Global Internet of Things (IoT) Healthcare Market – Industry Trends and Forecast to 2030

Internet of Things (IoT) Healthcare Market Analysis and Size

IoT helps healthcare providers by enhancing patient care, keeping an eye on staff, and adhering to regulations by streamlining hospital operations. The healthcare sector now has access to remote monitoring of IoT-enabled devices. By altering how devices and people interact while delivering healthcare solutions, IoT is transforming the healthcare industry. IoT healthcare applications benefit patients, families, physicians, hospitals, and insurance companies. The main drivers of the expansion of the internet of things (IoT) healthcare market include increased research and development capabilities for internet of things technology, growing adoption of connected devices by the healthcare sector, and increased awareness of cutting-edge technologies such as cloud-based solutions.

Data Bridge Market Research analyses that the internet of things (IoT) healthcare market, valued at USD 252.1 billion in 2022, will reach USD 963.79 billion by 2030, growing at a CAGR of 18.25% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Internet of Things (IoT) Healthcare Market Scope and Segmentation  

Market Definition

The term "IoT" (Internet of Things) refers to the use of connected devices and sensors in the healthcare industry to gather and exchange data between healthcare professionals, patients, and medical equipment. The objective is to enhance overall outcomes, boost patient engagement and satisfaction, and improve healthcare delivery. Real-time patient health monitoring by IoT helps the healthcare industry, and telehealth infrastructure, and bridges the gap between digital and physical data.

Internet of Things (IoT) Healthcare Market Dynamics

Drivers

• Connected mobile application in the healthcare sector drives the market

The healthcare sector is seeing an increase in health-connected devices and the growth of the connected medical device market as connected technology becomes more pervasive in daily life. With the aid of connected medical equipment and medical mobile applications, IoMT links data (patient information or performance data), people (patients, clinicians, and caregivers), and processes (healthcare delivery and patient support). Healthcare consumers and professionals are embracing connected devices and IoMT because they provide numerous advantages such as real-time patient monitoring, more individualized care, and increased safety.

• Increased self-medical devices drive the market

The market for IoT in healthcare is growing as a result of the rise in the number of self-medical devices available on the market, including glucose monitors, blood pressure monitors, self-injecting devices, stress monitors, sleep monitors, and inhalers installed in smartphones or smart watches with wireless connectivity. These devices allow people to check on their own, which increases demand for such products in the market and drives the market.

Opportunities

• IoT-connected smart devices create lucrative opportunities for health insurance companies

With IoT-connected intelligent devices, health insurers have a variety of opportunities. Health monitoring device data may be used by insurance companies for underwriting and claims processing. Using this data, they will be able to recognize candidates for underwriting and detect fraud claims. IoT devices increase transparency between insurers and customers in the underwriting, pricing, claims management, and risk assessment processes. Customers will have adequate insight into the underlying logic behind each decision made and process outcomes as a result of IoT-captured data-driven decisions in all operating processes.

• Newly developed technologies create lucrative opportunities

The rising prevalence of patients with active chronic conditions such as COPD, respiratory illnesses, genetic diseases, and lung diseases has led to an increase in the use of medical devices. Inadequate clinical and medical devices with flaws that attracted patients' attention to newly developed technologies and provided them with a lucrative opportunity to grow are the primary cause of the rise of the internet of things (IoT) in healthcare. Along with increased research and development of IoT-based medical devices, new infrastructures for healthcare centers, facilities, and technologies have also been developed. The major industry players who are launching new medical devices contribute to the growth of the IoT market.

Restraints/Challenges

• Growing surface attacks with IoT devices limits the market growth

The expanding role of technology in healthcare has pros and cons. There are countless advantages, but there are also countless chances for criminals to steal the most private data. Data security and privacy are serious threats posed by IoT with its increasing adoption, which makes the healthcare sector even more vulnerable to cyberattacks. The Personal Health Information (PHI) of both patients and doctors is compromised as a result of these attacks, which give cybercriminals access to healthcare systems. The graph of cyberattacks also rises as technology advances which limits the market growth

• Lack of access constraint the market growth

The biggest barrier to implementing IoT solutions in the healthcare sector is the lack of internet access and the use of the internet among vulnerable populations, including the elderly, people with low education levels, people from lower-income backgrounds, people who live in rural areas, and people who identify as minorities. The main disadvantage of IoT solutions is that there are constant technological advancements, which necessitate knowledge that the aforementioned population does not have for the workforce handling the technology. Additionally, it is challenging to educate these people, which threatens the expansion of the IoT in the healthcare market.

This internet of things (IoT) healthcare market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the internet of things (IoT) healthcare market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In 2022, In order to provide patients with chronic and post-acute care, GE Healthcare and AMC Health partnered in remote health monitoring.
• In 2022, the acquisition of Stanley Security and Healthcare by Securitas was announced. This purchase will aid Securitas in its goal of becoming a partner in global security solutions.
• In 2022, Portrait Mobile, a new remote patient monitoring system from GE Healthcare, uses wearable wireless sensors to assist clinicians in spotting patient deterioration earlier than with conventional approaches.
• In 2022, Microsoft announced updates to Microsoft Cloud for Healthcare as well as the general availability of Azure Health Data Services, two advances in cloud technologies for the healthcare and life sciences industries.

Global Internet of Things (IoT) Healthcare Market Scope

The internet of things (IoT) healthcare market is segmented on the basis of component, product, application, connectivity technology, end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Medical Devices
• Wearable External Medical Devices
• Implanted Medical Devices
• Stationary Medical Devices
• Others
• Systems and Software
• Remote Device management
• Network Bandwidth Management
• Data Analytics
• Compliance and Data Security
• Asset Performance Management
• Application Security
• Network Security
• Others
• Data Storage
• Electronic Health Record
• Services
• Architecture (System Integration)
• Deployment and Integration
• Consulting
• Support and Maintenance
• Connectivity Technology

Product

• Vital Signs Monitoring Devices
• Blood Glucose Monitors
• ECGs/Heart Rate Monitors
• Blood Pressure Monitors
• Multiparameter Monitors
• Oximeters
• Imaging Systems
• Respiratory Devices
• Implantable Cardiac Devices
• Implantable Cardioverter-Defibrillators
• Pacemakers
• Implantable Cardiac Monitors
• Patient Monitors
• Infusion Pump
• Fetal Monitoring Devices
• Neurological Devices
• Ventilators
• Anaesthesia Machines
• Hearing Devices
• Other Products

Application

• Telemedicine
• Clinical Operations and Workflow Management
• Connected Imaging
• Patient Monitoring
• Imaging
• Medication Management
• Remote Scanning
• Sample Management
• Others
• Fitness and Wellness Measurement
• Predictive Device Maintenance
• Drug Development

Connectivity Technology

• Wi-Fi
• Bluetooth Low Energy (BLE)
• ZigBee
• Near Field Communication (NFC)
• Cellular
• Embedded Systems
• Satellite
• LPWANS
• RFID
• Others
• EnOcean

End User

• Hospitals
• Surgical Centres
• Clinics
• Home Care and Long Term Care Centres
• Health Insurance Companies
• Personal Users
• Clinical Research Organization (CRO)
• Government and Defense Institutions/ Authorities
• Research and Diagnostics Laboratories
• Biotech
• Pharma
• Others
• Academic Institutes
• Clinic Tests
• Pathology

Internet of Things (IoT) Healthcare Market Regional Analysis/Insights

The internet of things (IoT) healthcare market is analysed and market size insights and trends are provided by country, component, product, application, connectivity technology, end user as referenced above.

The countries covered in the internet of things (IoT) healthcare market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market and will continue to flourish its trend of dominance during the forecast period. The major factor attributable to the region’s dominance are owing to the expanding use of cloud-based services. Additionally, the expansion of hospitals, cutting-edge research institutions, universities, and medical device manufacturers has a favorable effect on market expansion.

Asia-Pacific will undergo the highest growth rate during the forecast period owing to the healthcare industry's increasing use of technology. The adoption of these technologies is also being boosted by numerous government initiatives and assistance programs. In developing Asian nations, healthcare spending has increased due to better healthcare infrastructure and a rise in the use of cutting-edge technology to lower medical expenses and improve hospital operations.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Internet of Things (IoT) Healthcare Market Share Analysis

The internet of things (IoT) healthcare market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to internet of things (IoT) healthcare market.

Some of the major players operating in the internet of things (IoT) healthcare market are:

• Cisco Systems, Inc. (U.S.)
• Microsoft (U.S.)
• Apple Inc. (U.S.)
• SAP SE (Germany)
• Oracle (U.S.)
• Siemens (Germany)
• ABB (Switzerland)
• Huawei Technologies Co., Ltd (China)
• Hitachi Vantara LLC (U.S.)
• Qualcomm Technologies, Inc. (U.S.)
• Rockwell Automation (U.S.)
• General Electric (U.S.)
• Koninklijke Philips N.V (Netherlands)
• Boston Scientific Corporation (U.S.)
• Honeywell International Inc. (U.S.)
• BL Healthcare, Inc (U.S.)
• Preventice Solutions Inc (U.S.)
• Medtronic (Ireland)
• BIOSERENITY (France)

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