IoT in the Healthcare Market
The healthcare industry is in the midst of a digital revolution with the Internet of Things (IoT) at its core. The IoT in healthcare market is experiencing explosive growth, with revenues expected to reach a staggering USD 181.4 billion in 2022. This momentum is expected to propel the market to a staggering USD 952.3 billion by 2032, at a compound annual growth rate (CAGR) of 18.0%.
This phenomenal growth is driven by the increasing global interest in self-health management, exemplified by the widespread adoption of wearable medical devices for continuous health monitoring. Notably, Eversense and Dexcom have received FDA clearance for their innovative blood glucose monitoring devices that can monitor blood glucose levels over an extended period of time, up to three months.
Additionally, the introduction of the Zoll LifeVest 4000, a wearable defibrillator, revolutionizes arrhythmia monitoring for all ages and provides the critical capability to diagnose sudden cardiac arrest. These advancements highlight the transformative impact of IoT technology in healthcare and its potential to improve lives around the world.
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AI, ML, and NLP are also helping in analyzing the health issues of patients. However, the security risks inherent in IoT in healthcare cannot be overlooked as they can hinder business expansion. Future Industry Insights’ recent industry analysis “IoT in Healthcare” provides insights into these variables.
Key takeaways from IoT in healthcare
North America has a substantial market share. This could be due to the growing importance of healthcare across the US. Europe is similarly predicted to develop linearly, with the UK and France leading the way. This could be due to the increasing demand for telemedicine, mHealth, and EHR (electronic health records). Asia-Pacific is projected to grow at the fastest pace in IoT in healthcare market, led by South Korea, India, and China. LATAM is predicted to accelerate in the coming years as countries focus on upgrading their healthcare systems. For instance, in February 2020, a number of ministries in Brazil established a collaboration to integrate IoT systems in the healthcare sector.
Competitive landscape of IoT in the healthcare market
In October 2020, Microsoft announced a strategic relationship with the ZEISS Group to improve patient care through data-driven healthcare solutions. The main goal is to improve device management, treatment, and clinical workflows by utilizing innovative digital connectivity approaches. In May 2019, General Electric partnered with NASSCOM to bring digitized healthcare services and solutions to the market. The goal was to improve digital healthcare through the NASSCOM CoE-IoT (Centre of Excellence-Internet of Things) platform. In January 2019, Medtronic partnered with IBM Watson to offer IQcast, a new feature of its existing product “Sugar.IQ” for iOS mobile devices across the US. The software claims to provide patients with hypoglycemic episodes to monitor their low blood sugar levels. It works by predicting occurrences one to four hours in advance. Spencer Health Solutions and Royal Philips began working on an expanded relationship in April 2019 to offer chronic disease patients in select EU countries at-home medication adherence on Philips’ telehealth platform.
“Connected devices are penetrating the healthcare industry at an astonishing rate. This factor is bound to take the IoT in healthcare market by storm during the forecast period,” say analysts at Future Market Insights.
Key players in IoT in Healthcare market:
Apple Inc., Cisco Systems Inc., GE Healthcare Ltd., Google (Alphabet), International Business Machines Corporation, Medtronic PLC, Microsoft Corporation, Proteus Digital Health, Koninklijke Philips NV, QUALCOMM Incorporated, Abbot Laboratories
What is the IoT in Healthcare Market report about?
Future Market Insights offers a unique perspective and various real-time insights on IoT in healthcare in its latest research, presenting a historical assessment of the demand from 2016 to 2021 and a forecast from 2022 to 2032. The research study is based on components (IoT in healthcare hardware (portable and non-portable diagnostic devices), IoT in healthcare software, IoT in healthcare services), applications (telemedicine, medication management, clinical operations, patient monitoring, connected imaging, etc.), technologies (Bluetooth-based, Wi-Fi-based, NFC-based, Zigbee-based, RFID-based, Others (cellular, satellite, Zwave, EnOcean)), and end users (hospitals, pharmaceutical companies, clinics, laboratories). In many developed countries, preference is increasingly shifting towards electronic health record systems. Due to this factor, IoT in healthcare is expected to take the top position during the forecast period.
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Key Segments Covered in the IoT in Healthcare Market Report
By components:
IoT in Healthcare Hardware Portable Diagnostic Devices Non-Portable Diagnostic Devices IoT in Healthcare Software IoT in Healthcare Services
By Application:
Healthcare IoT for Telemedicine, Healthcare IoT for Medication Management, Healthcare IoT for Clinical Operations, Healthcare IoT for Patient Monitoring, Healthcare IoT for Connected Imaging, and other Healthcare IoT Applications
By Technology:
Bluetooth based IoT in Healthcare, Wi-Fi based IoT in Healthcare, NFC based IoT in Healthcare, Zigbee based IoT in Healthcare, RFID based IoT in Healthcare, Other IoT Technologies in Healthcare (Cellular, Satellite, Zwave, EnOcean)
By end user:
Healthcare IoT in Hospitals Healthcare IoT in Pharmaceuticals Healthcare IoT in Clinics and Laboratories
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