Market Scope –
The internet of things in healthcare market was worth USD 81.90 billion in 2021 and is expected to rise from USD 102.79 billion in 2022 to USD 996.25 billion by 2032, with a compound annual growth rate (CAGR) of 25.5% during the forecast period (2023-2032).
The Internet of Things (IoT) in Healthcare Market is rapidly revolutionizing the healthcare environment through the integration of smart devices and technology. IoT solutions in healthcare cover a wide range of applications, including remote patient monitoring, connected medical devices, and hospital asset management. This technology enables real-time data exchange, allowing healthcare personnel to make more informed decisions and provide better patient care. The healthcare market's adoption of wearable devices, the need for efficient healthcare operations, and the growing emphasis on patient-centric care are all driving the Internet of Things (IoT). IoT in healthcare not only improves clinical outcomes but also helps to optimize healthcare procedures, resulting in a substantial paradigm shift in the sector.
The Internet of Things (IoT) is revolutionizing healthcare by integrating devices for enhanced patient care. IoT in healthcare encompasses various applications like remote monitoring, smart sensors, and predictive analytics, improving efficiency and patient outcomes. With the global IoT in healthcare market poised for substantial growth, stakeholders are leveraging innovative technologies to address evolving healthcare needs.
Market Segmentation –
The global market for Internet of Things (IoT) in healthcare is categorized based on components, applications, connectivity technology, and end-use. In terms of components, the market includes medical devices, systems software, and services. Medical devices further consist of wearable external medical devices, implanted medical devices, and stationary medical devices. Systems and software are segmented into remote device management, network bandwidth management, data analytics, application security, and network security. Services encompass support and maintenance services, consulting, and system integration. The medical device segment is anticipated to hold a significant market share in 2021, driven by increased adoption of RFID, sensors, and remote technologies for diagnosis and monitoring.
Regarding applications, the global IoT in healthcare market is classified into inpatient monitoring, medication management, telemedicine, clinical operations and workflow management, and connected imaging. Telemedicine emerged as the largest segment in 2020, fueled by the growing demand for remotely monitoring patient vitals and providing virtual medical consultations for urgent assistance.
Connectivity technology segments include Wi-Fi, Bluetooth Low Energy, ZigBee, Near Field Communication, cellular, and satellite. Cellular technology dominated in 2020 due to the rising adoption of smartphones, integration of healthcare applications, and the surge in online health consultations.
Based on end-use, the market is categorized into clinical research organizations, hospitals and clinics, research and diagnostic laboratories, and others. Hospitals and clinics secured the largest market share in 2020, attributed to the digital transformation of healthcare facilities and the development of smart hospitals for advanced treatment methodologies.
Regional Analysis –
In 2021, North America is poised to lead the IoT in healthcare market, benefiting from a concentration of market players, robust solution development infrastructure, advanced manufacturing facilities, and a skilled professional workforce. The region's key players continually innovate, upgrading hardware and software for an enhanced consumer experience. Extensive research and development activities focus on integrating health-based IoT solutions with smartphones and other smart devices for residential and commercial applications. Major players employ diverse strategies such as product launches, collaborations, partnerships, and substantial RD investments to consolidate their market share.
Europe secured the second-largest position in the IoT in healthcare market in 2020. The region undergoes a shift from traditional diagnosis and treatment to technology-assisted smart healthcare solutions in hospitals and clinics. Implementations include electronic health records, lab and pharmacy solutions, and multipurpose IoT-equipped solutions, driving market growth.
Asia-Pacific emerges as the fastest-growing regional market, driven by healthcare infrastructure digitization, increased investment, and rising awareness of physical fitness among the young and working population. The availability of highly qualified engineers and technical experts supports the development of new healthcare IoT solutions, contributing to rapid market expansion.
The Rest of the World experiences market growth due to the adoption of advanced healthcare solutions, network bandwidth upgrades, increased cash flows by key players, and government initiatives to enhance healthcare services. Collaboration, clinical trials, and product development initiatives further strengthen IoT in healthcare market growth in the Rest of the World region.
Key Players -
Koninklijke Philips N.V. (Netherlands), Medtronic (US), Honeywell Life Care Solutions (US), GE Healthcare (US), Boston Scientific Corporation (US), Cisco System Inc. (US), Microsoft Corporation (US), SAP SE (Germany), Proteus Digital Health (US), Qualcomm Incorporated (US), IBM Corporation (US), Resideo Technologies (US), Capsule Technologies (US), and Siemens Healthineers (Germany) are among the prominent players in the global Internet of Things (IoT) in healthcare market. These key industry contributors play a pivotal role in shaping advancements and innovations in healthcare IoT, contributing to the market's dynamic growth. Their strategic initiatives and technological contributions underline their significance in driving the global IoT in healthcare landscape.
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