Global Internet of Things in Healthcare Market Size, Share & Industry Trends Analysis Report By End-use, By Application, By Connectivity Technology, By Component (Medical Devices, System & Software and Services), By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Internet of Things in Healthcare Market
Market Report Description
The Global Internet of Things in Healthcare Market size is expected to reach $606.7 billion by 2028, rising at a market growth of 16.5% CAGR during the forecast period.
The internet of things (IoT) is a network of physical devices that enables data exchange through connectivity. In addition, IoT is utilized in the healthcare industry for data collecting, research analysis, and the monitoring of electronic health records containing protected health information, personally identifiable information, and other machine-generated patient records. Moreover, IoT applications in healthcare simplify crucial activities, such as improving patient outcomes, while relieving some pressure on healthcare practitioners.
Internet of Things (IoT)-enabled gadgets have made remote monitoring possible in the healthcare industry, releasing the potential to keep patients safe and healthy and empowering physicians to provide exceptional care. The major factors contributing to the growth of the internet of things in healthcare market include technological advancements, rising occurrence of chronic diseases, including genetic diseases, respiratory diseases, COPD, and others, improved access to high-speed internet, and favorable government regulatory policies.
In addition, growing demands for cost-effective treatments & disease management, greater acceptance of smart devices & wearables, increased interest in self-health monitoring, and lower healthcare costs with advanced and cost-effective IoT in healthcare devices & solutions. The healthcare industry likely benefits from the Internet of Things (IoT), driven by digital transformation and technological innovation. The healthcare industry is expected to benefit from the growing emphasis on patient participation and patient-centric care, as well as the necessity to implement cost-control measures. The market is expected to be propelled by factors such as the rise of high-speed network technologies for IoT connection and the increasing geriatric population.
COVID-19 Impact Analysis
During the Covid-19 pandemic, vendors introduced cloud-based intelligent robot systems that continuously monitor vital signs, such as heart rate, temperature, and blood oxygen levels. In addition, the Union Health Ministry has launched the Aarogya Setu app in India. This smartphone application assists users in determining whether or not they are at risk for contracting COVID-19. Hence, COVID-19 has increased the need for the internet of things in healthcare market and gives the potential for manufacturers in various healthcare domain applications throughout the projection period. Thus, the market has benefited from the pandemic outbreak.
Market Growth Factors
Rising adoption of digital technologies in healthcare sector
Hospitals and other healthcare facilities can now serve more patients at once while greatly reducing their workload due to the development of digital technologies like Artificial Intelligence and Machine Learning, which have enormous promise in the healthcare business. Using patient data and other information, AI can help medical personnel provide more accurate diagnoses and treatment recommendations. The market expansion is anticipated to be aided by the healthcare sector's rapid embrace of digital infrastructure.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
Rising adoption od wearable IoT devices
Wearable Internet of Things devices is intended for disease prevention and health maintenance, particularly monitoring of weight & physical activity. Doctors/physicians can immediately monitor their patients with these gadgets for patient or disease management. Additionally, they can directly influence clinical decision-making. Hence, wearable Internet of Things devices is widely utilized in the healthcare industry to improve patient safety. This increased usage of wearable devices is anticipated to contribute to expanding the internet of things in healthcare market.
Market Restraining Factors
Increase in attack surfaces and internet disruption leading to rugged IoT device performance
IoT is becoming more widely used, and with it comes a threat to data privacy & security, making the healthcare sector even more vulnerable to hacks. Also, a significant amount of private data is continuously transmitted by IoT devices. These assaults allow hackers to breach healthcare networks and expose Personal Health Information (PHI) belonging to patients and medical professionals. As technology develops, the likelihood of cyberattacks likewise rises. These issues may restrict IoT adoption in healthcare, impeding the market growth.
Based on component, the internet of things in healthcare market is segmented into medical devices, system & software and services. In 2021, the system & software segment covered a considerable growth rate in the internet of things in healthcare market. The creation of innovative connected technologies for the healthcare sector is receiving increasing operational player investments and credit for this growth from the technology advances driving it. Also, during the study period, the segment may benefit from the growing adoption of digital & connected systems in medical facilities.
Connectivity Technology Outlook
By Connectivity Technology, the internet of things in healthcare market is categorized into cellular, wi-fi, Bluetooth & Zigbee, LPWANs, and RFID. The LPWANs segment acquired a substantial revenue share in the internet of things in healthcare market in 2021. This is due to the unique characteristics of LPWAN, like low power consumption and long communication range for wireless monitoring and novel healthcare applications. For instance, LPWAN is ideally suited for telemedicine applications that provide data in the event of weather circumstances that increase mistake rates, such as inclement weather.
On the basis of application, the internet of things in healthcare market is fragmented into telemedicine, patient monitoring, connected imaging, clinical operations, medical management and others. The patient monitoring segment garnered a significant revenue share in the internet of things in healthcare market in 2021. The adoption of patient monitoring services is greatly influenced by the rising prevalence of chronic diseases, including cancer, diabetes, and congestive heart failure, which is anticipated to increase the demand for IoT solutions in the healthcare industry. Moreover, the rising cost of modern medical equipment, the rising geriatric population, and the increasing need for home healthcare services drive the demand for patient monitoring.
Based on end-use, the internet of things in healthcare market is classified into hospitals & clinics, clinical research organizations, research & diagnostic laboratories and others. The hospitals & clinics segment held the highest revenue share in the internet of things in healthcare market in 2021. The enhanced operational & functional efficiency realized by hospitals due to IoT is a key driver driving market expansion. These solutions, for instance, aid hospitals in managing real-time communication, medical records and billing, hospital workflows, and medication compliance, enhancing overall operational efficiency.
|Market size value in 2021||USD 212.2 Billion|
|Market size forecast in 2028||USD 606.7 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 16.5% from 2022 to 2028|
|Number of Pages||443|
|Number of Table||684|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling|
|Segments covered||Component, Technology, Application, End-use, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region wise, the internet of things in healthcare market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the North America region led the internet of things in healthcare market by generating the largest revenue share. Increased utilization of telehealth, mHealth, e-prescribing, and other HC IT technologies in response to COVID-19, as well as rising government mandates and support for IoT solutions in healthcare, are the key growth drivers for the market. In addition, the rise in hospitals, advanced research institutions, and medical device makers has positively affected market expansion.
Free Valuable Insights: Global Internet of Things in Healthcare Market size to reach USD 606.7 Billion by 2028
KBV Cardinal Matrix - Internet of Things in Healthcare Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunner in the Internet of Things in Healthcare Market. Companies such as Qualcomm Inc., Medtronic PLC, and GE HealthCare Technologies, Inc. are some of the key innovators in Internet of Things in Healthcare Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Medtronic PLC, Cisco Systems, Inc., GE HealthCare Technologies, Inc., Microsoft Corporation, SAP SE, Infosys Limited, Oracle Corporation (Cerner Corporation), Qualcomm Inc. (Qualcomm Technologies, Inc.), Amazon Web Services, Inc. (Amazon.com, Inc.), Wipro Limited, and Intel Corporation.
Strategies Deployed in Internet of Things in Healthcare Market
» Partnerships, Collaborations and Agreements:
- Feb-2023: Medtronic India came into collaboration with Zydus Hospitals in Ahmedabad for opening an AI-enabled Hub and spoke network to support stroke patients in the western coastal state of Gujarat. The companies would utilize AI technologies developed locally for offering timely diagnosis and treatment to stroke patients.
- Jan-2023: GE Healthcare collaborated with Ordr, a company engaged in connected device security. The collaboration aims to provide a solution for health systems to customers utilizing Ordr's market-leading platform. The solution addresses significant patient care difficulties throughout three key stakeholder groups: IT teams, who support security teams in identifying, prioritizing, and self-managing security risks; biomedical and healthcare technology management (HTM) teams, who provide them with granular visibility and performance and utilization insights they need to improve medical device management.
- Dec-2022: Cisco announced that Cylera, a healthcare IoT and Medical device cybersecurity and Intelligence Company, integrated with the Cisco Identity Services Engine (ISE), Cisco's Network Access Control product. The integration of both companies solves the issue of policy and cybersecurity gap obtained through the inefficiency of NAC Solutions.
- Oct-2022: Oracle Cerner extended its collaboration with Validic, a remote care, and digital health company. The expansion brought the latter company's integrated digital health and remote care platform to Oracle Cerner clients. Moreover, it would allow clients to deploy remote monitoring programs directly within their Oracle Cerner electronic health record for better managing chronic conditions population-wide.
- Aug-2022: Wipro GE Healthcare came into collaboration with Boston Scientific, for offering end-to-end innovative interventional cardiac care solutions in India. The collaboration aims to provide robust medical imaging systems from GE Healthcare, including cardiac catheterization labs, along with Boston Scientific's cutting-edge medical devices and capabilities. This will support the cardiac patient-care route from diagnosis through treatment and monitoring.
- Aug-222: Medtronic announced its partnership with BioIntelliSense, a continuous health monitoring and clinical intelligence company. The exclusive U.S. hospital and 30-day post-acute hospital-to-home distribution rights of the BioButton® multi-parameter wearable for continuous, connected monitoring would be utilized by Medtronic. Additionally, the partnership allowed Medtronic Patient Monitoring Business to deliver access to the medical-grade device that offers continuous vital sign measurements of general care patients in-hospital and after discharge.
- Apr-2022: Medtronic came into an agreement with Vizient, a provider of analytics and advisory services. Following the agreement, Medtronic added its Touch Surgery Enterprise, the first AI-enabled surgical video management and analytics platform for the operating room, to Vizient's portfolio. Touch Surgical Enterprise makes recording, evaluating, and sharing surgical videos extremely simple, giving surgeons a strong new tool to enhance performance and guide others.
- Dec-2021: Medtronic Canada announced an exclusive corporate agreement with Cloud DX for providing virtual and remote patient monitoring solutions throughout the country. Following this agreement, the former company would be able to advance its patient outcomes and reduce overall costs.
- Oct-2021: Cerner teamed up with Microsoft following which Cerner's electronic health record system has been integrated with Microsoft's cloud-based healthcare service. The integration would enable providers to conduct telehealth visits easily through the Microsoft Teams EHR Connector for Cerner directly from Microsoft's patient portal.
- Sep-2021: Medtronic India partnered with Stasis Health Private Limited, a division of Stasis Labs, Inc. The partnership was aimed to augment and expand access to its state-of-the-art Stasis Monitor, a connected care bedside multi-parameter monitoring system. Additionally, both companies would utilize their strengths and grow Medtronic's position in remote monitoring and Statis' reach in India.
- Apr-2021: Medtronic came into partnership with Sternum, a cybersecurity startup, for protecting cardiac pacemakers from hackers. Medtronic has secured its 100,000 devices approximately, with the help of Sternum. The Sternum platform safeguards existing Internet of Things devices with a simple software update as opposed to a complete rewriting of the coding.
- Apr-2021: Microsoft Azure Edge Devices, Services, & Platforms teamed up with ASUS IoT business unit on the launch of Azure Percept DK, a comprehensive development kit for creating AIoT edge solutions with Microsoft Azure Percept. The partnership aimed to create AI solutions for edge devices. The new ASUS Azure Percept DK offers users a complete edge AI platform, facilitating the development of edge AioT solutions.
» Product Launches and Product Expansions:
- Mar-2023: Qualcomm announced the launch of integrated 5G IoT processors, which would support four different operating systems for creating new opportunities for partners. This would enhance affordability, ease of configurability, and advanced features. Additionally, it aims to help businesses easily deploy, build, and operate a wide range of Windows IoT-based cloud-connected edge devices in healthcare, retail, and industrial sectors.
- Jun-2022: GE Healthcare introduced Portrait Mobile, the wireless patient monitoring system. This new system has been designed for helping clinicians in detecting early patient deterioration and monitors patients' health constantly during their hospital journey. Portrait Mobile has patient-worn wireless sensors which communicate with a mobile monitor and helps in capturing oxygen saturation, respiration rate, and pulse rate for post-surgery and general ward patients continuously.
- Dec-2021: GE Healthcare announced a series of AI-enhanced technology products including 60 products for utilization in healthcare including an enterprise imaging option in the cloud and algorithms embedded on a mobile X-ray device. One of these was Critical Care Suite 2.0, a set of AI algorithms for automated measurements, case prioritization, and quality control that was integrated into a portable X-ray device. Another is Enterprise Imaging in the Cloud, a cloud-based solution that enables users to access the company's AI capabilities remotely.
- Jul-2021: Amazon Web Services, an Amazon.com Company, unveiled Amazon HealthLake, a HIPAA-eligible service for healthcare and life sciences organizations. This service aims to ingest, collect, and analyze the data at scale. Amazon HealthLake organizes, indexes, and saves this information in chronological order after utilizing machine learning to comprehend and extract pertinent medical information from unstructured data. The result offers a comprehensive understanding of patient health. The service makes use of the Fast Healthcare Interoperability Resources (FHIR) industry standard format by enabling information sharing between healthcare systems, pharmaceutical firms, clinical researchers, health insurers, patients, and others.
- Jun-2021: Qualcomm introduced cutting-edge IoT solutions for enabling the expansion of next-generation IoT Devices: Qualcomm® QCS6490/ QCM6490, Qualcomm® QCS4290/ QCM4290, Qualcomm® QCS8250, and the Qualcomm® QCS2290/ QCM2290. These solutions would fulfill the requirements of changing the IoT ecosystem for warehousing, transportation & logistics, smart cameras, video collaboration, healthcare, retail, and others.
Scope of the Study
Market Segments Covered in the Report:
- Hospitals & Clinics
- Clinical Research Organizations
- Research, Diagnostic Laboratories & Others
- Patient Monitoring
- Connected Imaging
- Clinical Operations
- Medical Management
By Connectivity Technology
- Bluetooth & Zigbee
- Medical Devices
- Stationary Medical Devices
- Implanted Medical Devices
- Wearable External Devices
- System & Software
- Remote Device Management
- Network Bandwidth Management
- Application Security & Network Security
- Data Analytics
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Medtronic PLC
- Cisco Systems, Inc.
- GE HealthCare Technologies, Inc.
- Microsoft Corporation
- SAP SE
- Infosys Limited
- Oracle Corporation (Cerner Corporation)
- Qualcomm Inc. (Qualcomm Technologies, Inc.)
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Wipro Limited
- Intel Corporation
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North America Internet of Things in Healthcare Market Report 2022-2028
Europe Internet of Things in Healthcare Market Report 2022-2028
Asia Pacific Internet of Things in Healthcare Market Report 2022-2028
LAMEA Internet of Things in Healthcare Market Report 2022-2028
How valuable will the Internet of Things in Healthcare Market be in the future?
The global Internet of Things in Healthcare Market size is expected to reach $606.7 billion by 2028.
What are the key driving factors and challenges in the Internet of Things in Healthcare Market?
Rising adoption of digital technologies in healthcare sector are driving the market in coming years, however, Increase in attack surfaces and internet disruption leading to rugged IoT device performance restraints the growth of the market.
What are the major top companies in the competitive landscape?
Medtronic PLC, Cisco Systems, Inc., GE HealthCare Technologies, Inc., Microsoft Corporation, SAP SE, Infosys Limited, Oracle Corporation (Cerner Corporation), Qualcomm Inc. (Qualcomm Technologies, Inc.), Amazon Web Services, Inc. (Amazon.com, Inc.), Wipro Limited, and Intel Corporation.
Which segment shows a high revenue share of the Internet of Things in Healthcare Market in 2021?
The Telemedicine segment acquired maximum revenue share in the Global Internet of Things in Healthcare Market by Application in 2021 thereby, achieving a market value of $168.6 billion by 2028.
Which segment is leading the market in 2021?
The Medical Devices segment is leading the Global Internet of Things in Healthcare Market by Component in 2021 thereby, achieving a market value of $218.9 billion by 2028.
Which region dominated the Internet of Things in Healthcare Market in 2021?
The North America market dominated the Global Internet of Things in Healthcare Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $254.8 billion by 2028.