IoT Healthcare Market - Forecast (2024 - 2030)
IoT Healthcare Market Report Overview
IoT Healthcare Market size is analysed to grow at a CAGR of 11.8% during the forecast 2022-2027 to reach $89.61 billion by 2027. IoT technology has the potential to transform traditional paper-based healthcare treatment by making real-time patient data and remote patient monitoring more accessible. The emergence of this digital healthcare technology addressed the looming need for improved diagnostics and targeted therapeutic tools. Furthermore, it not only allows physicians to monitor patients remotely, but it also serves as a fitness and wellness tracker for athletes and a dosing reminder for patients. The successful implementation of IoT in remote monitoring of diabetes and asthma patients, combined with the widespread use of fitness and wellness devices, has resulted in a high demand for the IoT healthcare market. Medical professionals are increasingly relying on real-time data analytics to provide immediate services, treat various diseases, and even track resources such as staff, assets, patients, and others. As a result, real-time monitoring systems and connected devices have become more prevalent in the healthcare sector. The connected devices are being used to collect large amounts of data for analysis. Remote device management in the healthcare sector is now possible thanks to Internet of Things (IoT)-enabled devices, unleashing the potential to keep patients safe and healthy while also empowering physicians to provide exceptional care. Remote device management, network bandwidth management, data analytics, application security, and network security solutions are examples of IoT healthcare systems and software. Systems and software offer solutions to the IoT healthcare market that ensure data security and autonomy. This factor is propelling the IoT Healthcare Market's systems and software segment.
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Report Coverage
The report: “IoT Healthcare Industry Outlook – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the IoT Healthcare industry.
By Component:?Medical Devices (Wearable External Medical Devices, Implanted Medical Devices, Stationary Medical Devices), Systems & Software (Remote Device Management, Network Bandwidth Management, Data Analytics, Application Security, Application Security, Network Security), Services (Deployment and Integration, Consulting, Support & Maintenance), Connectivity Technology By Connectivity Technology Outlook:?Wi-Fi, Bluetooth Low Energy, ZigBee, Near Field Communication (NFC), Cellular, Satellite By Application:?Telemedicine, Store-and-forward Telemedicine, Remote Patient Monitoring, Interactive Medicine, Clinical Operations and Workflow Management, Connected Imaging, Inpatient Monitoring, Medication Management, Others By End-User:?Hospitals, Surgical Centers, and Clinics, Clinical Research Organizations, Government and Defense Institutions, Research and Diagnostic Laboratories By Geography:?North America, South America, Europe, APAC, and RoW
Key Takeaways
IoT Healthcare Market Segment Analysis – By Components
By Components, IoT Healthcare Market has been segmented into Medical Devices (Wearable External Medical Devices, Implanted Medical Devices, Stationary Medical Devices), Systems & Software (Remote Device Management, Network Bandwidth Management, Data Analytics, Application Security, Application Security, Network Security), Services (Deployment and Integration, Consulting, Support & Maintenance), Connectivity Technology. The global IoT Healthcare market is expected to be dominated by Medical Devices Segment. The medical device segment is expected to grow at a 27.9 %?annual rate through 2027. The widespread use of medical devices can be attributed to the growing demand for cost-effective and efficient healthcare delivery solutions. IoT-enabled medical devices play an important role in data collection and activity tracking, which leads to the development of various IoT in healthcare use cases. In 2021, Surgical Theater and Medtronic?announced a collaboration to integrate Surgical Theater's SyncAR augmented reality (AR) technology with Medtronic's StealthStation S8 surgical navigation system
IoT Healthcare Market Segment Analysis - By Application
By Vertical, IoT Healthcare Market has been segmented into Telemedicine, Store-and-forward Telemedicine, Remote Patient Monitoring, Interactive Medicine, Clinical Operations and Workflow Management, Connected Imaging, Inpatient Monitoring, Medication Management, Others. The medication management segment is expected to grow significantly during the forecast period, owing to the increasing adoption of healthcare information systems, the increasing need to reduce medication errors and improve patient safety, and the growing adoption of mHealth solutions for medication management. The growing emphasis of market players on developing innovative solutions in the field of medication management is also fueling the segment's growth.
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IoT Healthcare Market Share Segment Analysis - Geography
By geography, IoT Healthcare Market has been segmented under North America, Europe, APAC, South America and RoW. North America is analysed to be the major region with a share of 35% in 2021 for the IoT Healthcare Market. The healthcare Internet of Things (IoT) in North America dominated the global market and is expected to continue in this manner during the forecast period. This expansion can be attributed to factors such as the increasing adoption of healthcare IT solutions, the presence of key players, and the availability of sophisticated infrastructure. Rising initiatives to reduce medical costs, resulting in a shift from a fee-for-service to a value-based model, have also boosted the market significantly. In January 2019, Medtronic collaborated with IBM Watson to launch IQcast, a new feature in its existing product Sugar.IQ , which is now available for iOS mobile devices in the United States. The app would provide patients with a hypoglycemic event to monitor their low glucose level by predicting the occurrence 1 to 4 hours in advance.?
The rapid proliferation of emerging technologies such as Artificial Intelligence and Machine Learning to improve healthcare service efficiency is expected to drive market demand:
The rapid adoption of emerging technologies like Artificial Intelligence and Machine Learning to improve healthcare service efficiency is expected to drive market demand. The increasing use of AI in the medical industry has transformed patient care. Global spending on IoT initiatives was nearly USD 646 billion in 2019. Medical practitioners are increasingly relying on real-time data to provide immediate services, treat various diseases, and even track resources such as staff, assets, patients, and others. As a result, real-time monitoring systems and connected devices have become more prevalent in the healthcare sector. The spread of IoT in hospitals has increased functional efficiency, allowing for better patient care, disease management, and treatment outcomes. High hospital investments in advanced technology for the best medical care in both developed and developing economies will drive IoT in healthcare market growth.
Increased demand for wearable devices as a result of the COVID-19 outbreak is expected to drive market growth:
The COVID-19 outbreak has increased demand for wearable devices that track health and fitness information, location, and can be integrated with devices such as laptops and smartphones. Because of the fear of COVID-19, the increasing rate of adoption of health and fitness will increase purchases of in-stock wearables for real-time health monitoring, further increasing the demand for development in healthcare IoT technology. In March 20201, Hill-Rom acquired EarlySense in order to develop a distinct suite of connected solutions to improve patient outcomes.
IoT Healthcare Marketnbsp;Challenges
Increase in attack surfaces as the number of IoT devices grows due to data security constraints:
With the increasing adoption of IoT, a significant threat that IoT poses is data security and privacy, which increases the healthcare industry's vulnerability to cyberattacks. The increased use of automated technologies such as EHRs, healthcare integration, and health information exchanges has helped to broaden the landscape of healthcare privacy and security. The electronic exchange of patient data expands the reach and efficiency of healthcare delivery while increasing security risks due to broader access. Concerns about the security of proprietary data and applications pose a significant barrier to the growth of the IoT healthcare market.
IoT Healthcare Industry Outlook
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the IoT Healthcare market. In 2021, the market of IoT Healthcare has been fragmented by several companies. IoT Healthcare top 10 companies include