IoT in Healthcare Market

IoT in Healthcare Market Size, Share and Growth Landscape

The global IoT in Healthcare market is expected to increase from USD 127.7 billion in 2023 to USD 289.2 billion by 2028, with a compound annual growth rate (CAGR) of 17.8% throughout the forecast period. Several factors, including the growing emphasis on active patient engagement and patient-centric care, the growing need for cost-cutting measures in healthcare, the increasing adoption of high-speed network technologies for IoT connectivity, the evolution of complementing technologies, such as AI and big data, and the need for healthcare services in remote locations, are expected to drive the growth of the IoT in healthcare market.

The global IoT in healthcare market is thriving due to a confluence of several key growth drivers:

The IoT in Healthcare market is flourishing due to several key growth drivers:

  • Preventative Care and Chronic Disease Management
  • Rise of Telehealth and Remote Patient Monitoring
  • Integration with Artificial Intelligence (AI)
  • Improved Data Security and Privacy
  • Focus on Interoperability and Device Integration
  • Growing Adoption of Connected Medical Devices
  • Focus on Affordability and Scalability

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  • Preventative Care and Chronic Disease Management: IoT wearables and remote monitoring devices continuously collect health data, enabling:
    • Early detection of potential health issues
    • Personalized treatment plans for chronic conditions
  • Rise of Telehealth and Remote Patient Monitoring: IoT facilitates:
    • Virtual consultations with healthcare providers
    • Remote monitoring of patients in their homes
    • Improved accessibility to healthcare
    • Reduced hospital readmission rates
  • Integration with Artificial Intelligence (AI): AI can analyze the massive amount of healthcare data collected through IoT devices, providing valuable insights for:
    • Diagnostics
    • Treatment recommendations
    • Predicting potential health risks
  • Improved Data Security and Privacy: As healthcare becomes increasingly data-driven, robust cybersecurity solutions are essential to ensure:
    • Patient data privacy
    • Compliance with regulations
  • Focus on Interoperability and Device Integration: Seamless communication between various IoT devices and healthcare IT systems is crucial for efficient:
    • Data collection
    • Data analysis
  • Growing Adoption of Connected Medical Devices: A wider range of medical devices are incorporating IoT capabilities, including:
    • Smart glucose monitors
    • Ingestible sensors
    • Real-time patient monitoring
    • Improved treatment outcomes
  • Focus on Affordability and Scalability: As IoT technology matures, the cost of devices and solutions is decreasing, making them more accessible for a wider range of:
    • Healthcare providers
    • Patients

IoT in Healthcare Market Share - Global Industry Landscape

Some of the leading companies in the IoT in Healthcare industry include:

  • Microsoft (US)
  • SAP (Germany)
  • Medtronic (Ireland)
  • Royal Philips (Netherlands)
  • Resideo Technologies (US)

Microsoft (US):

  • Market Share: While Microsoft doesn't have a single dominant market share across all its sectors, it is a leader in various software segments. For instance, it holds over 80% market share in the global desktop operating system market (Statcounter, 2023).
  • Key Offerings: Microsoft offers a wide range of products and services, including:
    • Cloud computing solutions (Microsoft Azure)
    • Productivity software (Microsoft Office Suite)
    • Operating Systems (Windows)
    • Developer tools (Visual Studio)
    • Artificial intelligence and machine learning tools

SAP (Germany):

  • Market Share: SAP is the world's largest Enterprise Resource Planning (ERP) software provider, with an estimated market share of around 23% (Statista, 2024).
  • Key Offerings: SAP focuses on business management software solutions, including:
    • Enterprise Resource Planning (ERP)
    • Customer Relationship Management (CRM)
    • Supply Chain Management (SCM)
    • Business Intelligence (BI)

Medtronic (Ireland):

  • Market Share: Determining a specific market share for Medtronic is challenging because it operates in various medical device sectors. However, it is considered a global leader in several segments, including cardiac rhythm management and neuromodulation devices (Medtronic, 2024).
  • Key Offerings: Medtronic develops and manufactures a wide range of medical devices, including:
    • Cardiac rhythm and heart failure devices (pacemakers, defibrillators)
    • Surgical robotics
    • Insulin pumps
    • Neuromodulation devices for chronic pain and neurological conditions

Royal Philips (Netherlands):

  • Market Share: Royal Philips holds a significant market share in various healthcare technology sectors. For instance, it is estimated to have around 15% of the global medical imaging equipment market (Royal Philips, 2024).
  • Key Offerings: Philips offers a diversified range of healthcare technology solutions, including:
    • Medical imaging equipment (MRI, CT scanners, ultrasound)
    • Patient monitoring systems
    • Telehealth solutions
    • Lighting solutions for healthcare environments

Resideo Technologies (US):

  • Market Share: Resideo is a relatively new company formed in 2018 from Honeywell. Determining a specific market share is difficult, but it is a leading provider of smart home products and services in the US.
  • Key Offerings: Resideo focuses on smart home products and solutions, including:
    • Thermostats
    • Security systems
    • Smoke detectors
    • Smart home automation platforms

Related Reports:

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

IoT in Healthcare Market Size,  Share & Growth Report
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