The global internet of things (iot) in healthcare market size was exhibited at USD 217.34 billion in 2022 and it is expected to hold around USD 960.2 billion by 2030, with a CAGR of 20.41% from 2022 to 2030.
The global internet of things (iot) in healthcare market size was exhibited at USD 217.34 billion in 2022 and it is expected to hold around USD 960.2 billion by 2030, with a CAGR of 20.41% from 2022 to 2030.
The internet requires data collection, analysis, monitoring, and research processes. In the healthcare industry, IoT mostly consists of sensors, software, information processing systems, and many other things. The demand for medical devices in healthcare facilities has increased, along with the number of patients who are actively seeking treatment. This has led to a greater emphasis on medical devices that are highly effective and produce positive outcomes quickly.
Enhanced digitization across the many regions with developing nations, producing new inventions and technologies. The development of medical devices in the healthcare industry is fueled by government integration and promotion of these facilities.
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Market Growth
The market growth rate has been accelerated by the highly developed medical device IoT technologies and widespread use of medical devices in healthcare facilities as a result of an increase in the number of active patients with chronic diseases like COPD, respiratory disease, genetic disorders, and many others. The government is integrating a variety of facilities into new, inventive technology that is being developed quickly, which is fueling market expansion. Support for medical gadget development and availability in healthcare facilities comes from several governments. Devices with simple controls, high performance, greater safety, security, and privacy, as well as industry-standard practices and expertise, are readily available. This fuels the IoT in the healthcare market expansion.
Internet of Things (IoT) in Healthcare Market Report Scope
|
Report Coverage |
Details |
|
Market Size In 2022 |
USD 217.34 Billion |
|
Market Size By 2030 |
USD 960.2 Billion |
|
Growth Rate From 2022 to 2030 |
CAGR of 20.41% |
|
Base Year |
2022 |
|
Forecast Period |
2022 to 2030 |
|
Segments Covered |
By Medical Devices, By Software and System, By Services, By Product, By Connectivity, By End User |
|
Companies Mentioned |
Medtronic (US), Hillrom- Welch Allyn (US), Stanley Healthcare (US), Abbott Laboratories, AgaMtrix (US), iHealth Lab, Inc, AliveCor,Inc, Bio Telemetry, Inc, Omron Healthcare, Inc (Japan), Siemens AG (Germany), Johnson & Johnson Services, Inc, Boston Scientific Corporation (US), BIOTRNIK (Germany), Honeywell Life Care Solutions (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US) |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Regional Analysis
Geographically speaking, the Asia Pacific area is leading the way in IoT healthcare center growth, thanks to advanced technologies and rising consumer demand. Increasing IoT capabilities in healthcare through newly constructed infrastructure was also a contribution from the government. The adoption and use of the newly developed IoT in healthcare have increased across North America, Europe, Latin America, the Middle East, and Africa as well, which has aided in the market's expansion.
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Market Dynamics
Drivers: Advance technology has developed in the healthcare industry
Medical device market growth has been accelerated by IoT in healthcare driving factors. Medical device technology has advanced in the health industry for patient safety with effective and efficient operations. The cost of medical devices has increased in the last few years due to the development of modern technology and an improvement in the standard of treatment offered by health centers. an increase in hospitalizations and the use of medical equipment due to an increase in the number of active individuals with COPD, respiratory diseases, genetic diseases, and other chronic illnesses.
The enormous growth in the number of elderly patients. Advanced and accurate findings, expanding cloud-based infrastructure, and the availability of more affordable smart devices are some of the key factors influencing investment in IoT. However, problems like a lack of finance, an unsustainable business strategy, and concerns about data security and privacy are limiting the market growth for IoT in healthcare.
Restraints: Rising Cost of the medical devices
The growing use of IoT in healthcare facilities is a result of a rise in patients and advancements in technology for wireless connections, embedded systems, and other medical devices. The most crucial factors for the process to continue are the development of software, data transmission over wireless connectivity, and software development and updating.
The tough task to confront the development of the growth of the market rate is the increase in online processing with more data security concerns and the data hack or leaks of the data. The difficult task for expansion is the rising cost of medical devices in the health industry with enhanced technologies. Many people are unable to pay for medical equipment.
Opportunities: Involvement of the major industry players to the market
Because there are more self-medical gadgets on the market, such as inhalers embedded in smartphones or smart watches with wireless connectivity, glucose monitors, blood pressure monitors, self-injecting devices, sleep monitors, stress monitors, and devices for monitoring sleep. Which accelerated the use of IoT in healthcare. The decreased doctor-to-patient ratio in various nations. Technologies have been developed for wireless networking between users. the quantity of newly imposed regulations from the government, like reimbursement. This permits the citizens to interact. Improved technologies, facilities, and new infrastructures for healthcare institutions have all contributed to increased research and development of IoT-based medical devices. IoT market growth is accelerated by the major industry players that are involved in the introduction of innovative medical devices.
Product Insights
Segmenting IoT in healthcare based on advanced, created products with improved electronic health records for monitoring health. Blood glucose monitors, blood pressure monitors, multiparameter monitors, and heart rate monitors are among the vital sign monitoring equipment. In addition to pacemakers, implantable cardiac monitors, implantable cardioverter defibrillators, and other items, implantable cardiac devices also include breathing devices, patient monitoring, infusion pumps, hearing devices, anesthetic machines, ventilators, and neurological equipment. The use of wireless connections by highly sophisticated medical devices in healthcare facilities has expanded significantly to monitor active patients' health, treat illnesses, and many other tasks that drive up market prices.
Type Insights
Generally speaking, stationary medical devices, implantable medical devices, wearable medical devices, and other medical devices with expanded development and characteristics of medical devices in healthcare centers make up the segmentation of the internet of things in healthcare based on type. Using communication technologies like Wi-Fi, Bluetooth, Signee, and other embedded systems, the workflow is carried out easily and without interruption. The network layer, database layer, and analytics layer of the system and software are involved.
Application Insights
Healthcare IoT segmentation is based on applications often used in telemedicine, wireless connections for store and forward telemedicine, medication management, interactive medication, patient monitoring, clinical operations, workflow management, clinical imaging, and fitness measurement. Drug research and development that supports the growth of the IoT healthcare sector.
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Recent Development
- In the year 2020, to develop a glucose monitoring and automatic insulin delivery system, Abbott and Insulet worked together.
- In the year 2021, Hill Rom unveiled a collection of interconnected technologies to improve patient outcomes.
- In the year 2021, Together, Surgical Theatre, and Medtronic developed the SyncaR augmented reality (AR) platform for use with the StealthStation S8 surgical navigation system.
Major Key Players
- Medtronic (US)
- Hillrom- Welch Allyn (US)
- Stanley Healthcare (US)
- Abbott Laboratories
- AgaMtrix (US)
- iHealth Lab, Inc
- AliveCor,Inc
- Bio Telemetry, Inc
- Omron Healthcare, Inc (Japan)
- Siemens AG (Germany)
- Johnson & Johnson Services, Inc
- Boston Scientific Corporation (US)
- BIOTRNIK (Germany)
- Honeywell Life Care Solutions (US)
- Koninklijke Philips N.V. (Netherlands)
- GE Healthcare (US)
Market Segmentation
By Medical Devices
- Stationary Medical Devices
- Wearable External Medical Devices
- Implantable Medical Device
- Other medical devices
By Software and System
- Application Security
- Network Security
- Data Analytics
- Remote Device Management
- Network Bandwidth Management
By Services
- Architecture (System Integration)
- Consulting
- Application Development (Support and Maintenance)
By Product
- Vital Signs Monitoring Devices
- Blood Glucose Monitors
- ECGs/Heart Rate Monitors
- Blood Pressure Monitors
- Multiparameter Monitors
- Oximeters
- Imaging Systems
- Respiratory Devices
- Implantable Cardiac Devices
- Implantable Cardioverter-defibrillators
- Pacemakers
- Implantable Cardiac Monitors
- Patient Monitors
- Infusion Pump
- Fetal Monitoring Devices
- Neurological Devices
- Ventilators
- Anesthesia Machines
- Hearing Devices
- Other Products
By Connectivity
- Bluetooth
- Zigbee
- Wi-Fi
- NFC
- Embedded System
- Others
By End User
- Hospitals
- Clinics
- Laboratory Research
- Others
Regional Segmentation
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
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