IoT Healthcare Market Size, Share, Growth Report 2032

Global IoT Healthcare Market Size Overview

The global IoT Healthcare market size accounted for USD 10,778.2 Million in 2020 and is expected to reach USD 26,213.2 Million by 2028, growing at a CAGR of 11.2% from 2021 to 2028.

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The internet of things (IoT) is a network of physical devices that uses connectivity to enable the exchange of data. Global IoT Healthcare Market is a part of the IoT industry. The sensors used in IoT healthcare devices provide interconnectivity and sharing of data for better and more in-depth analysis of healthcare reports. In developed countries, where IoT devices are used extensively, remote monitoring and telemedicine like advanced healthcare facilities are being practiced.

In the healthcare sector, the IoT helps to deliver healthcare facilities improved communication, among patients and healthcare providers, through connected medical devices. IoT in Healthcare allows the stakeholders including providers as well as patients, to improve patient care, reduction in errors, improved patient experience, reduce costs related to healthcare, and improved patient outcomes coupled with better disease management.

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COVID-19 Impact Analysis:

The global IoT Healthcare market size has witnessed significant growth during the COVID-19 pandemic. The pandemic is having an unprecedented effect on daily lives and this has impacted every single sector and the global economy. However, the demand for IoT Healthcare Market size is growing exponentially during the pandemic, as the value of digital approaches which are designed to help health professionals and the public stay up to date about the disease, allow better strategic planning, and maintain communication is now rapidly being highlighted and adopted.

In addition to this, the pandemic has pushed the demand for wearable devices that track information related to location, health, and fitness, and can be integrated with devices, such as laptops and smartphones. This factor has further boosted the market growth during the pandemic.

The Market would remain bullish in upcoming year

Growth Factors

The major factor driving the growth of IoT Healthcare Market is the increasing implementation of cloud computing across healthcare facilities. Cloud computing provides access to patient data to the manufacturer of the devices and also to the services provider. Hence the analysis of the patient data can be done from a remote location as well. Owing to the increasing adoption of IoT in healthcare, services are becoming more cost-effective. These factors are likely to boost the growth in the market over the forecast period.

Reduction in the cost of connected devices is an opportunity for the market. The lack of consistency in interconnectivity, interoperability, and security issue is the challenging factors for the growth of the IoT devices market.

Global IoT Healthcare Market Opportunities

In the upcoming years, the global IoT healthcare market is anticipated to expand rapidly, creating numerous opportunities for businesses and healthcare providers:

• Remote Patient Monitoring: IoT devices can be used to remotely monitor patients, enabling medical professionals to track vital signs, medication adherence, and other health metrics. This can enhance patient outcomes, reduce healthcare costs, and boost patient satisfaction.
• Predictive Analytics: IoT devices can collect vast quantities of patient health data, which can then be analyzed using predictive analytics software. This can assist healthcare providers in identifying trends and patterns, predicting future health problems, and developing individualized treatments.
• Supply Chain Management: Tracking medical supplies and equipment with IoT technology can reduce waste and improve inventory management. This can assist healthcare providers in optimizing their operations and lowering expenses.
• Telemedicine: The Internet of Things can enable healthcare providers to offer telemedicine services, allowing patients to remotely consult with medical professionals. This can increase access to healthcare services, especially in underserved or rural areas.
• Improved Patient Engagement: By providing personalized health recommendations, tracking progress, and sending medication and appointment reminders, IoT technology can assist healthcare providers in engaging with patients more effectively.

Overall, the global IoT healthcare market presents businesses and healthcare providers with numerous opportunities to improve patient outcomes, reduce costs, and expand access to healthcare services. In an increasingly digital and data-driven world, healthcare providers can remain competitive by leveraging IoT technology.

Report Scope:

Segment Analysis Preview

Several types of components are being used in the manufacturing of healthcare IoT devices. The systems and software are having a huge demand in the Global IoT Healthcare Market owing to increasing applications in all the medical devices, as it is the skeleton of medical devices to perform its actual functioning of interconnection between two devices. Systems and Software segment is expected to grow with a significant CAGR over the forecast period.

The wearable external medical devices are dominating the Global Market in medical devices segment due to the increased adoption of IoT technology in advanced healthcare and fitness devices. The remote patient monitoring experienced a huge leap in 2020. Total 7.1 million patients were enrolled in some form of digital healthcare program featuring connected medical devices that used the patients own mobile devices. Owing to the rising popularity and increasing demand, the segment is likely to grow at a higher CAGR over the forecast period.

By Application Telemedicine is the most recent application utilizing the IoT technology in maintaining the patient data and tracking the where about of the patient. Hence Telemedicine is a leading Application type segment in Global market.

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Regional Analysis Preview

The region that is having an influential share in the Global Market is North America region. Owing to the huge developments and a higher rate of adoption, North America IoT healthcare market contributes the highest market in 2020. Whereas higher adoption rate and growing popularity amongst healthcare professionals are like to boost the market in the Asia Pacific. The IoT healthcare market size is likely to grow at a considerable CAGR over the forecast period.

Key Market Players & Competitive Landscape

Some of key players in IoT Healthcare Market are Cerner Corporation., Diabetizer Ltd. & Co. KG, Infosys Limited, Medtronic Public Limited Company, Microsoft Corporation, Proteus Digital Health, Inc. among others.

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The global IoT Healthcare Market is segmented as follows:

By Component

• Medical Devices
  • Implanted Medical Devices
  • Wearable External Medical Devices
  • Stationary Medical Devices
• Services
  • Professional Services
  • System Integration Services
  • Maintenance and Support Services
• Systems & Software
  • Data Analytics
  • Remote Devices Management
  • Network Bandwidth Management
  • Network Security
  • Application Security

By Application

• Clinical Operations & Work Flow Management
• Telemedicine
  • Remote Patient Monitoring
  • Store & Forward Telemedicine
  • Interactive Telemedicine
• Connected imaging
• Medication Management
• Inpatient Management
• Others

By Connectivity

• WiFi
• Bluetooth Low Energy
• Zigbee
• Near Field Communication (NFC)
• Cellular
• Satellite

By End-User

• Clinical Research Organization (CR)
• Government and Defense Institutions
• Hospitals, Surgical Centers, and Clinics
• Research and Diagnostics Laboratories

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa