The global IoT in healthcare market is projected to reach USD 181.4 Billion in 2022, anticipated to grow at a CAGR of 18.0%, reaching USD 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 USD 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) | USD 181.4 Billion |
| IoT in Healthcare Market Size (2032) | USD 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.
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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 USD 98.2 Billion, USD 73.1 Billion, and USD 85.7 Billion respectively.
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 USD 171.4 Billion is projected for the USA market, along with a market value of USD 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 USD 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 USD 952.3 Billion by 2032
The absolute dollar growth of IoT in healthcare is estimated at USD 770.9 Billion
1. Preface 2. Assumptions and Research Methodology 3. Executive Summary: Global Market 4. Market Overview 5. Global Market Analysis and Forecasts, By Component 5.1. Hardware 5.1.1. Portable Diagnostic Devices 5.1.1.1. On-body Wearable 5.1.1.2. Others 5.1.2. Non-Portable Diagnostic Devices 5.2. Software 5.3. Service 6. Global Market Analysis and Forecasts, By Application 6.1. Telemedicine 6.2. Medication Management 6.3. Clinical Operations 6.4. Patient Monitoring 6.5. Connected Imaging 6.6. Others 7. Global Market Analysis and Forecasts, By Technology 7.1. Bluetooth 7.2. Wi-Fi 7.3. NFC 7.4. Zigbee 7.5. RFID 7.6. Others (Cellular, Satellite, Zwave, EnOcean) 8. Global Market Analysis and Forecasts, By End-use 8.1. Hospitals 8.2. Pharmaceuticals 8.3. Clinics & Laboratories 9. Global Market Analysis and Forecasts, By Region 9.1. North America 9.2. Europe 9.3. Asia Pacific 9.4. Middle East and Africa 9.5. South America 10. North America Market Analysis and Forecast 11. Europe Market Analysis and Forecast 12. Asia-Pacific Market Analysis and Forecast 13. Middle East & Africa (MEA) Market Analysis and Forecast 14. South America Market Analysis and Forecast 15. Competition Landscape 15.1. AdhereTech Inc. 15.2. Cerner Corporation 15.3. Cisco Inc. 15.4. Ericsson AB 15.5. General Electric Company (GE Healthcare) 15.6. Honeywell International Inc. 15.7. IBM Corporation 15.8. Koninklijke Philips N.V. 15.9. Medtronic Inc. 15.10. Microsoft Corporation 15.11. NXP Semiconductors 15.12. Qualcomm Technologies, Inc. 15.13. SAP SE 15.14. STANLEY Healthcare 15.15. Zebra Technologies 16. Key Takeaways
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IoT in Healthcare Market
