The global IoT healthcare market size is estimated to be growing at a CAGR of 20.1% from 2021 to 2026. This market is forecasted to grow USD 210.7 billion by 2026 and USD 84.07 billion in 2021. The Internet of Things has changed the healthcare industry, raising productivity, reducing costs, and putting quality patient care back into view. The IoT, meanwhile, is growing from automation and machine-to-machine communication building blocks to the tiniest sensors. It also understands how IoT can increase healthcare and how IoT allows individuals and governments to enhance personal and public-level everyday activities.
As the global technology and technology model for new and emerging technologies and applications, IoT is continuously evolving in one of the key researches subjects these days. Healthcare IoT related has some problems. There are plenty of IoT-based healthcare programs, such as indirect emergency healthcare, assisted living in the environment, adverse drug reactions, health details for children, and community healthcare, to name a few. Also emerging are modern and revolutionary wearable devices. Countries around the world are creating legislation and regulations to incorporate IoT in medical care practices. Along with these, IoHT technology, architectures, devices, and services are facing several challenges. As IoT research continues, the future of IoT-based medical services is auspicious.
The contacts of patients with doctors before the Internet of Things were limited to visits and telephone and text messages. There was no way physicians or hospitals could constantly track the health of patients and make recommendations accordingly. Remote monitoring in the healthcare sector has been made possible by the IoT-enabled devices, unleashing the ability to keep patients safe and secure and inspiring doctors to provide superlative treatment. As interactions with doctors have become simpler and more effective, it has also increased patient involvement and satisfaction.
Growing demand for wearable equipment integrated with the increasing prevalence and growing healthcare needs of the geriatric population and increasing telemedicine knowledge and acceptance are significant factors accelerating the global IoT Healthcare market growth.
Growing health concerns and an increase in investments in the healthcare sector have been some of the major factors contributing to the growth of the IoT Healthcare market globally. The COVID-19 pandemic has led to increased sales of PPE kits and masks worldwide, which resulted in the 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 that is promoting market growth. Further, various governments across the world are promoting digital health among their citizens. This comes with heavy investments in infrastructure and equipment. For instance, the Singapore Government partnered with Apple Inc. in the latest apple watch series 6 deal. Through this deal, Singapore citizens will be rewarded in cash if they take part in this program. This is one such instance; in the coming years, it is estimated that several key players worldwide come up with such initiatives to promote digital health across the world, Hence, bolstering the growth of the global IoT healthcare market.
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. 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 health care workers. Increased use of IoT healthcare has speeded up the use of digital biomarkers, in particular, to classify people at risk of COVID-19. Besides, many IoT technologies are playing an increasing role in helping authorities prevent COVID-19 from spreading further while also treating those infected. IoT, explicitly and especially 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 to keep healthcare providers safe. The COVID-19 pandemic offers enormous potential for the Internet of Things strategies, the only existing strategy that has been established so far that can minimize exposure is the task of social distancing. Also, in India, the Ministry of Health of the Union 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 creates opportunities for manufacturers in various healthcare applications. However, market growth is expected to be impeded by factors such as 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.
Market Size Available
2021 to 2026
2021 to 2026
By Components, Application, End-user, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
3M, Cardinal Health, Medline Industries, Ansell Ltd, AMD Medicom, Alpha Pro Tech, and Medisca Inc.
This research report on the global IoT healthcare market has been segmented and sub-segmented based on component, application, end-user, and region.
IoT Healthcare Market - By Component:
Based on the component, the medical devices segment is forecasted to account for most of the share during the forecast period. Factors like the adoption of the latest technologies in the medical sector and growing awareness over the availability of various treatment procedures are propelling the demand of the market. 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 and estimated to be the quickest growing component in the IoT healthcare market.
IoT Healthcare Market - By Application:
The telemedicine segment is projected to hold the largest market share during the assessment period based on the application. 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 is to have a significant growth rate in the coming years. Increasing demand for patient monitoring and surge in occurrence of chronic diseases and advancements in technology related to telemedicine are mounting the demand in the market. Medication management and connected imaging segment are to have a prominent growth rate in the forecast period.
IoT Healthcare Market - By End-User:
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. The growing burden of patients in hospitals due to different chronic diseases is one factor surging the market growth.
Surgical centers and clinics are estimated to be the second-largest segment in the IoT healthcare market globally. The rising number of people with various health disorders attributed to lifestyle changes is likely to flourish the demand of this segment. Clinical Research Organization (CRO) is one of the largest among all the other segments.
IoT Healthcare Market - By Region:
Globally, the USA accounts for the largest share of the global IoT Healthcare market, owing to the improved infrastructure and high expenses within the industry. Canada has also taken the healthcare sector very seriously by providing free healthcare to the citizens; they have improved the existing protective types of equipment market by increasing the demand and maintaining a balance within the supply chain. The market in Canada is expected to grow at a CAGR of 8% during the forecasted period.
In Europe, Germany and the UK are likely to witness the greatest demand and growth rate during the outlook period. These nations offer superior infrastructure to the regional business. The research and development activities carried out in these two countries are very well known and will likely fuel the 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:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Medical Device
5.1.3 Systems & Software
5.1.5 Connectivity Technology
5.1.6 Y-o-Y Growth Analysis, By Component
5.1.7 Market Attractiveness Analysis, By Component
5.1.8 Market Share Analysis, By Component
5.2.3 Work Flow Management
5.2.4 Connected Imaging
5.2.5 Medication Management
5.2.6 Y-o-Y Growth Analysis, By Application
5.2.7 Market Attractiveness Analysis, By Application
5.2.8 Market Share Analysis, By Application
5.3 End User
5.3.3 Surgical Centers and Clinics
5.3.4 Clinical Research Organizations (CRO)
5.3.5 Government and Defense Institutions
5.3.6 Research and Diagnostic Laboratories Energy
5.3.7 Y-o-Y Growth Analysis, By End User
5.3.8 Market Attractiveness Analysis, By End User
5.3.9 Market Share Analysis, By End User
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Component
188.8.131.52 By Application
184.108.40.206 By End User
6.1.4 Market Attractiveness Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Component
22.214.171.124 By Application
126.96.36.199 By End User
6.1.5 Market Share Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Component
220.127.116.11 By Application
18.104.22.168 By End User
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Medtronic Plc
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Apple Inc.
8.3 Royal Philips
8.5 Cisco Systems Inc.
8.6 Proteus Digital Health
8.7 IBM Corporation
8.8 Koninklijke Philips N.V
8.9 GE Healthcare
8.10 St. Jude Medical Inc.
8.11 Microsoft Corporation
8.12 Drägerwerk AG & Co. KGaA
8.13 SAP SE
8.15 Qualcomm Life, Inc.
8.16 Boston Scientific
8.17 Honeywell Life Care Solutions
8.19 Stanley Healthcare
8.20 SAP SE
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures
Global,Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
Segment-level analysis in terms of by component,by application,by region, along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market