Internet of Things in Healthcare Market Analysis

Global IOT In Healthcare Market Overview

The IOT in healthcare market size was valued at USD 81.90 billion in 2021 and is projected to grow from USD 102.79 billion in 2022 to USD 996.25 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 25.5% during the forecast period (2023 - 2032). Increasing deployment of healthcare delivery drones and increasing number of chronic cases across the globe are driving the market growth.

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

IOT in Healthcare Market Trends

• Increasing Deployment of Healthcare Delivery Drones to Boost Market Growth

The restricted mobility and urgent deliveries of medical devices and medication during the pandemic augmented the demand for healthcare delivery drones. Drones are deployed as a substitute for the manned transportation facility. The government authorities, in collaboration with technology providers, are working on providing life-saving medical assistance. In addition, the market players are introducing satellite-based IoT-enabled drones to deliver drugs and other medical utilities. For instance, in June 2021, KORE (US) offered IoT-equipped power drones to transport critical medical assets.

The drone works on satellite connectivity and eSIM technology, enabling the drone to deliver products in a short time. The integration of such technologies aims to support the delivery of medical products in a short time. Additionally, the drones also aim to deliver COVID vaccines and other healthcare products across remote and rural parts of the world. Hence, to cater the demand there has been significant advances on the market of iot in healthcare.

IOT in Healthcare Market Segment Insights

Internet Of Things in Healthcare Component Insights

The iot in healthcare market segmentation, based on component, includes medical devices, systems and software, and services. The systems and software segment held the largest market share in 2021 in respect to the market revenue of iot in healthcare. This is primarily owing to the growing technology applications in the industry. The IoT systems and software used for monitoring the health of the patient and maintaining the device is expected to witness continuous growth during the forecast period. Based on systems and software, the market is further segmented into remote device management, network bandwidth management, data analytics, application security, and network security. The data analytics systems and software is gaining traction in the healthcare industry due to its application in diagnosing patients and analysing the collected information.

September 2020:Intel Corporation launched enhanced IoT capabilities in the 11th Gen Core for industries such as healthcare. It also offers AI-powered diagnostics and high-resolution displays using its advanced medical imaging devices.

December 2020:Amazon Inc. launched Amazon HealthLake, a HIPAA-eligible service for life sciences and healthcare organizations. Amazon HealthLake also allows organizations to transform, store, and analyze all of their data in the cloud.

Internet Of Things in Healthcare Application Insights

The market segments of iot in healthcare, based on application, includes inpatient monitoring, medication management, telemedicine, clinical operations and workflow management, connected imaging, others. The inpatient monitoring segment held the largest market share in 2021 in respect to the iot in healthcare market revenue. This due to the increasingly connected medical devices and instruments are leading towards high adoption of operations and workflow management applications. Additionally, the growing number of wearable devices to track the real-time health of patients is likely to fuel the demand for impatient monitoring. Hence, the rising number of impatient monitoring positively impacts market growth.

Internet Of Things in Healthcare Connectivity Technology Insights

The iot in healthcare market data has been bifurcated by wi-fi, bluetooth low energy, zigbee, near field communication, cellular, and satellite. The wi-fi segment held the largest market share in 2021 in respect to the market revenue of iot in healthcare. This due to the increasingly number of patients and developed technologies in medical devices over wireless connections, embedded systems, and others. Therefore, transmitting such data from one machine to another over wireless connectivity, and developing software is of utmost importance for continuing the chain of the process.

May 2021:Surgical Theatre collaborated with Medtronic to launch surgical theatres SyncaR augmented reality (AR) technology with Medtronic’s StealthStation S8 surgical navigation system.

February 2020:Abbott and Insulet collaborated to introduce a glucose-determining and auto insulin delivery.

April 2021:Medtronic (Ireland) partnered with Sternum, an IoT cybersecurity startup based in Israel, to tackle the cyberattacks on medical devices.

Figure 2 IoT in Healthcare Market, by Connectivity Technology, 2021 & 2030 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Internet Of Things in Healthcare End User Insights

Based on End Users, the internet of things in healthcare industry has been segmented into clinical research organizations, hospitals and clinics, research and diagnostic laboratories, and others. The hospitals and clinics segment held the largest market share in 2021 in respect to the internet of things in healthcare market revenue. This due to the adoption of IoT, it has increased customer experiences owing to the instant and real-time attention provided through connected devices. Thus, hospitals are extensively investing in IoT technology.

Internet Of Things in Healthcare Regional Insights  

By Region, the study segments the market into North America, Europe, Asia-Pacific and Rest of the World. North America Internet of Things in Healthcare market held the largest market share in the study period. This is attributed to the rapid technological advancements, increasing investments from top players, supportive governmental rules, rise in prevalence of chronic disease patient population and increase in demand for cost effective disease treatment across the region.

Further, the major countries studied are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3 IOT IN HEALTHCARE MARKET SHARE BY REGION 2021 (%)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe iot in healthcare market accounts for the significant market share due to increasing demand for mHealth, electronic health records, and telemedicine across the hospitals. Further, the Germany market of internet of things in healthcare held the largest market share, and the UK market of internet of things in healthcare was the fastest growing market in the European region.

The Asia-Pacific market of Internet of Things In Healthcare accounts for the second-largest market share due to rapidly changing healthcare infrastructure, large patient population, rising public awareness, and increasing healthcare spending. Moreover, China market of internet of things in healthcare held the largest market share, and the India market of internet of things in healthcare was the fastest growing market in the Asia-Pacific region. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.

Internet Of Things in Healthcare Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the market growtg of internet of things in healthcare even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors on the internet of things in healthcare industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment. 

One of the primary business strategies adopted by manufacturers in the  internet of things in healthcare to benefit clients and expand to manufacture locally to reduce operating costs.

Healthnet  (India), is one of the pioneers HealthTech companies in India providing integrated telemedicine solutions and care platforms. HNG synergizes healthcare services, ICT, medical equipment, and patient information systems to provide condition management and rural health connect programs. In February 2022, Healthnet , a subsidiary of Apollo Hospitals, launched Automated, an innovative in-patient room automation system that is capable of remote patient monitoring and triaging to continuously monitor a patient's respiratory rate, heart rate, and other clinical parameters remotely.

Key Companies on The IoT in Healthcare Market Includes

• Koninklijke Philips N.V. (Netherlands)


• Medtronic (US)


• GE Healthcare (US)


• Boston Scientific Corporation (US)


• Cisco System Inc. (US)


• Microsoft Corporation (US)


• Honeywell Life Care Solutions (US)


• SAP SE (Germany)


• Proteus Digital Health (US)


• QUALCOMM Incorporated (US)


• IBM Corporation (US)


• Resideo Technologies (US)


• Capsule Technologies (US)


• Siemens (Germany)

Internet Of Things in Healthcare Industry Developments

January 2021:Zyter (US) launched an IoT solution for smart hospitals across the globe. The IoT-enablement platform offers an end-to-end intelligent solution that connects hospitals'disparate data systems to Zyter'srobust digital communication and collaboration platform.

July 2020:Microsoft (US) launched IoT Connector for Fast Healthcare Interoperability Resources (FHIR)for the secured exchange ofprivate health data. The connector allows a secured exchange of information between healthcare providers and patients.

May 2020:Philips (Netherland) partnered with Samsung (South Korea) to develop connected devices using Samsung's Smart IoT Platform and Philips HealthSuite Digital Platform.

IoT in Healthcare Market Segmentation

Internet of Things in Healthcare Component Outlook

• Anterior Medical Devices
  
  
  
  • Wearable External Medical Devices
  
  
  • Implanted Medical Devices
  
  
  • Stationary Medical Devices
  
  
  
  


• Systems and Software
  
  
  
  • Remote Device Management
  
  
  • Network Bandwidth Management
  
  
  • Data Analytics
  
  
  • Application Security
  
  
  • Network Security
  
  
  
  


• Services
  
  
  
  • Support and Maintenance Services
  
  
  • Consulting
  
  
  • System Integration
  
  
  
  

Internet of Things in Healthcare Application Outlook

• Inpatient Monitoring


• Medication Management


• Telemedicine


• Clinical Operations and Workflow Management


• Connected Imaging


• Others

Internet of Things in Healthcare Connectivity Technology Outlook

• Wi-Fi


• Bluetooth Low Energy


• Zigbee


• Near Field Communication


• Cellular


• Satellite

Internet of Things in Healthcare End User Outlook

• Clinical Research Organizations


• Hospitals and Clinics


• Research and Diagnostic Laboratories


• Others

Internet of Things in Healthcare Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America