Redding, California, April 19, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘IoT in Healthcare Market by Component (Monitoring Devices (Glucose, Cardiac, Respiratory, Blood Pressure), Pacemaker, Ventilator, Infusion Pump}, Software), Application (Telehealth, Imaging, Operation Management), End User - Global Forecast to 2030’ published by Meticulous Research®, the IoT in healthcare market is projected to reach $312.7 billion by 2030, at a CAGR of 15% from 2023 to 2030.
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The healthcare industry is rapidly shifting from paper-based healthcare to digital healthcare technology. Effective use of IoT-enabled solutions in healthcare fulfils the need for better diagnosis and treatment, thereby reducing the cost of healthcare services. This digital approach is patient-centric and uses data from across the healthcare continuum to improve the patient experience and the population's health and reduce a load of chronic diseases in the population.
The increasing burden of chronic diseases, rising number of patients, growing geriatric population, technological advancements in the healthcare sector, and focus on digitalization in the healthcare industry are driving the IoT in healthcare market growth. The rising focus on telehealth and the growing adoption of IoT-enabled medical devices and sensors for effective treatment delivery provide market growth opportunities. However, patient data security concerns and issues related to data management and interoperability are creating challenges for the growth of this market to some extent. High implementation and ownership costs of IoT infrastructure and a lack of consumer awareness about healthcare IoT in emerging economies hinder the market growth.
Some of the key players in the IoT in healthcare market include Medtronic plc (U.S.), GE HealthCare Technologies Inc. (U.S.), Koninklijke Philips N.V., Philips (Netherlands), Siemens Healthineers (Germany), Abbot Laboratories (U.S.), Boston Scientific Corporation (U.S.), Honeywell Life Care Solutions (U.S.), BIOTRONIK SE & Co. KG (Germany), AgaMatrix, Inc. (U.S.), Securitas Healthcare, LLC. (U.S.), AliveCor (U.S.), iHealth Labs, Inc. (U.S.), Johnson & Johnson (U.S.), Baxter (U.S.), OMRON Healthcare, Inc. (Japan), Intel Corporation (U.S.), International Business Machines Corporation (U.S.), and Microsoft Corporation (U.S.).
Growing Focus on Telehealth to Offer Opportunities for Internet of Things (IoT) in Healthcare Market Growth
Telehealth uses communication technologies and digital information, such as smartphones and computers, to manage and access remote healthcare services. Many countries increasingly adopt telehealth in their healthcare services infrastructure. With IoT-based solutions, healthcare providers and patients can monitor their progress through the automated record of patients’ vitals and other health conditions. The data collection and remote connectivity of IoT technology make it perfect for expanding and enabling telemedicine services government bodies across the globe are also emphasizing the use of telehealth technologies, thus driving market growth. For instance, in February 2020 CDC issued a guideline to healthcare providers to adopt telehealth services to reduce the risk of COVID-19 spread. Additionally, the shortage of healthcare providers, the rising elderly population, the increasing burden of chronic diseases, and technological advancements in the healthcare sector provide market growth opportunities.
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IoT in Healthcare Market is segmented by Component (Medical Devices [by Type {Benchtop & Portable Medical Devices, Implantable Medical Devices, Wearable Medical Devices}, by Product {Imaging Systems, Monitoring Devices, Cardiovascular Devices, Patient Monitors, Ventilators, Infusion Pumps, Anesthesia Machines, Hearing Devices, Dialysis Machine, Other IoT-enabled Medical Devices}], Software [Data Collection and Analytics, Device Integration, Hospital Operation Management, Others], Services), Application (Telehealth/Telemedicine, Hospital Operations & Workflow Management, Inpatient Monitoring, Imaging, Other Applications), End User (Hospitals & Clinics, Home Care & Long-Term Care Centers, Health Insurance Companies, Personal Users, Other End Users), and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Based on component, the IoT in healthcare market is segmented into medical devices, software, and services. In 2023, the medical devices segment is expected to account for the largest share of the IoT in healthcare market. Wearable IoT medical devices and home monitoring systems provide clinicians with essential data about patients' vital signs, physical activity, and other health parameters. These parameters play an important role in remote patient monitoring. IoT-enabled medical devices act as a support system for healthcare providers as it eliminates the need for the physical presence of doctors. Moreover, the growing emphasis on patient care and safety, the need for patient data for accurate diagnosis, and consumer inclination toward medical devices for self-care drive the market.
Based on application, the IoT in healthcare market is segmented into telehealth/telemedicine, hospital operations & workflow management, inpatient monitoring, imaging, and other applications. In 2023, the telemedicine segment is expected to account for the largest share of the IoT in healthcare market. The largest share of the segment is attributed to the high adoption of telemedicine in healthcare services by many countries, increased accessibility to healthcare services in remote locations through telemedicine, and government initiatives for the adoption of telemedicine.
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IoT telemedicine can enable healthcare providers to remotely monitor patients' health status in real-time, allowing for early intervention and better management of chronic conditions. IoT-enabled remote patient monitoring solutions can include wearable devices that monitor vital signs, such as heart rate, blood pressure, and glucose levels, and send the data to healthcare providers for review.
Based on the end user, the IoT in healthcare market is segmented into hospitals & clinics, home care & long-term care centers, health insurance companies, personal users, and other end users. The home care & long-term care centers segment is projected to register the highest CAGR during the forecast period. People suffering from chronic diseases prefer home care & long-term care over hospitals and clinics owing to the comfort and convenience of patients in home care, less cost, and faster recovery. This is expected to drive the market. IoT-enabled medical devices in care centers help patients and healthcare providers monitor health in real time for treatment planning and tracking patients' health conditions.
Based on geography, the IoT in healthcare market is segmented into North America, Europe, Asia-pacific, Latin America, and the Middle East & Africa. Asia-Pacific is projected to register for the highest CAGR over the forecast period. The growth of this market is attributed to the fast-growing healthcare industry, efforts to digitalize the healthcare infrastructure in India, China, and other emerging economies, investments & reforms to modernize China’s healthcare infrastructure, and the need to manage the burden of chronic diseases.
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Scope of the Report:
IoT in Healthcare Market Assessment, by Component
- Medical Devices
- Medical Devices, by Type
- Benchtop & Portable Medical Devices
- Implantable Medical Devices
- Wearable Medical Devices
- Medical Devices, by Product
- Imaging Systems
- Monitoring Devices
- Blood Glucose Monitoring Devices
- Cardiac Monitoring Devices
- Blood Pressure Monitoring Devices
- Multiparameter Monitoring Devices
- Respiratory Monitoring Devices
- Fetal and Neonatal Monitoring Device
- Neurological Monitoring Devices
- Other Monitoring Devices (Oxygen Concentrator, Thermometer, and Weight Monitoring Devices)
- Cardiovascular Devices
- Implantable Cardioverter Defibrillators
- Pacemakers
- Patient Monitors
- Ventilators
- Infusion Pumps
- Anesthesia Machines
- Hearing Devices
- Dialysis Machines
- Other IoT-enabled Medical Devices
- Medical Devices, by Type
Note: Other monitoring devices include Oxygen Concentrator, Thermometer, and Weight Monitoring Devices
Note: Other IoT-enabled medical devices include sleep therapy devices, medical emergency response systems, hand hygiene monitors, posture and activity tracking systems, and connected inhalers.
Note: Consumer electronic devices such as smartwatches and fitness trackers are not considered under the scope of this study
- Software
- Data Collection and Analytics
- Device Integration
- Hospital Operation Management
- Other Software
- Services
Other software include medication management, hospital components management, and data and application security.
IoT in Healthcare Market Assessment, by Application
- Telehealth/Telemedicine
- Hospital Operations & Workflow Management
- Inpatient Monitoring
- Imaging
- Other Applications
Other applications include Fitness and wellness Measurement, Predictive Device Maintenance, and Medication Management
IoT in Healthcare Market Assessment, by End User
- Hospitals & Clinics
- Home Care & Long-Term Care Centers
- Health Insurance Companies
- Personal Users
- Other End Users
Other end users include academic & research institutes, defense, and government agencies.
IoT in Healthcare Market Assessment, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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