IoT Healthcare Market size was valued around USD 85.4 billion in 2021 and forecast to touch USD 395 billion in 2029, expanding at a CAGR of 21.1% over the period 2022-2029 attributed to integration of Artificial Intelligence (AI) with IoT devices in healthcare industry.
Main IoT Healthcare Market Drivers
IoT healthcare market is primarily driven by surge in the demand for wearable devices, growing usage of healthcare information systems, rising adoption of connected devices in the healthcare industry and rapid growth in high-speed network technologies for IoT connectivity. Due to covid-19 outbreak, demand for wearable devices which can track health and fitness parameters like sleep quality, oxygen saturation levels and step count and can be integrated in devices like smartphone and tablets. Sales of these devices will rise in the future, as consumers are becoming more health conscious post-covid, which will create lucrative growth opportunities for internet of things (IoT) healthcare market.
Government initiatives to promote digital health, growing adoption of IoT by healthcare professionals for monitoring asthma and diabetic patients and improvements in the living standards of people, are some of the factors accelerating the growth of global healthcare IoT security market. Governments in developed and developing countries, are investing huge amounts for establishing required infrastructure, promoting digital health, conducting conferences, collaborating with major companies and making regulations mandating the usage of electronic healthcare records, with latest technologies, which are creating opportunities for the IoT healthcare market. Moreover, heart rate monitoring, remote patient monitoring and Parkinson’s disease monitoring, are some of the IoT use cases in healthcare industry, which is increasing its adoption rate. However, healthcare industry is vulnerable to cyber-attacks, which is creating challenges related to data security and privacy.
Based on Product Type, Medical devices segment is projected to hold the largest market share.
Internet of things medical devices are gaining traction in the IoT healthcare market are these devices are cost-effective and efficiently deliver health care services. IoT medical devices are expected to play a critical role in the healthcare industry, as these devices provides important data to healthcare professionals by tracking various health parameters of patients.
Based on Application, Inpatient Management segment is estimated to grow at the fastest rate.
IoT finds is application majorly in inpatient monitoring processes, which involves measurement of psychological functions of patients for making critical therapeutic interventions. Additionally, telemedicine segment is driven by growing adoption of IoT technology by healthcare professionals worldwide.
End-User Industry: Segment Analysis
Hospitals have become one of the major end-users in IoT in healthcare market due to growing prevalence of chronic diseases worldwide and rise in research and development activities. Various hospitals are investing in advanced diagnostic and therapeutic to help different departments, which is boosting the market growth.
Based on Region, Asia-Pacific region is forecast to expand at highest rate.
Asia-Pacific IoT Healthcare market is propelled by presence of massive population base, and growing demand for healthcare services in the region. IoT healthcare market in India is driven by growing demand for digital healthcare, rising adoption of connected devices in the country and increasing prevalence of chronic devices in the country.
Top IoT Healthcare Companies
Some of the major companies operating in the IoT healthcare market are S Apple Inc., Stanley Healthcare, Medtronic plc, Qualcomm Life, Inc, Cisco Systems, Inc., Koninklijke Philips N.V, IBM Corporation, Honeywell Care Solution, Microsoft Corporation, and GE Healthcare, among others.
- In January 2019, Medtronic, a major medical device company based out of United States, entered into a strategic partnership with IBM Watson to launch a new feature for the Sugar.IQ, which is a personal diabetes assistant application. This application will be available for iOS users in United States and will help patients to monitor their glucose levels.
Segmentation by Component Revenue
• Medical Devices
• Systems & Software
Segmentation by Application
• Clinical Operations & Work Flow Management
• Inpatient Management
Segmentation by End User
• Clinical Research Organization
• Diagnostics Laboratories
Segmentation by Region
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
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