The global Internet of Things in healthcare market is estimated to exceed US$ 192.0 billion in 2023 to US$ 624.6 billion by 2032, growing at a compound annual growth rate (CAGR) of 14% during the forecast period from 2024 to 2032.
The Internet of Things (IoT) is defined as a network of physical devices that utilizes connectivity to allow the exchange of data. In addition, in the healthcare field, IoT is utilized for analysis for research, data collection, and monitoring of electronic health records which include personally identifiable information, protected health information, and other machine-generated healthcare data. Further, IoT applications in healthcare enable essential tasks like enhancing patient outcomes and also take some burden off health practitioners. Internet of Things (IoT)-enabled devices have made remote monitoring in the healthcare sector possible, releasing the potential to keep patients healthy and safe, and empowering physicians to provide superlative care.
Increasing Adoption of Wearable Healthcare Devices
Advancements in sensors and AI are allowing several people across the globe to detect and manage chronic health situations and avoid major illnesses on smaller devices. These devices are small enough to be worn on a wrist or penny-sized patch. According to a study, projected shipments of wearable devices across the globe reached up to US$ 190.4 million in 2022. Similarly, number of units of fitness trackers and smartwatches shipped globally was more than US$ 250 million in 2023. In addition, wearable medical sensors and devices made up to US$ 130 million in the same year.
End users have augmented the adoption of these devices due to their portability and compactness. These devices help people track their physical activity, sleep patterns, heart rate, and other significant signs, promoting a better approach to wellness and health. Therefore, all these factors are propelling the growth of the global market during the projection period.
Limitations in Protecting Privacy
The market is likely to encounter challenges regarding data privacy and irregular algorithms. The healthcare industry is already at a high risk of a data breach due to the amount of patients' personal and health data it stores. The Internet of Things (IoT) in healthcare utilizes deep learning tools, smart and connected devices, machine learning, and more for optimizing gathered insights.
These tools manipulate the user's sensitive data such as ailment data, patient history, insurance information, and payment transaction data. Further, as per the report, due to the security risk of IoT in medicine, millions of US patients are influenced by healthcare breaches. Thus, the growing attacks on healthcare data are likely to hamper the demand for the technology. Hence, all these factors are hindering the growth of the market.
Integration of Artificial Intelligence (AI) with the Internet of Things (IoT) in healthcare
IoT technology uses artificial intelligence (AI) abilities to deliver advanced solutions for healthcare providers, like enhancing prediction enhancement, operational efficiency, automation, and optimization. Medical device manufacturers are also incorporating AI technology into the devices to deliver patient-centric devices.
The AI-enabled IoT devices help healthcare providers in predicting and diagnosing the ailment in real time. For instance, by enhancing the scan quality, AI can support healthcare workers in promptly diagnosing difficult scans like cancers.
AI technology such as natural language processing, deep learning, and machine learning helps analyze the health of a patient. The integration of artificial intelligence (AI) with the Internet of Things (IoT) in healthcare shows better detection and treatment abilities and enhanced patient experience, which is also encouraging the adoption of these technologies in the healthcare industry.
For instance, during the lockdown in 2020, many hospitals executed AI with IoT in three applications of telemedicine such as healthcare information technology, telediagnosis, and patient monitoring. This facilitated the treatment and tracing facility of the hospital and the government. Thus, the integration of artificial intelligence with IoT in healthcare is anticipated to boost the growth of the market throughout the projection period.
By Component
In 2023, the medical devices segment dominated the global Internet of Things in healthcare market in terms of revenue. This growth is attributed to the widespread usage of medical devices as a result of the rising requirement for affordable and effective ways to offer healthcare services. For instance, Schneider Electric launched ‘EcoStruxure’- IoT-based solution for healthcare. IoT sensors combined with medical equipment deliver doctors with real-time health data and allow its monitoring.
Furthermore, the requirement for linked medical devices in the healthcare industry is expected to soar due to the growing desire for self-monitoring gadgets like wearables. For instance, in August 2023 Bristol Health and CloudMD launched a device-less remote patient monitoring program for patients of Bristol Health. Therefore, all such factors are driving the expansion of this segment in the market.
However, the system & software segment is anticipated to dominate the global market during the forecast period. This is attributed to the investments and technical developments in the creation of innovative linked solutions for the healthcare sector. Also, the category may grow as more health facilities utilize digital technology and linked systems. Hence, these factors are expected to drive the growth of this segment in the market over the forecast period.
By End Users
In 2023, the hospitals, surgical centers, and clinics segment dominated the global market in terms of revenue. This growth can be attributed to the IoT technologies that help hospitals enhance their functional and operational efficiency. These technologies assist hospitals in handling hospital processes, medication compliance, medical records, invoicing, and real-time communication, which augments overall operational efficiency. These technologies also deliver better treatment results, disease management, and patient experiences, all of which contribute to better care delivery. Hence, these factors propelled the expansion of this segment in the market.
Moreover, the clinical research organizations (CROs) segment is anticipated to dominate the market during the forecast period. This growth is attributed to the increasing usage of IoT solutions to enhance clinical research accuracy and the rising adoption of these technologies by CROs has enhanced patient retention and recruitment. Therefore, these characteristics are expected to drive the growth of the segment in the market throughout the projection time.
Regional Analysis
In 2023, the Asia Pacific region dominated the global Internet of Things in healthcare market in terms of revenue and is anticipated to maintain its position during the forecast period. This growth can be attributed to the fact that this region is catering to the broad demography of countries like India, China, South Korea, and others, the governments concentrate on eHealth solutions.
As per the report of 2020, the government of China adopted digital healthcare and telemedicine to deliver support in remote and rural locations. Also, India is anticipated to showcase a rapid growth rate during the forecast period. India’s rapidly increasing population and the government’s vast digital investments are offering huge opportunities in healthcare. Thus, all such factors are driving the growth of the market in the region.
Moreover, North America is expected to dominate the market during the forecast period. This growth can be attributed to the remarkable adoption of advanced technologies, including the Internet of Things across the industries in this region to fuel the market growth opportunity.
The United States is likely to lead the market revenue due to the rapid development of the healthcare industry. The changing lifestyle and more emphasis on health management are likely to push the demand for remote patient monitoring services and wearables in the country. Hence, these factors are expected to drive the growth of the market in this region throughout the projection period.
Key Companies Operating in the Global Internet of Things in Healthcare Market
Market Segmentation Outline
By Component
By Usage
By End Users
By Region
1 INTRODUCTION OF GLOBAL INTERNET OF THINGS IN HEALTHCARE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: INTERNET OF THINGS IN HEALTHCARE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL INTERNET OF THINGS IN HEALTHCARE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL INTERNET OF THINGS IN HEALTHCARE MARKET, BY COMPONENT
5.1 OVERVIEW
5.2 DEVICE
5.2.1 EMBEDDED SENSOR DEVICES
5.2.2 WEARABLE SENSOR DEVICES
5.2.3 OTHERS
5.3 SYSTEM SOFTWARE
5.3.1 NETWORK LAYER
5.3.2 DATABASE LAYER
5.3.3 ANALYSIS LAYER
5.4 SERVICE
5.4.1 ARCHITECTURE
5.4.2 CONSULTING
5.4.3 APPLICATION DEVELOPMENT
6 GLOBAL INTERNET OF THINGS IN HEALTHCARE MARKET, BY USAGE
6.1 OVERVIEW
6.2 PATIENT MONITORING
6.3 OPTIMIZING CLINICAL OPERATIONS AND WORKFLOW
6.4 CLINICAL IMAGES
6.5 FITNESS AND WELLNESS MEASUREMENTS
6.6 DRUG DEVELOPMENT
7 GLOBAL INTERNET OF THINGS IN HEALTHCARE MARKET, BY END USERS
7.1 OVERVIEW
7.2 HEALTHCARE WORKERS
7.3 PATIENT
7.4 MEDICAL EXPENSES PAYER
7.5 CLINICAL RESEARCH ORGANIZATIONS (CROS)
7.6 RESEARCH INSTITUTE (BIO/PHARMA)
7.7 GOVERNMENT AGENCY
8 GLOBAL INTERNET OF THINGS IN HEALTHCARE MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL INTERNET OF THINGS IN HEALTHCARE MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 APPLE INCORPORATED
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 CISCO SYSTEMS INCORPORATED
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 GE HEALTHCARE LIMITED
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 GOOGLE (ALPHABET)
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 INTERNATIONAL BUSINESS MACHINES CORPORATION
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 MEDTRONIC PLC
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 MICROSOFT CORPORATION
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 PROTEUS DIGITAL HEALTH
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 KONINKLIJKE PHILIPS NV
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 QUALCOMM INCORPORATED
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 ABBOT LABORATORIES
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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