IoT Healthcare Market

IoT Healthcare Market Size (2023 to 2028)

The global IoT healthcare market is estimated to grow at a CAGR of 20.1% from 2023 to 2028. This market is forecasted to grow by USD 252.29 billion by 2028 and USD 100.96 billion in 2023. 

MARKET DRIVERS:

Growing demand for wearable equipment integrated with the geriatric population's increasing prevalence and healthcare needs and increasing telemedicine knowledge and acceptance are significant factors accelerating the global IoT Healthcare market growth.

Growing health concerns and increased investments in the healthcare sector have been significant factors contributing to the growth of the IoT Healthcare market globally. In addition, the COVID-19 pandemic has led to increased sales of PPE kits and masks worldwide, which resulted in increased revenue in the global IoT healthcare market in the last few months. Moreover, IoT Healthcare is being used extensively in hospitals and medical centers.

The favorable government policies encouraging personal protection are another factor promoting the market growth. Further, various governments worldwide are promoting digital health among their citizens. However, this comes with heavy investments in infrastructure and equipment. For instance, the Singapore Government partnered with Apple Inc. in the latest apple watch series six deal. Through this deal, Singapore citizens will be rewarded in cash if participating in this program. This is one such instance; in the coming years, it is estimated that several key players worldwide will develop initiatives to promote digital health, bolstering the growth of the global IoT healthcare market.

MARKET RESTRAINTS:

As the dependency on connected medical devices such as blood glucose monitors, pulse oximeters, asthma inhalers, and other wearables rises, so does the risk of cyber-attacks and the unlawful acquisition by these medical IoT devices of patient information being transmitted. In addition, high costs associated with IoT infrastructure creation, data privacy, security concerns, and limited technical knowledge impede the IoT healthcare market.

Also, factors such as the lack of awareness regarding IoT healthcare in emerging countries and the shortage of trained research professionals are expected to hamper market development. These are the restricting factors for the IoT healthcare market.

Impact of COVID-19 on the global IoT healthcare market:

The COVID-19 pandemic placed excessive pressure on the emergency rooms and health systems that were already understaffed and overworked. IoT healthcare can keep patients healthy at home while decreasing the burden on hospitals, emergency departments, and front-line healthcare workers. Increased use of IoT healthcare has speeded up the usage of digital biomarkers, in particular, to classify people at risk of COVID-19. Besides, many IoT technologies are increasingly helping authorities prevent COVID-19 from spreading further while also treating those infected. IoT is explicitly combined with other advanced technologies such as Cloud and Artificial Intelligence (AI).

Remote patient monitoring is at Covid-19 seems to be an attractive, effective, and inexpensive alternative. However, this technology is of crucial importance in keeping healthcare providers safe. Although the COVID-19 pandemic offers enormous potential for the Internet of Things strategies, the only existing strategy established so far that can minimize exposure is the task of social distancing. Also, in India, the Ministry of Health of the Union, on 2 April 2020, launched the aarogya setu smartphone app, which helps people determine whether they are at risk of infection with COVID-19. Therefore, during the forecast period, Covid-19 has increased the internet demand for things in the healthcare industry and created opportunities for manufacturers in various healthcare applications. However, market growth is expected to be impeded by high costs associated with IoT infrastructure creation, data privacy and security concerns, lack of public awareness in developing regions, and limited technological knowledge. The global IoT healthcare market growth is expected to be boosted by numerous factors, such as government initiatives to support the IoT platform, improved healthcare infrastructure in developing countries, and high R&D investments.

REPORT COVERAGE:

This global IoT healthcare market research report has been segmented and sub-segmented based on component, application, end-user, and region.

IoT Healthcare Market - By Component:

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

Based on the component, the medical devices segment accounts for most of the share during the forecast period. Factors like adopting the latest technologies in the medical sector and growing awareness of the availability of various treatment procedures are propelling market demand. In addition, intensifying older people with the rise in chronic diseases and adopting sedentary lifestyle disorders is estimated to increase segment growth.

The systems and software segment is another lucrative segment estimated to be the quickest-growing component in the IoT healthcare market.

IoT Healthcare Market - By Application:

• Telemedicine
• Workflow Management
• Connected Imaging
• Medication Management

Based on the application, the telemedicine segment is projected to hold the largest market share during the assessment period. The spread of COVID-19 across the globe is a boom for the segment to grow at a higher rate. Many healthcare centers have already adopted telemedicine to provide treatment services online at a lower cost, driving the market's demand.

The workflow management segment will significantly grow in the coming years. Increasing demand for patient monitoring, and surge in the occurrence of chronic diseases, and advancements in technology related to telemedicine are mounting the demand in the market. As a result, the medication management and connected imaging segment will have a prominent growth rate in the forecast period.

IoT Healthcare Market - By End-User:

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

Based on the end-user, the hospital's segment is expected to have the largest share in the IoT healthcare market. The segment growth is due to the growing need for remote patient monitoring and the increasing remote monitoring adoption. Every time doctors cannot visit the patients as soon as possible. That is why hospitals are acquiring remote patient monitoring and management systems, especially in rural areas, to promote quality services to the people. In addition, the growing burden of patients in hospitals due to chronic diseases is one factor in surging market growth.

Surgical centers and clinics are the second-largest IoT healthcare segment globally. The rising number of people with various health disorders attributed to lifestyle changes will likely flourish the demand for this segment. On the other hand, the clinical Research Organization (CRO) is one of the largest among all the different segments.

IoT Healthcare Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

The USA accounts for the largest share of the global IoT Healthcare market globally, owing to the industry's improved infrastructure and high expenses. However, Canada has also taken the healthcare sector very seriously by providing free healthcare to the citizens; they have improved the existing protective equipment market by increasing the demand and maintaining a balance within the supply chain. As a result, the market in Canada is expected to grow at a CAGR of 8% during the forecasted period.

In Europe, Germany and the UK will likely witness the most significant demand and growth rate during the outlook period. This is because these nations offer superior infrastructure to regional business. In addition, these two countries research and development activities are well-known and will likely fuel market growth.

KEY MARKET PLAYERS:

3M, Cardinal Health, Medline Industries, Ansell ltd., AMD medico, Alpha Pro Tech, and Medisca Inc. are some of the promising companies leading the global IoT Healthcare market.

SOME OF THE RECENT HAPPENINGS IN THIS MARKET:

• As per the recent studies by Cardinal Health, Rheumatologists and others are using telemedicine as a principal way to manage the rising need for health care.
• Medline Industries acquired two skin care product lines from Convatec in a deal worth 29 million USD.
• In January 2019, Medtronic partnered with IBM Watson to introduce a new feature IQcast, in its existing product, Sugar.IQ is available for mobile devices in the US. The app offers patients a hypoglycemic event to monitor their low glucose level by predicting the occurrence anywhere between 1 to 4 hours in advance.
• Royal Philips and Spencer Health Solutions expanded their partnership to offer in-home medication adherence and Philips's telehealth platform to chronically ill patients in selected European Union (EU) countries.