APAC IoT Healthcare Market

APAC IoT Healthcare Market Size (2023 to 2028)

The APAC IoT Healthcare Market size is forecasted to be worth USD 22.54 bn in 2023 and USD 61.68 bn by 2028 and grow at a CAGR of 22.28% between 2023 to 2028.

The growing adoption of telehealth and telemedicine among the population of APAC countries majorly drives the growth of the IoT Healthcare market in this region. The healthcare sector has witnessed an increased demand for digital technology, especially during the COVID-19 pandemic. Telehealth facilitates remote treatment through audio or video-based communication between healthcare providers and patients, thereby driving the market growth. Moreover, the growing geriatric population in the Asia Pacific region, which stands at approximately 630 million, has contributed to the demand for remote patient monitoring devices. These devices utilize IoT technology to securely transmit health data between healthcare providers and patients, enabling effective monitoring and management of health conditions.

The healthcare industry is witnessing a significant upsurge in adopting IoT technology, driving the APAC market growth during the forecast period. IoT is revolutionizing medical diagnostics and enabling high-precision robotic surgeries that minimize the occurrence of human errors. Hospitals leverage IoT-based software and models to monitor inventory and medication more efficiently. Moreover, IoT wearable devices and sensors empower patients to monitor their health conditions, including glucose levels, blood oxygen levels, temperature and more, from the comfort of their homes. This growing trend drives the demand for IoT-based solutions in the healthcare sector.

The growing demand for medical devices with integrated IoT technologies at cost-effective prices supports the growth rate of the APAC IoT healthcare market. Manufacturers have been prioritizing the enhancement of medical services and equipment to improve hospital patient monitoring, medical imaging management and workflow and this trend is likely to accelerate in the coming years due to the growing investments to conduct R&D activities and increasing funding by medical companies. Furthermore, the market is being propelled forward by a rise in product approvals and the launch of innovative applications.

The high cost of IoT technology-based products and software majorly hamper the growth of the APAC IoT healthcare market. Data privacy and security concerns is another significant obstacle to the growth rate of the APAC market. The risk of third-party data breaches and fraudulent activity using patient details is a potential threat. In addition, data integration, the shortage of skilled professionals, inadequate internet access in rural areas and data overload are hindering the regional market.

This research report on the APAC IoT healthcare market has been segmented into the following categories:

By Component:

• Medical Device
• Systems & Software
• Service
• Connectivity Technology

By Application:

• Telemedicine
• Workflow Management
• Connected Imaging
• Medication Management

By End-User:

• Hospitals
• Surgical Centers and Clinics
• Clinical Research Organizations (CRO)
• Government and Defense Institutions
• Research and Diagnostic Laboratories Energy

By Country:

• India
• China
• Japan
• South Korea
• Australia
• New Zealand
• Thailand
• Malaysia
• Vietnam
• Philippines
• Indonesia
• Singapore
• Rest of APAC

The Asia Pacific region accounted for a substantial share of the worldwide market in 2022 and is estimated to grow at the fastest CAGR during the forecast period owing to the rising use of smart devices and smartphones, growing awareness programs on the use of IoT-based devices by healthcare organizations and key players.

China led the APAC market in 2022 and is anticipated to showcase a notable CAGR during the forecast period. The collection of data through IoT technology has facilitated the evaluation of patient data in a manner that promotes safety. Sensor technology has been particularly useful during the pandemic, with sensors being utilized to detect body conditions without physical contact such as the use of infrared thermometers to measure temperature. Given the emergence of new coronavirus variants, using IoT-based sensor technology is crucial to preventing or reducing the spread of the virus among the population. This trend is expected to drive the market's growth during the forecast period.

India and Japan are expected to capture a considerable share of the APAC market during the forecast period.

KEY MARKET PLAYERS:

Companies that are expected to play a leading role in the APAC IoT Healthcare market during the forecast period are SAP SE, Koninklijke Philips N.V., CISCO Systems Inc., IBM Corporation, GE Healthcare, Microsoft, Qualcomm Life, Inc., Honeywell Life Care Solutions, Diabetizer Gmbh & Co. Kg, Proteus Digital Health, Adheretech Inc., Apple Inc.