-time patient data access and remote patient monitoring. The introduction of this digital healthcare technology addressed the looming demand for improved diagnostics and focused therapy solutions.
It not only allows physicians to monitor patients remotely, but it also serves as a fitness and wellness tracker for athletes and a dosage reminder for patients. The successful adoption of IoT in the remote monitoring of diabetic and asthma patients, combined with the widespread use of fitness and wellness gadgets, has resulted in a significant demand for the IoT healthcare industry.
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The COVID-19 pandemic has increased demand for wearable gadgets that measure health and fitness information, and location, and can be coupled with devices such as computers and cell phones. Because of the concern of COVID-19, the growing rate of adoption of health and fitness will increase purchases of in-stock wearables for real-time health monitoring, further raising the demand for development in healthcare IoT technology.
Big data analytics is a rapidly growing area in IoT. Big data analytics need to incorporate the most current advancements in machine learning, logical methods, computational intelligence, and data mining. Many healthcare professionals, including payers and providers, are increasingly studying big data to get in-depth expertise. Even though these initiatives are still in their early phases, they are expected to contribute to addressing industry-related issues such as inconsistency in healthcare quality and rising healthcare costs.
Improvements in the quality of people's everyday health and living activities, as well as big data analytics to support and encourage such research efforts, are among the drivers driving market expansion, as IoT-based healthcare systems play an important part in the growth of medical information systems. Patient tracking, tracing, and monitoring are critical for improving the healthcare system.
Several governments throughout the world have launched digital health projects. These initiatives range from large investments in infrastructure and digital health promotion to organizing conferences, inviting shareholders and major market participants, restructuring the healthcare system, and implementing regulations mandating the use of HER (electronic health records) using advanced technology.
In healthcare, outdated infrastructure is a well-known concern. It has been demonstrated that numerous firms in the healthcare business are still encumbered by legacy healthcare IT infrastructure.
With the introduction of newer technologies, these companies require the appropriate workforce to apply them. With the increasing use of IoT, a big issue that IoT poses is data security and privacy, which increases the healthcare industry's exposure to cyber-attacks.
Principal Consultant
Portable Diagnostic Hardware Devices to Experience Maximum Uptick in Coming Years
According to FMI, portable hardware diagnostic devices are expected to account for maximum sales, driven by advancements in technology in portable diagnostic devices. For example, EKO Devices received FDA approval for Eko Duo, which can be used as an effective ECG monitoring tool, in 2017. As per the report, a CAGR of 15.1% has been projected from 2022 to 2032.
Other factors such as rising chronic condition incidence, rising geriatric population presence of a large target patient population, rising diagnosis rate, rising patient awareness about portable diagnostic devices, and improvements in treatment rates and healthcare infrastructure are also expected to propel market growth.
Demand across Hospitals to register Maximum Expansion
According to FMI, hospitals will emerge as the primary end users of IoT in healthcare, expected to register a CAGR of 18.2% during the 2022 to 20322 forecast period. Growth is attributed to the fact that hospitals are the primary point of contact for all major healthcare innovations.
Given the increasing hospitalization rates for numerous chronic and infectious diseases, stakeholders are investing in highly advanced diagnostic, therapeutic, and workflow-optimizing solutions. These help various departments achieve greater economies of scale, as well as help them improve positive patient outcomes.
Ongoing Investments to Beef up Healthcare to Drive APAC Market Growth
Asia Pacific is seeing tremendous expansion in the IoT in the healthcare market. Because the APAC region contains more than half of the world's population, any big technological shifts, such as those foreshadowed by IoT, are likely to determine the region's future.
Many Asian nations, including China, Japan, and India, are embracing information-intensive IoT technologies to meet rising healthcare service demand, and as a result, APAC is likely to provide significant prospects to use IoT in healthcare solutions.
According to data published by FMI, the aforementioned countries are expected to document CAGRs worth 19.5%, 19.2%, and 21.1% respectively. Furthermore, China, Japan, and India will likely document market values of US$ 98.2 Billion, US$ 73.1 Billion, and US$ 85.7 Billion respectively.
What are the Growth Prospects of the IoT in the Healthcare Market in the USA?
The healthcare Internet of Things (IoT) industry in North America led the worldwide market and is expected to continue in this manner over the projected period. This expansion may be attributed to reasons such as the increasing acceptance of healthcare IT solutions, the presence of significant players, and the availability of advanced infrastructure in the USA.
Rising measures to reduce medical costs, resulting in a transition from a fee-for-service to a value-based approach, have also boosted the industry significantly. According to the report, demand for IoT in healthcare solutions in the USA is poised to surge at an 18.9% CAGR until 2032. An absolute opportunity worth US$ 171.4 Billion is projected for the USA market, along with a market value of US$ 208.1 Billion in 2032.
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The Internet of Things (IoT) in healthcare is somewhat competitive, with numerous prominent competitors. Certain strategic efforts, such as mergers, new product launches, acquisitions, and collaborations, are being implemented by corporations to assist them increase their market position.
IoT in Healthcare Market Developments
The IoT in healthcare market is expected to grow at a stellar CAGR of 18.0% over the forecast period.
The global market for IoT in Healthcare was valued at US$ 150.1 Billion in 2021.
Hardware IoT in healthcare is expected to showcase a CAGR of 15.1% during the forecast period
India is expected to be the main hub for IoT in healthcare, experiencing a CAGR of 21.1%
The market for IoT in healthcare is expected to grow to nearly US$ 952.3 Billion by 2032
The absolute dollar growth of IoT in healthcare is estimated at US$ 770.9 Billion
1. Preface | IoT in Healthcare Market
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary: Global Market
4. Market Overview
4.1. Introduction
4.2. Market Dynamics
4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.3. Key Market Indicator
4.4. Global IoT in Healthcare Market Analysis and Forecasts, 2015 to 2032
4.4.1. Market Revenue Projections (US$ Billion)
4.5. Porter’s Five Force Analysis
4.6. Value Chain Analysis
4.7. Market Outlook
5. Global Market Analysis and Forecasts, By Component
5.1. Definitions
5.2. Market Analysis Forecast (US$ Billion), By Component, 2015 to 2032
5.2.1. Hardware
5.2.1.1. Portable Diagnostic Devices
5.2.1.1.1. On-body Wearable
5.2.1.1.2. Others
5.2.1.2. Non-Portable Diagnostic Devices
5.2.2. Software
5.2.3. Service
5.3. Component Comparison Matrix
5.4. Market Attractiveness By Component
6. Global Market Analysis and Forecasts, By Application
6.1. Definitions
6.2. Market Analysis Forecast (US$ Billion), By Application, 2015 to 2032
6.2.1. Telemedicine
6.2.2. Medication Management
6.2.3. Clinical Operations
6.2.4. Patient Monitoring
6.2.5. Connected Imaging
6.2.6. Others
6.3. Application Comparison Matrix
6.4. Market Attractiveness By Application
7. Global Market Analysis and Forecasts, By Technology
7.1. Definitions
7.2. Market Analysis Forecast (US$ Billion), By Technology, 2015 to 2032
7.2.1. Bluetooth
7.2.2. Wi-Fi
7.2.3. NFC
7.2.4. Zigbee
7.2.5. RFID
7.2.6. Others (Cellular, Satellite, Zwave, EnOcean)
7.3. Application Comparison Matrix
7.4. Market Attractiveness By Application
8. Global Market Analysis and Forecasts, By End-use
8.1. Definitions
8.2. Market Analysis Forecast (US$ Billion), By End-use, 2015 to 2032
8.2.1. Hospitals
8.2.2. Pharmaceuticals
8.2.3. Clinics & Laboratories
8.3. End-use Comparison Matrix
8.4. Market Attractiveness By End-use
9. Global Market Analysis and Forecasts, By Region
9.1. Key Findings
9.2. Key Trends
9.3. Market Analysis Forecast, By Region, 2015 to 2032 (sqm)
9.3.1. North America
9.3.2. Europe
9.3.3. Asia Pacific
9.3.4. Middle East and Africa
9.3.5. South America
9.4. Market Attractiveness By Region
10. North America Market Analysis and Forecast
10.1. Key Findings
10.2. Market Analysis Forecast (US$ Billion), By Component, 2015 to 2032
10.2.1. Hardware
10.2.1.1. Portable Diagnostic Devices
10.2.1.1.1. On-body Wearable
10.2.1.1.2. Others
10.2.1.2. Non-Portable Diagnostic Devices
10.2.2. Software
10.2.3. Service
10.3. Market Analysis Forecast (US$ Billion), By Application, 2015 to 2032
10.3.1. Telemedicine
10.3.2. Medication Management
10.3.3. Clinical Operations
10.3.4. Patient Monitoring
10.3.5. Connected Imaging
10.3.6. Others
10.4. Market Analysis Forecast (US$ Billion), By Technology, 2015 to 2032
10.4.1. Bluetooth
10.4.2. Wi-Fi
10.4.3. NFC
10.4.4. Zigbee
10.4.5. RFID
10.4.6. Others (Cellular, Satellite, Zwave, EnOcean)
10.5. Market Analysis Forecast (US$ Billion), By End-use, 2015 to 2032
10.5.1. Hospitals
10.5.2. Pharmaceuticals
10.5.3. Clinics & Laboratories
10.6. Market Analysis Forecast (US$ Billion), By Country, 2015 to 2032
10.6.1. The USA
10.6.2. Canada
10.6.3. Rest of North America
10.7. Market Attractiveness Analysis
10.7.1. By Component
10.7.2. By Application
10.7.3. By Technology
10.7.4. By End-use
10.7.5. By Country
11. Europe Market Analysis and Forecast
11.1. Key Findings
11.2. Market Analysis Forecast (US$ Billion), By Component, 2015 to 2032
11.2.1. Hardware
11.2.1.1. Portable Diagnostic Devices
11.2.1.1.1. On-body Wearable
11.2.1.1.2. Others
11.2.1.2. Non-Portable Diagnostic Devices
11.2.2. Software
11.2.3. Service
11.3. Market Analysis Forecast (US$ Billion), By Application, 2015 to 2032
11.3.1. Telemedicine
11.3.2. Medication Management
11.3.3. Clinical Operations
11.3.4. Patient Monitoring
11.3.5. Connected Imaging
11.3.6. Others
11.4. Market Analysis Forecast (US$ Billion), By Technology, 2015 to 2032
11.4.1. Bluetooth
11.4.2. Wi-Fi
11.4.3. NFC
11.4.4. Zigbee
11.4.5. RFID
11.4.6. Others (Cellular, Satellite, Zwave, EnOcean)
11.5. Market Analysis Forecast (US$ Billion), By End-use, 2015 to 2032
11.5.1. Hospitals
11.5.2. Pharmaceuticals
11.5.3. Clinics & Laboratories
11.6. Market Analysis Forecast (US$ Billion), By Country, 2015 to 2032
11.6.1. Germany
11.6.2. France
11.6.3. UK
11.6.4. Rest of Europe
11.7. Market Attractiveness Analysis
11.7.1. By Component
11.7.2. By Application
11.7.3. By Technology
11.7.4. By End-use
11.7.5. By Country
12. Asia-Pacific Market Analysis and Forecast
12.1. Key Findings
12.2. Market Analysis Forecast (US$ Billion), By Component, 2015 to 2032
12.2.1. Hardware
12.2.1.1. Portable Diagnostic Devices
12.2.1.1.1. On-body Wearable
12.2.1.1.2. Others
12.2.1.2. Non-Portable Diagnostic Devices
12.2.2. Software
12.2.3. Service
12.3. Market Analysis Forecast (US$ Billion), By Application, 2015 to 2032
12.3.1. Telemedicine
12.3.2. Medication Management
12.3.3. Clinical Operations
12.3.4. Patient Monitoring
12.3.5. Connected Imaging
12.3.6. Others
12.4. Market Analysis Forecast (US$ Billion), By Technology, 2015 to 2032
12.4.1. Bluetooth
12.4.2. Wi-Fi
12.4.3. NFC
12.4.4. Zigbee
12.4.5. RFID
12.4.6. Others (Cellular, Satellite, Zwave, EnOcean)
12.5. Market Analysis Forecast (US$ Billion), By End-use, 2015 to 2032
12.5.1. Hospitals
12.5.2. Pharmaceuticals
12.5.3. Clinics & Laboratories
12.6. Market Analysis Forecast (US$ Billion), By Country, 2015 to 2032
12.6.1. China
12.6.2. India
12.6.3. Japan
12.6.4. Rest of Asia Pacific
12.7. Market Attractiveness Analysis
12.7.1. By Component
12.7.2. By Application
12.7.3. By Technology
12.7.4. By End-use
12.7.5. By Country
13. Middle East & Africa (MEA) Market Analysis and Forecast
13.1. Key Findings
13.2. Market Analysis Forecast (US$ Billion), By Component, 2015 to 2032
13.2.1. Hardware
13.2.1.1. Portable Diagnostic Devices
13.2.1.1.1. On-body Wearable
13.2.1.1.2. Others
13.2.1.2. Non-Portable Diagnostic Devices
13.2.2. Software
13.2.3. Service
13.3. Market Analysis Forecast (US$ Billion), By Application, 2015 to 2032
13.3.1. Telemedicine
13.3.2. Medication Management
13.3.3. Clinical Operations
13.3.4. Patient Monitoring
13.3.5. Connected Imaging
13.3.6. Others
13.4. Market Analysis Forecast (US$ Billion), By Technology, 2015 to 2032
13.4.1. Bluetooth
13.4.2. Wi-Fi
13.4.3. NFC
13.4.4. Zigbee
13.4.5. RFID
13.4.6. Others (Cellular, Satellite, Zwave, EnOcean)
13.5. Market Analysis Forecast (US$ Billion), By End-use, 2015 to 2032
13.5.1. Hospitals
13.5.2. Pharmaceuticals
13.5.3. Clinics & Laboratories
13.6. Market Analysis Forecast (US$ Billion), By Country, 2015 to 2032
13.6.1. UAE
13.6.2. Saudi Arabia
13.6.3. South Africa
13.6.4. Rest of Middle East & Africa
13.7. Market Attractiveness Analysis
13.7.1. By Component
13.7.2. By Application
13.7.3. By Technology
13.7.4. By End-use
13.7.5. By Country
14. South America Market Analysis and Forecast
14.1. Key Findings
14.2. Market Analysis Forecast (US$ Billion), By Component, 2015 to 2032
14.2.1. Hardware
14.2.1.1. Portable Diagnostic Devices
14.2.1.1.1. On-body Wearable
14.2.1.1.2. Others
14.2.1.2. Non-Portable Diagnostic Devices
14.2.2. Software
14.2.3. Service
14.3. Market Analysis Forecast (US$ Billion), By Application, 2015 to 2032
14.3.1. Telemedicine
14.3.2. Medication Management
14.3.3. Clinical Operations
14.3.4. Patient Monitoring
14.3.5. Connected Imaging
14.3.6. Others
14.4. Market Analysis Forecast (US$ Billion), By Technology, 2015 to 2032
14.4.1. Bluetooth
14.4.2. Wi-Fi
14.4.3. NFC
14.4.4. Zigbee
14.4.5. RFID
14.4.6. Others (Cellular, Satellite, Zwave, EnOcean)
14.5. Market Analysis Forecast (US$ Billion), By End-use, 2015 to 2032
14.5.1. Hospitals
14.5.2. Pharmaceuticals
14.5.3. Clinics & Laboratories
14.6. Market Analysis Forecast (US$ Billion), By Country, 2015 to 2032
14.6.1. Brazil
14.6.2. Rest of South America
14.7. Market Attractiveness Analysis
14.7.1. By Component
14.7.2. By Application
14.7.3. By Technology
14.7.4. By End-use
14.7.5. By Country
15. Competition Landscape
15.1. Market Player - Competition Matrix
15.2. Market Share Analysis By Company (2021)
15.3. Company Profiles (Details - Overview, Financials, SWOT, Strategy)
15.3.1. AdhereTech Inc.
15.3.1.1. Company Overview
15.3.1.2. Company Description
15.3.1.3. Financial Overview
15.3.1.4. SWOT Analysis
15.3.1.5. Strategy Overview
15.3.2. Cerner Corporation
15.3.2.1. Company Overview
15.3.2.2. Company Description
15.3.2.3. Financial Overview
15.3.2.4. SWOT Analysis
15.3.2.5. Strategy Overview
15.3.3. Cisco Inc.
15.3.3.1. Company Overview
15.3.3.2. Company Description
15.3.3.3. Financial Overview
15.3.3.4. SWOT Analysis
15.3.3.5. Strategy Overview
15.3.4. Ericsson AB
15.3.4.1. Company Overview
15.3.4.2. Company Description
15.3.4.3. Financial Overview
15.3.4.4. SWOT Analysis
15.3.4.5. Strategy Overview
15.3.5. General Electric Company (GE Healthcare)
15.3.5.1. Company Overview
15.3.5.2. Company Description
15.3.5.3. Financial Overview
15.3.5.4. SWOT Analysis
15.3.5.5. Strategy Overview
15.3.6. Honeywell International Inc.
15.3.6.1. Company Overview
15.3.6.2. Company Description
15.3.6.3. Financial Overview
15.3.6.4. SWOT Analysis
15.3.6.5. Strategy Overview
15.3.7. IBM Corporation
15.3.7.1. Company Overview
15.3.7.2. Company Description
15.3.7.3. Financial Overview
15.3.7.4. SWOT Analysis
15.3.7.5. Strategy Overview
15.3.8. Koninklijke Philips N.V.
15.3.8.1. Company Overview
15.3.8.2. Company Description
15.3.8.3. Financial Overview
15.3.8.4. SWOT Analysis
15.3.8.5. Strategy Overview
15.3.9. Medtronic Inc.
15.3.9.1. Company Overview
15.3.9.2. Company Description
15.3.9.3. Financial Overview
15.3.9.4. SWOT Analysis
15.3.9.5. Strategy Overview
15.3.10. Microsoft corporation
15.3.10.1. Company Overview
15.3.10.2. Company Description
15.3.10.3. Financial Overview
15.3.10.4. SWOT Analysis
15.3.10.5. Strategy Overview
15.3.11. NXP Semiconductors
15.3.11.1. Company Overview
15.3.11.2. Company Description
15.3.11.3. Financial Overview
15.3.11.4. SWOT Analysis
15.3.11.5. Strategy Overview
15.3.12. Qualcomm Technologies, Inc.
15.3.12.1. Company Overview
15.3.12.2. Company Description
15.3.12.3. Financial Overview
15.3.12.4. SWOT Analysis
15.3.12.5. Strategy Overview
15.3.13. SAP SE
15.3.13.1. Company Overview
15.3.13.2. Company Description
15.3.13.3. Financial Overview
15.3.13.4. SWOT Analysis
15.3.13.5. Strategy Overview
15.3.14. STANLEY Healthcare
15.3.14.1. Company Overview
15.3.14.2. Company Description
15.3.14.3. Financial Overview
15.3.14.4. SWOT Analysis
15.3.14.5. Strategy Overview
15.3.15. Zebra Technologies
15.3.15.1. Company Overview
15.3.15.2. Company Description
15.3.15.3. Financial Overview
15.3.15.4. SWOT Analysis
15.3.15.5. Strategy Overview
16. Key Takeaways
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IoT in Healthcare Market
