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PUBLISHER: SkyQuest | PRODUCT CODE: 1498605

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PUBLISHER: SkyQuest | PRODUCT CODE: 1498605

IoT In Healthcare Market Size, Share, Growth Analysis, By Component, By Application, By End user, By Connectivity, By Region - Industry Forecast 2024-2031

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IoT In Healthcare Market size was valued at USD 215.4 billion in 2022 and is poised to grow from USD 252.1 billion in 2023 to USD 926.9 billion by 2031, growing at a CAGR of 16.8% in the forecast period (2024-2031).

The Internet of Things (IoT) in healthcare interconnects all devices and operational machinery, facilitating internet-based data transfer and storage. The increasing demand for interconnected medical devices and automated remote patient care is anticipated to propel the expansion of the IoT in Healthcare Market. Over recent years, numerous developed countries' healthcare sectors have transitioned from paper-based clinical records to electronic health record systems, spurred by rapid technological advancements prompting governmental investments in IoT to enable remote healthcare access. Consequently, government initiatives aimed at fostering technology development and adoption are poised to significantly propel growth in the healthcare IoT market. In healthcare, the Internet of Things (IoT) constitutes a network of physical devices linked via connectivity to exchange data, furthering applications in the collection, analysis, and monitoring of personal health records, protected health information, and machine-generated data in healthcare settings. Additionally, IoT applications in healthcare play a pivotal role in enhancing patient outcomes and alleviating some of the burdens on healthcare practitioners.

Top-down and bottom-up approaches were used to estimate and validate the size of the IoT In Healthcare market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

IoT In Healthcare Market Segmental Analysis

IOT in healthcare market is segmented based on component, connectivity, application, end user, and region. Based on component, the market is categorized into Medical Devices (wearable external devices, implanted medical devices, stationary medical devices), system and software (remote device management, network bandwidth management, data analytics, application security, network security), services (deployment and integration services, consulting {training, and education}, support and maintenance services). Based on connectivity, the market is categorized into cellular, wi-fi, bluetooth, satellite, zigbee, near-field communication, and others. Based on application, the market is segmented into Telemedicine (store and forward telemedicine, remote patient monitoring, interactive telemedicine), clinical operations and workflow management, connected imaging, patient monitoring, medical management, and others. Based on end user, the market is segmented into hospitals, surgical centers, and clinics, clinical research organizations, government and defense institutions, research and diagnostic laboratories, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the IoT In Healthcare Market

The healthcare IoT market is propelled by the increasing prevalence of chronic diseases like genetic disorders, respiratory ailments, and COPD, among others. Favorable government policies and widespread internet accessibility further contribute to market growth. Additionally, the demand for disease management and cost-effective treatments drives the necessity for smart devices and wearables in healthcare.

Restraints in the IoT In Healthcare Market

The costs associated with interoperability and connectivity solutions for numerous medical devices are notably high. Moreover, ongoing IT support and maintenance services, encompassing tasks like software customization and upgrades to align with evolving user requirements, as well as ensuring the reliability of IT infrastructure, constitute recurring expenses that significantly contribute to the total cost of ownership. Additionally, the creation of custom interfaces for device integration post-sale requires additional testing and validation to ensure solution integrity and completeness, further driving up the total cost of ownership for healthcare providers. Consequently, small healthcare facilities, particularly those in emerging nations, exhibit reluctance in replacing their outdated systems with advanced IoT-enabled equipment due to the substantial associated costs.

Market Trends of the IoT In Healthcare Market

The global populace is increasingly mindful of self-health management, particularly as early-life health issues become more prevalent. This heightened health consciousness among the young and active demographic fuels the adoption of wearable devices. The advent of wearable medical devices has significantly simplified and enhanced health monitoring capabilities, offering greater convenience. According to the International Diabetes Federation (IDF), a substantial portion of the global population is affected by diabetes, yet a significant proportion of cases go undiagnosed. Consequently, there's a growing inclination towards wearable medical devices for regular health monitoring. Companies like Dexcom and Eversense have secured FDA approval for glucose monitoring devices, enabling continuous blood sugar level monitoring for up to 90 days. These IoT-enabled wearable devices also aid in remotely monitoring and alerting patients with chronic illnesses, including the detection of sudden cardiac arrest. Given the effectiveness of IoT devices, there's a surge in their adoption for health monitoring, which is anticipated to propel growth in the healthcare IoT market. The swift integration of emerging technologies like Artificial Intelligence and Machine Learning to enhance efficiency in healthcare services will further drive market expansion. While mobile devices present a significant opportunity to reach underserved patients for telehealth services, challenges related to complexity and connectivity issues impede their effectiveness.

Product Code: SQMIG35G2103

Table of Contents

Introduction

  • Objectives of the Study
  • Definitions
  • Market Scope

Research Methodology

  • Information Procurement
  • Secondary & Primary Data Sources
  • Market Size Estimation
  • Market Assumptions & Limitations

Executive Summary

  • Market Overview Outlook
  • Supply Demand Trend Analysis
  • Segmental Opportunity Analysis

Market Dynamics & Outlook

  • Market Dynamics
    • Drivers
    • Opportunities
    • Restraints
    • Challenges
  • Porters Analysis
    • Competitive rivalry
    • Threat of Substitute Products
    • Bargaining Power of Buyers
    • Threat of New Entrants
    • Bargaining Power of Suppliers

Key Market Insights

  • Technology Analysis
  • Pricing Analysis
  • Value Chain Analysis
  • Ecosystem of the Market
  • Start-up Analysis
  • Regulatory Landscape
  • Innovation Matrix
  • Top Investment Analysis
  • Key Success Factor
  • Market Attractive Index
  • Patent Analysis
  • Case Study Analysis
    • Healthcare Connectivity
    • Enhancing Surgeries
    • Remote Health Monitoring & Care
    • Tracking Patients, Staff & Medical Assets
    • Mobile Healthcare
  • PESTEL Analysis
  • Degree of Competition

IoT in Healthcare Market by Component

  • Market Overview
  • Medical Devices
    • Wearable External Devices
    • Implanted Medical Devices
    • Stationary Medical Devices
  • System and Software
    • Remote Device Management
    • Network Bandwidth Management
    • Data Analytics
    • Application Security
    • Network Security
  • Services
    • Deployment and Integration Services
    • Consulting
      • Training
      • Education
    • Support and Maintenance Services

IoT in Healthcare Market by Connectivity Technology

  • Market Overview
  • Cellular
  • Wi-Fi
  • Bluetooth
  • Satellite
  • Zigbee
  • Near-field Communication
  • Others

IoT in Healthcare Market by Application

  • Market Overview
  • Telemedicine
    • Store and Forward Telemedicine
    • Remote Patient Monitoring
    • Interactive Telemedicine
  • Clinical Operations and Workflow Management
  • Connected Imaging
  • In- Patient Monitoring
  • Medical Management
  • Others

IoT in Healthcare Market by End user

  • Market Overview
  • Hospitals, Surgical Centers, and Clinics
  • Clinical Research Organizations
  • Government
  • Defense & Military
  • Research and Diagnostic Laboratories
  • Others

IoT in Healthcare Market Size by Region

  • Market Overview
  • North America
    • USA
    • Canada
  • Europe
    • Germany
    • Spain
    • France
    • Italy
    • UK
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC Countries
    • South Africa
    • Rest of MEA

Competitive Landscape

  • Top 5 Player Comparison
  • Market Positioning of Key Players, 2023
  • Strategies Adopted by Key Market Players
  • Recent Activities in the Market
  • Key Companies Market Share (%), 2023

Key Company Profiles

  • AdhereTech (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Capsule Technologies, Inc. (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Cerner Corporation (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Cisco Systems, Inc. (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • GE Healthcare (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Honeywell International, Inc. (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • IBM Corporation (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Intel Corporation (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Medtronic Plc (Ireland)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Koninklijke Philips N.V. (Netherlands)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Microsoft Corporation (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • NXP Semiconductors N.V. (Netherlands)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Qualcomm Life, Inc. (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Siemens AG (Germany)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • STMicroelectronics N.V. (Switzerland)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Telit Communications PLC (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Terumo Corporation (Japan)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Texas Instruments Incorporated (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Welch Allyn, Inc. (A Hill-Rom Company) (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Zebra Technologies Corporation (US)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
Have a question?
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Jeroen Van Heghe

Manager - EMEA

+32-2-535-7543

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Christine Sirois

Manager - Americas

+1-860-674-8796

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