IoT in Healthcare Market by Component (Medical Device, Systems & Software, Services, and Connectivity Technology), Application (Telemedicine, Connected Imaging, and Inpatient Monitoring), End User and Region - Global Forecast to 2028
The global IoT in Healthcare Market size is expected to grow from USD 127.7 billion in 2023 to USD 289.2 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 17.8% over the forecast period. Major factors such advancements in healthcare infrastructure, medical devices and digital transformation across healthcare industry will drive the market.
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IoT in Healthcare Market Dynamics
Driver: Rising adoption of IoMT in healthcare industry
The Internet of Things has inevitably penetrated the healthcare industry. As connected technology becomes more intertwined into the daily lives, the healthcare industry is witnessing an increase in health-connected devices and the growth of the connected medical device market. IoMT connects data (patient information or performance data), people (patients, clinicians, and caregivers) and processes (healthcare delivery and patient support) with the help of connected medical devices and medical mobile applications. Patients and providers within the healthcare industry are adopting connected devices and IoMT as they offer several benefits such as real-time patient monitoring, more personalized care, and increased safety.
Restraints: Internet disruptions leading to rugged IoT device performance
The poor internet access and the use of internet among populations that are considered vulnerable, such as the elderly, those with low education levels, lower-income populations, rural residents, and minorities, pose the biggest restraint in implementing IoT solutions in the healthcare industry. The major drawback of IoT solutions is that there are ongoing advancements for which the workforce handling the technology requires adequate knowledge which the above-mentioned population lacks. Moreover, providing education to these individuals is a difficult task, posing a threat to the growth of the IoT in healthcare market.
Opportunity: Health insurers with IoT-connected intelligent devices
There are multiple opportunities for health insurers with IoT-connected intelligent devices. Health monitoring device data can be used by insurance firms for underwriting and claims processing. This data will allow them to detect fraud claims and identify candidates for underwriting. IoT devices provide transparency between insurers and customers in the underwriting, pricing, claims management, and risk assessment processes. Customers will have appropriate insight into the underlying logic behind every choice taken and process outcomes as a result of IoT-captured data-driven decisions in all operating processes.
Challenge: Increase in attack surfaces with rise in IoT devices due to data security constrictions
Technology’s growing role in healthcare is a double-edged sword: Alongside countless benefits are countless opportunities for bad actors to steal the most sensitive information. With the rising implementation of IoT, a significant threat that IoT poses is of data security and privacy, which further increases the healthcare industry’s vulnerability to cyberattacks. This is supplemented by the vast amount of sensitive data captured by IoT devices and transmitted in real-time. These attacks enable cybercriminals to hack healthcare systems, which compromise Personal Health Information (PHI) of both patients and doctors. With more advancements, the graph of cyberattacks also increases.
IoT in Healthcare Market Ecosystem
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Based on Application, Telemedicine segment to hold the highest market share during the forecast period
Various factors, such as organizational efforts toward moving to paperless EHR, government models and policy changes aimed at improving reimbursement models, and availability of high-speed internet connections and high-definition video cameras drive the growth of telemedicine adoption.
Based on Systems & Software, Remote Device Management segment to hold the highest market share during the forecast period
Remote device management solutions in healthcare typically involve the use of specialized software or platforms that enable healthcare providers to remotely monitor and manage medical devices. The need to monitor the status of medical devices in real-time will drive the market. Also, the increased adoption of cloud-based platform across healthcare verticals will drive the market.
Based on Service, Deployment and Integration segment to hold the highest market share during the forecast period
The increasing demand for software and solutions is pushing the demand for deployment & integration services, specifically in developing economies. Deployment & integration services add functionality and improve the performance of the existing operational systems to gain process efficiency, environmental benefits, and save on investment and operational expenditures. These service providers help organizations develop a connected environment by integrating IoT devices and solutions with their existing IT infrastructure.
North America to account for the highest market share during the forecast period
The presence of leading healthcare solution providers that have established themselves globally is a major factor leading to the rapid growth of the IoT in Healthcare market in North America. The other factors such governments taking appropriate initiatives to promote digital health and a robust health infrastructure will drive the IoT in healthcare market in this region.
Key Market Players
This research study outlines the market potential, market dynamics, and major vendors operating in the IoT in Healthcare market. Key and innovative vendors in the the IoT in Healthcare market include Cisco (US), IBM (US), GE Healthcare (US), Microsoft (US), SAP (Germany), Medtronic (Ireland), Royal Philips (Netherlands), Resideo Technologies (US), Securitas (Sweden), Bosch (Germany), Armis (US), Oracle (US), PTC (US), Huawei (Japan), Seimens ( Germany), R-Style Lab (US), HQSoftware (Estonia), Oxagile (US), Softweb Solutions (US), OSP Labs (US), Comarch SA (Poland), Telit (UK), Kore Wireless (US), ScienceSoft (US), Intel (US), AgaMatrix (US), Welch Allyn (US), AliveCor (US), Sensely (US), Clover Health (US).
The study includes an in-depth competitive analysis of these key players in the IoT in Healthcare market with their company profiles, recent developments, and key market strategies.
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- Latest News, Updates & Trend analysis
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Report Metrics |
Details |
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Market size value in 2023 |
USD 127.7 Billion |
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Market size value in 2028 |
USD 289.2 Billion |
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Growth rate |
CAGR of 17.8% |
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Segments covered |
Component, Application, End-User and Region |
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Regions covered |
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
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Companies covered |
Cisco (US), IBM (US), GE Healthcare (US), Microsoft (US), SAP (Germany), Medtronic (Ireland), Royal Philips (Netherlands), Resideo Technologies (US), Securitas (Sweden), Bosch (Germany), Armis (US), Oracle (US), PTC (US), Huawei (China), Seimens ( Germany), R-Style Lab (US), HQSoftware (Estonia), Oxagile (US), Softweb Solutions (US), OSP Labs (US), Comarch SA (Poland), Telit (UK), Kore Wireless (US), ScienceSoft (US), Intel (US), AgaMatrix (US), Welch Allyn (US), AliveCor (US), Sensely (US), Clover Health (US). |
This research report categorizes the IoT in Healthcare market to forecast revenue and analyze trends in each of the following submarkets:
Based on Component:
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Medical Devices
- Wearable External Medical Devices
- Implanted Medical Devices
- Stationary Medical Devices
-
System & Software
- Remote Device Management
- Network Bandwidth Management
- Data Analytics
- Application Security
- Network Security
-
Services
- Deployment & Integration
- Consulting
- Support & Maintenance
- Connectivity Technology
Based on Application:
- Telemedicine
- Clinical Operations and Workflow Management
- Connected Imaging
- Inpatient Monitoring
- Medication Management
- Others
Based on End-Users:
- Hospitals, Surgical Centers, and Clinics
- Clinical Research Organizations
- Government and Defense Institutions
- Research and Diagnostic Laboratories
Based on regions:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Recent Developments:
- In October 2022, GE Healthcare partnered with AMC Health in remote health monitoring to provide patients with chronic and post-acute care.
- In July 2022, Securitas announced the acquisition of Stanley Security and Healthcare. This acquisition will help Securitas to become a global security solutions partner.
- In June 2022, GE Healthcare launched a new remote patient monitoring technology, Portrait Mobile, which uses wearable wireless sensors to help clinicians detect patient deterioration earlier than traditional methods.
- In March 2022, Microsoft announced advancements in cloud technologies for healthcare and life sciences with the general availability of Azure Health Data Services and updates to Microsoft Cloud for Healthcare.
Frequently Asked Questions (FAQ):
What is the projected market value of the global IoT in Healthcare market?
The global IoT in Healthcare market size is projected to grow from USD 127.7 billion in 2023 to USD 289.2 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 17.8% during the forecast period.
Which region has the highest market share in the IoT in Healthcare market?
North America followed is expected to hold the largest market share in the IoT in Healthcare market.
Which application is expected to witness a higher market share in the coming years?
The telemedicine segment is expected to hold the highest market share during the forecast period.
Who are the major vendors in the IoT in Healthcare market?
Cisco (US), IBM (US), GE Healthcare (US), Microsoft (US), SAP (Germany), Medtronic (Ireland), Royal Philips (Netherlands), Resideo Technologies (US), Securitas (Sweden), Bosch (Germany), Armis (US), Oracle (US), PTC (US), Huawei (China), Seimens ( Germany), R-Style Lab (US), HQSoftware (Estonia), Oxagile (US), Softweb Solutions (US), OSP Labs (US), Comarch SA (Poland), Telit (UK), Kore Wireless (US), ScienceSoft (US), Intel (US), AgaMatrix (US), Welch Allyn (US), AliveCor (US), Sensely (US), Clover Health (US).
Which end-user is expected to witness a higher market share in the IoT in Healthcare market?
The Clinical Research Organizations segment is expected to hold the highest market share during the forecast period.
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This research study involved the use of extensive secondary sources, directories, and databases, such as Factiva, D&B Hoovers, and Bloomberg, to identify and collect information useful for the comprehensive market research study on the IoT in healthcare market. Additionally, sources such as the US Department of Health and Human Services, Integrated Healthcare Association (IHA), American Telemedicine Association, Health Level Seven International (HL7), Healthcare Information and Management Systems Society (HIMSS), Centers for Disease Control and Prevention (CDC), Centers for Medicare and Medicaid Services (CMS), Office of the National Coordinator for Healthcare Information Technology (ONC), National Health Service (NHS), Center for Devices and Radiological Health (CDRH), International Profiles of Health Care Systems, Continua Health Alliance, Economist Intelligence Unit, World Health Organization (WHO), and Organisation for Economic Co-operation and Development (OECD) were used to collect information specific to the IoT in healthcare market. The primary sources were mainly industry experts from core and related industries, preferred IoT medical device providers, connectivity/network providers, and service providers. In-depth interviews were conducted with various primary respondents, including key industry participants and subject matter experts, to obtain and verify critical qualitative and quantitative information, as well as assess the market’s prospects.
Secondary Research
The market size of companies offering IoT in healthcare devices, systems and solutions, and connectivity technologies and services was arrived at based on the secondary data available through paid and unpaid sources. It was also arrived at by analyzing the product portfolio of major companies and rating the companies based on their performance and quality.
In the secondary research process, various sources were referred to, for identifying and collecting information for the study. The secondary sources included annual reports, press releases, and investor presentations of companies; white papers, journals, and certified publications; and articles from recognized authors, directories, and databases. The data was also collected from secondary sources, such as the US Department of Health and Human Services, IHA, American Telemedicine Association, HL7, HIMSS, CDC, CMS, ONC, NHS, CDRH, International Profiles of Health Care Systems, Continua Health Alliance, Economist Intelligence Unit, WHO, and OECD. Additionally, IoT investment and spending of various countries were extracted from the respective healthcare associations.
Secondary research was conducted to obtain key information about the industry’s value chain, the total pool of key players, market classification, and segmentation from market- and technology-oriented perspectives
Primary Research
In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, including Chief Experience Officers (CXOs), Vice Presidents (VPs), directors from business development, marketing, and product development/innovation teams, and related key executives from IoT in healthcare solution vendors, system integrators, service providers, industry associations, healthcare consultants, and key opinion leaders.
Primary interviews were conducted to gather insights, such as market statistics, revenue data collected from products and services, market breakups, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, application, deployment, and region. Stakeholders from the demand side such as Chief Information Officers (CIOs), Chief Technology Officers (CTOs), Chief Security Officers (CSOs), and installation teams of governments/end users using IoT in healthcare solutions were interviewed to understand buyers’ perspective on the suppliers, products, service providers, and their current use of IoT healthcare solutions which would affect the overall IoT in healthcare market growth.
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Market Size Estimation
Multiple approaches were adopted for estimating and forecasting the IoT in healthcare market. The first approach involves the estimation of the market size by the summation of companies’ revenue generated through the sales of devices, systems and solutions, and associated services.
Market Size Estimation Methodology: Approach 1 (Supply Side) - Revenue of IoT in Healthcare Devices, Systems & Software, and Services
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Market Size Estimation Methodology: Approach 1—Bottom Up (Supply Side): Collective Revenue of all Medical Devices, Systems and Software, and Services of IoT in Healthcare
In this market estimation approach, MarketsandMarkets identified key IoT healthcare device companies, such as Medtronic, Royal Philips, GE, Honeywell, and Healthcare Technology Services, which contribute almost 35-40% to the global IoT in healthcare market. After confirming these companies through primary interviews with industry experts, the companies’ total revenue was estimated through annual reports, SEC filings, and paid databases. These companies’ revenue pertaining to the Business Units (BUs) that offer IoT in healthcare systems and solutions, and associated services was identified through similar sources. Then through primaries, the data of revenue generated through specific IoT healthcare systems and solutions was collected. Collective revenue of key companies that offer IoT healthcare systems and solutions comprised 40-45% of the market, which was again confirmed through primary interviews with industry experts. With the assumption that the rest of the market is contributed by connectivity technology players, the market size of connectivity technology players (20-25%) was assumed to be the size of the global IoT in healthcare market for Financial Year 2023.
Market Size Estimation Methodology: Approach 2—Top Down (Demand Side): Share of Healthcare Through Overall IoT Spending
In the demand-side approach, among the entire IoT spending, MarketsandMarkets has estimated the share of the healthcare vertical. IoT spending in various regions, such as North America, Europe, APAC, Latin America, and MEA, has been estimated and validated through primary research. Post arriving at the IoT spending by region, the demand by hospitals, surgical centers, and clinics; Clinical Research Organizations (CROs); government and defense institutions; and research and diagnostics laboratories was ascertained to arrive at the global size of the IoT in healthcare market.
Data Triangulation
After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. The data triangulation and market breakup procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Market Definition
IoT is the networking of devices and buildings. The technology enables the collection and sharing of information directly via internet protocols. IoT in healthcare bridges the digital and physical worlds to monitor and modify patient behavior in real-time and manage conditions, such as asthma, diabetes, and high blood pressure, by streamlining various clinical processes and information flow. IoT can bring together people (patients, caregivers, and clinicians), data (patient or member data), processes (care delivery and wellness), and enablers (fitness and medical devices, and mobile applications) to efficiently deliver healthcare results. It helps deliver intelligent and measurable information to improve the overall efficiency in different healthcare aspects.
Key Stakeholders
- Sensor, location, and detection solution providers
- Wireless network operators and service providers
- Data management companies
- Embedded systems companies
- Application developers and aggregators
- Managed service and middleware companies
- System integrators
- Third-party providers
- Internet identity management, privacy, and security companies
- Semiconductor companies
- Machine-to-machine, IoT, and general telecommunication companies
- Support and maintenance service providers
- Wireless infrastructure providers
Report Objectives
- To define, describe, and forecast the Internet of Things (IoT) in healthcare market by component, application, end user, and region
- To provide detailed information about the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
- To analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
- To forecast the market size of the segments with respect to five main regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America
- To profile the key players and comprehensively analyze their market rankings and core competencies
- To analyze the competitive developments, such as mergers and acquisitions, product developments, and R&D activities, in the market
Available Customizations
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Company Information
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Growth opportunities and latent adjacency in IoT in Healthcare Market