The healthcare industry is undergoing a digital transformation, driven by the burgeoning Internet of Things (IoT). A recent analysis reveals a booming IoT in Healthcare Market, reaching a staggering USD 181.4 billion in sales in 2022. This momentum is expected to continue, with forecasts predicting a remarkable surge to USD 952.3 billion by 2032, reflecting a compelling Compound Annual Growth Rate (CAGR) of 18.0%.
This phenomenal growth is driven by the increasing global emphasis on self-health management, exemplified by the widespread adoption of wearable medical devices for continuous health monitoring. Notably, Eversense and Dexcom have secured FDA certification for their innovative glucose monitoring devices, capable of monitoring sugar levels for extended periods, up to three months.
In addition, the introduction of the Zoll LifeVest 4000, a wearable defibrillator, is set to revolutionize arrhythmia monitoring for individuals of all ages, offering the crucial capability to diagnose sudden cardiac arrest. These advancements underscore the transformative impact of IoT technology in healthcare and its potential to improve lives worldwide.
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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 ‘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 IoT in healthcare market 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 Industry 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 healthcare Industry on the top pedestal in the forecast period.
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Key Segments Covered in the IoT in Healthcare Market Report
by Component:
- IoT in Healthcare Hardware
- Portable Diagnostic Devices
- Non-Portable Diagnostic Devices
- IoT in Healthcare Software
- IoT in Healthcare Services
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
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)
by End User:
- IoT in Healthcare across Hospitals
- IoT in Healthcare across Pharmaceuticals
- IoT in Healthcare across Clinics & Laboratories
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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