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  • IoT in Healthcare Market Growth Analysis | 2023-2028

    IoT in Healthcare Market Growth Analysis | 2023-2028

    IoT in Healthcare Market Growth Analysis | 2023-2028
    Report code - SR1834 Delivery - 2 Weeks
    IoT in Healthcare Market Size, Share, Trends, Dynamics, Forecast, & Growth A See more...

    Market Insights

    The IoT in healthcare market was estimated at USD 106.17 billion in 2022 and is likely to grow at a CAGR of 20.78% during 2023-2028 to reach USD 329.68 billion in 2028.

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    What is IoT in Healthcare?

    The Internet of Things (IoT) is defined as a network of physical devices that communicate with one another to enable data exchange. Furthermore, IoT is used in the healthcare field for data collection, analysis for research, and monitoring of electronic health records that contain personally identifiable information, protected health information, and other machine-generated healthcare data.

    Furthermore, IoT applications in healthcare facilitate important tasks such as improving patient outcomes while also relieving some of the burdens from health practitioners. Remote monitoring in the healthcare sector has become possible thanks to the Internet of Things-enabled devices, unleashing the potential to keep patients safe and healthy while also empowering physicians to provide exceptional care.

    COVID-19 Impact

    The recent COVID-19 outbreak has prompted the Internet of Things (IoT) in healthcare solution providers to respond quickly in order to meet the increasing demand for high-quality services for virus protection.

    COVID-19's rapid spread has engulfed the entire healthcare ecosystem, from pharmaceutical companies and drug makers to COVID-19 vaccine developers health insurers, and hospitals. Telemedicine, remote patient monitoring, and interactive medicine, as well as inpatient monitoring, are expected to gain traction during this period.

    IoT in Healthcare Market Highlights

    Market Size in 2022

    USD 106.17 billion

    Market Size in 2028

    USD 329.68 billion

    Market Growth (2023-2028)

    20.78% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Key Players

    The following are some of the key players operating in the IoT in healthcare market are-

    • Agamatrix (US)
    • Armis (US)
    • Bosch (Germany)
    • Capsule Technologies (US)
    • Comarch SA (Poland)
    • Cisco Systems (US)
    • GE Healthcare (US)
    • HQSoftware (Estonia)
    • Huawei (China)
    • IBM Corporation (US)
    • Intel (US).

    Market Dynamics

    These factors are expected to boost the demand for IoT in healthcare market:

    • Increase in demand for wearable devices that track health and fitness data, and location, and can be integrated with devices like laptops and smartphones.
    • Outdated infrastructure is impeding the medical industry's digital growth.
    • Initiatives by the government to promote digital health. Several governments have launched initiatives to promote digital health.

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    Segment Analysis

    By Component Type

    The IoT in healthcare market has been bifurcated into systems and software, device, & service. Under these, the device segment held the largest market share of more than 35% in 2022 and is expected to maintain its lead in the market during the forecast period. This is linked to the widespread use of medical devices because of the growing demand for effective and affordable healthcare delivery options. For instance, medical gadgets linked to IoT sensors provide doctors with a continuous stream of real-time health data including blood pressure, heart rate, and glucose monitoring. Additionally, the demand for linked medical devices in the healthcare industry is anticipated to increase in response to the growing desire for self-monitoring gadgets like wearable technology. Universities and several significant companies are introducing cutting-edge medical equipment for self-monitoring of health indicators.

    By Application Type

    The market has been bifurcated into disposable Internet of things in patient monitoring, clinical operation and workflow optimization, clinical imaging, fitness and wellness measurement, and drug development. The patient monitoring segment accounted for the largest market share in 2022 and is expected to maintain its dominance during the forecast period. It offers a variety of monitoring systems designed to collect physiological data, which is then analyzed and stored via gateways and clouds.

    Regional Insights

    Asia Pacific accounted for the largest share in 2022 and is expected to grow at a significant CAGR during the review period. The APAC region is experiencing rapid growth in the market. Because the APAC region contains more than half of the world's population, any major technological shifts, such as those heralded by IoT, are likely to shape the region's future.

    Many Asian countries, including China, Japan, and India, are leveraging information-intensive Internet of Things (IoT) technologies to meet rising healthcare service demand, and as a result, APAC is expected to offer promising opportunities to deploy IoT in healthcare solutions.

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    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The IoT in healthcare market is segmented into the following categories.

    By Component Type

    • System and Software
    • Device
    • Service

    By Application Type

    • Patient Monitoring
    • Clinical Operation and Workflow Optimization
    • Clinical Imaging
    • Fitness and Wellness Measurement
    • Drug Development

    By End-User Type

    • Healthcare Providers
    • Patients
    • Healthcare Payers
    • Research Laboratories (Biotech/Pharma)
    • Government Authority.

    By Region

    • North America (Country: The USA, Canada, and Mexico)
    • Europe (Country: Germany, France, The UK, Russia, Italy, and the Rest of Europe)
    • Asia-Pacific (Country: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
    • Rest of the World (Country: Brazil, Argentina, and Others)

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    Target Audience

    The target audience of the IoT in healthcare market includes-

    • Distributors
    • Suppliers
    • Manufacturers
    • Contract Research Organizations

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

    Report Features

    This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the IoT in Healthcare Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Customization Options

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The Internet of Things (IoT) is defined as a network of physical devices that communicate with one another to enable data exchange. Furthermore, IoT is used in the healthcare field for data collection, analysis for research, and monitoring of electronic health records that contain personally identifiable information, protected health information, and other machine-generated healthcare data.

    The IoT in healthcare market was estimated at USD 106.17 billion in 2022.

    The IoT in healthcare market is likely to reach USD 329.68 billion in 2028.

    The IoT in healthcare market is likely to grow at a CAGR of around 20.78% during the forecast period.

    Increased demand for wearable devices that track health and fitness data, and location, and can be integrated with devices like laptops and smartphones. Outdated infrastructure is impeding the medical industry's digital growth. Initiatives by the government to promote digital health. Several governments have launched initiatives to promote digital health.

    Key players operating in the market are Agamatrix (US), Armis (US), Bosch (Germany), Capsule Technologies (US), Comarch SA (Poland), Cisco Systems (US), GE Healthcare (US), HQSoftware (Estonia), Huawei (China), IBM Corporation (US), Intel (US).

    The target audience of the market includes distributors, suppliers, manufacturers, and Contract Research Organizations.

    Asia Pacific accounted for the largest share in 2022 and is expected to grow at a significant CAGR during the review period.