The IoT in Healthcare Market is poised for a remarkable transformation, driven by the surging adoption of connected devices and digital solutions. According to a compelling analysis by Future Market Insights (FMI), a leading market research firm, the market is anticipated to balloon from a value of US$181.4 billion in 2022 to a staggering US$952.3 billion by 2032. This translates to a robust Compound Annual Growth Rate (CAGR) of 18.0%, signifying a significant shift towards digital healthcare solutions.
A key driver of this growth is the growing global awareness of self-health management, which has led to the widespread use of wearable medical devices for monitoring health risks. Notably, Eversense and Dexcom have recently gained FDA certification for their glucose monitoring devices. These innovative devices empower individuals to monitor their sugar levels for up to three months, providing a new level of convenience and efficiency in healthcare management.
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Furthermore, the Zoll LifeVest 4000, a wearable defibrillator, has been introduced to monitor arrhythmias in both children and adults, allowing for the diagnosis of sudden cardiac arrest.
AI, ML, and NLP are also helping to analyze patients’ health issues. However, the inherent security dangers associated with IoT in healthcare must not be overlooked, as they may stymie business expansion. Future Industry Insights’ recent industry analysis, named ‘Global IoT in Healthcare Industry,’ provides insights into these variables.
Key Takeaways from IoT in Healthcare Market
- North America has a sizable market share. This could be explained by a growing emphasis on health management throughout the United States.
- Europe is likewise predicted to develop linearly, with the United Kingdom and France leading the way. This may be due to increased demand for telemedicine, mHealth, and EHRs (electronic health records).
- The Asia-Pacific region is predicted to grow at the fastest rate in the IoT in healthcare market, led by South Korea, India, and China.
- With countries focusing more on upgrading healthcare systems, LATAM is projected to pick up speed in the future. For example, in February 2020, many Brazilian ministries established a collaboration to integrate IoT systems in the healthcare sector.
IoT in Healthcare Market Competitive Landscape
- Microsoft Corporation announced in October 2020 that it had entered into a strategic relationship with ZEISS Group to improve patient care through data-driven healthcare solutions. The primary goal is to improve device management, treatment, and clinical workflow by utilizing a revolutionary digitally connected approach.
- In May 2019, General Electric Company teamed with NASSCOM to create and deliver digitized healthcare services and solutions in the market. The goal was to improve digital healthcare through the NASSCOM CoE-IoT (Centre of Excellence-Internet of Things) platform.
- Medtronic, in January 2019, partnered with IBM Watson to provide IQcast. It’s a new-fangled feature of the existing product ‘Sugar. IQ’ for iOS mobile devices all across the US. This software claims to make available a hypoglycemic episode to patients for monitoring the low glucose level. It does work by predicting occurrence 1-4 hours prior.
- Spencer Health Solutions and Royal Philips, in April 2019, started working towards the expansion of their rapport for providing chronically ill patients in select EU nations with an in-home adherence to medication on the Philips telehealth platform.
“Connected devices are penetrating the healthcare vertical at an alarming rate. This factor is bound to take the Global IoT in Healthcare Industry by storm in the forecast period”, says an analyst from Future Market Insights.
IoT in Healthcare Market Key Players:
- Apple Inc.
- Cisco Systems Inc.
- GE Healthcare Ltd.
- Google (Alphabet)
- International Business Machines Corporation
- Medtronic PLC
- Microsoft Corporation
- Proteus Digital Health
- Koninklijke Philips N.V.
- QUALCOMM Incorporated
- Abbot Laboratories
What is the IoT in Healthcare Market Report up to?
- Future Market Insights offers an exclusive perspective and various real-time insights on the IoT in the Healthcare market in its latest study, presenting a historical demand assessment of 2016 to 2021 and projections for 2022 to 2032.
- The research study is based on components (IoT in healthcare hardware (portable diagnostic devices and non-portable diagnostic devices), IoT in healthcare software, and IoT in healthcare services), by application (telemedicine, medication management, clinical operations, patient monitoring, connected imaging, and likewise), by technology (Bluetooth-based, Wi-Fi-based, NFC-based, Zigbee-based, RFID-based, and others (Cellular, Satellite, Zwave, EnOcean)), and by end-user (hospitals, pharmaceuticals, and clinics & laboratories).
- Numerous developed economies are increasingly shifting their preferences to electronic health record systems. This factor is actually expected to put the IoT in the healthcare market on the top pedestal in the forecast period.
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Key Segments Covered in the IoT in Healthcare Market Report
IoT in Healthcare by Component:
- IoT in Healthcare Hardware
- Portable Diagnostic Devices
- Non-Portable Diagnostic Devices
- IoT in Healthcare Software
- IoT in Healthcare Services
IoT in Healthcare by Application:
- IoT in Healthcare for Telemedicine
- IoT in Healthcare for Medication Management
- IoT in Healthcare for Clinical Operations
- IoT in Healthcare for Patient Monitoring
- IoT in Healthcare for Connected Imaging
- Other IoT in Healthcare Applications
IoT in Healthcare by Technology:
- Bluetooth-based IoT in Healthcare
- Wi-Fi-based IoT in Healthcare
- NFC-based IoT in Healthcare
- Zigbee-based IoT in Healthcare
- RFID-based IoT in Healthcare
- Other IoT in Healthcare Technologies (Cellular, Satellite, Zwave, EnOcean)
IoT in Healthcare by End User:
- IoT in Healthcare across Hospitals
- IoT in Healthcare across Pharmaceuticals
- IoT in Healthcare across Clinics and laboratories
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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