IoT in Healthcare Market Analysis | 2023-2028

IoT in Healthcare Market Analysis | 2023-2028

IoT in Healthcare Market 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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Market Dynamics

Introduction

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.

Market Drivers

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  • Outdated infrastructure is impeding the medical industry's digital growth.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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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).

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

Segmentations

List of Sub-Segments

Segments with High Growth Opportunity

Component Type Analysis

System and Software, Device, Service

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.

Application Type Analysis

Patient Monitoring, Clinical Operation, and Workflow Optimization, Clinical Imaging, Fitness and Wellness Measurement, 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.

Regional Analysis

North America, Europe, Asia-Pacific, and Rest of the World

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

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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Research Methodology

  • This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s IoT in healthcare market realities and future market possibilities for the forecast period.
  • The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
  • The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
  • 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 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

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

  • Market structure: Overview, industry life cycle analysis, supply chain analysis.
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
  • Market trend and forecast analysis.
  • Market segment trend and forecast.
  • Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
  • COVID-19 impact and its recovery curve
  • Attractive market segments and associated growth opportunities.
  • Emerging trends.
  • Strategic growth opportunities for the existing and new players.
  • Key success factors.

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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Report 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 20.78% during 2023-2028.

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.

Top 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.