Internet of things (IoT) Healthcare Market Worth US $468.80 Billion by 2032. Rising demand for advanced solutions for easy monitoring and growing concern for data security and patient monitoring in a proficient way are positively impacting the market growth.
Table of Contents
Internet of Things (IOT) Healthcare Market – Introduction
The global IoT Healthcare market is expected to grow rapidly during the forecast period 2022 to 2032. In the IoT Healthcare market report, market is segmented based on component, technology, application and region. The internet of things (IoT) has widespread applications in healthcare domain. Smart sensors, medical device integration along with remote monitoring are some the prime applications of IoT. The application of IoT in healthcare is one of the major revolutionary steps towards healthcare treatment through remote patient monitoring and simplifying access of real-time patient data than conventional paper based techniques. The impending demand and growing consciousness towards better diagnostics and targeted therapeutic tools is acting as a driving factor for the market globally.
Report Overview
| Aspect | Details |
| Base year of Estimation | 2021 |
| Forecast Period | 2022 – 2032 |
| Market Segmentation | By Component, Technology, Application, Regions |
| Regional Scope | North America, Asia Pacific, Europe, Middle East & Africa and Latin America |
| Report Coverage | Market Dynamics, Segmentation Overview and Competitive Landscape of the market |
Market Segmentation Overview
| Term | Segments |
| By Component | System and Software, Services and Hardware |
| By Technology | Bluetooth Low Energy (BLE), Wi-Fi, Zigbee, Near Field Communication (NFC), Cellular, Others |
| By Application | Clinical Operations And Workflow Management, Telemedicine, Inpatient Monitoring, Connected Imaging, Medication Management and Others |
| By Regions | North America, Asia Pacific, Europe, Middle East & Africa and Latin America |
Major Players in the Market
| Headquarters | Corporations |
| The U.S. | Microsoft Corporation, Honeywell Life Care Solutions, Cisco Systems, Inc., Stanley Healthcare, International Business Machines Corporation, Qualcomm Life, Inc. |
| The Netherlands | Koninklijke Philips N.V. |
| Ireland | Medtronic PLC |
| The U.K. | GE Healthcare |
| Germany | SAP SE |
What Are the Driving Factors for the Internet of Things (IoT) Healthcare Market?
- Increasing amount of investments for the betterment of healthcare sector
- Rising demand for advanced solutions for easy monitoring
- Use of IoT solutions also reduces the overall operational cost
- Increasing proliferation of connected devices
- Increasing demand for management of huge data
- Growing concern for data security and patient monitoring in a proficient way
Market Dynamics
Increasing investment towards the betterment of healthcare sector along with rising demand for advanced solutions for easy monitoring is one of the prime driving factors for the market globally. Implementation of IoT solutions also reduces the overall operational cost which is beneficial for the whole healthcare system. Moreover, increasing proliferation of connected devices is another major factor fueling the application of IoT in healthcare sector globally. Increasing demand for handling huge data and rising concern towards data security and patient monitoring in more efficient way is growing the IoT healthcare market size globally.
Integration of Internet of Things (IoT) has increased its scalability and operating capability. Real time analysis of data through IOT integration has decreased the operational time along with increased the efficiency of the whole system which is identified as major driving factor for the market. Hospitals are using internet of things to optimize surgical workflow which boosts patient satisfaction. Furthermore, internet of things also plays an important role in inventory management, workflow optimization and medical device integration, which is some of the key driving factors for the market globally.
Complex set up process, high installation and development cost and lack of competence in deploying IoT solutions are some of the major restraining factor for the market which may inhibit the growth over the forecast period. Increasing demand for IoT in healthcare sector in emerging and developing economies is identified as major opportunities which will drive the future growth of the market.
Segmentation Overview
By component, the IoT Healthcare market is segmented into system and software, services and hardware. In the component segment, systems and software is leading the market. IoT healthcare systems and software are used in different medical centers, government and defense institutions, hospitals, clinics, surgical centers, clinical research organizations (CRO), and research and diagnostics laboratories. By technology, the market is segmented into Bluetooth low energy (BLE), Wi-Fi, zigbee, near field communication (NFC), cellular and others. By application, the market is segmented into clinical operations and workflow management, telemedicine, inpatient monitoring, connected imaging, medication management and others. The inpatient monitoring is one of the prime application segments of the internet of things.
By geography, the market has been segmented into Asia Pacific, North America, Middle East & Africa (MEA), Europe and Latin America. In terms of revenue, North America accounted for the largest market share of the IoT market, followed by Europe.
Competitive Landscape
Major companies operating in the internet of things (IoT) healthcare market are Honeywell Life Care Solutions (The U.S.), Koninklijke Philips N.V. (The Netherlands), Medtronic PLC (Ireland), Cisco Systems, Inc. (The U.S.), GE Healthcare (The U.K.), Stanley Healthcare (The U.S.), International Business Machines Corporation (IBM) (The U.S.), SAP SE (Germany), Microsoft Corporation (The U.S.) and Qualcomm Life, Inc. (The U.S.) among others.
The latest news from the industry straight to your inbox.
Join 2,000+ subscribers for exclusive access to our monthly newsletter with market research data, industry news.
