As per this study the Global IoT in Healthcare Market was valued USD 253.1 BN (by revenue) in 2022 and is anticipated to reach USD 938.54 BN by 2030 with a CAGR of 17.8%.
The IoT or “Internet Of Things” is a system of interconnected mechanical and digital machines, computer devices and other objects with the people for transferring data over a network without human-to-human or human-to-computer interaction. IoT has many applications in healthcare such as remote monitoring, smart sensors, and medical device integration.
Market Dynamics
The growing technological advancements and increasing expenditure in the healthcare industry are pushing the IoT in healthcare. Also, the growing geriatric population along with rising prevalence for chronic diseases is another factor driving the market growth. In addition, increasing demand for low-cost disease management and treatment are also accelerating market growth. However, the risk associated with data privacy and security may hamper market growth. Nevertheless, shifting preference of consumers towards “low-power wide-area networks” (LPWANs) is expected to spur opportunity during the forecast period.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of IoT in healthcare.
Market Segmentation
The broad IoT in healthcare market has been sub-grouped into Component, technology, application and end-user. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Component
- Medical Devices (Wearable External Devices, Implanted Medical Devices, Stationary Medical Devices)
- System and Software (Remote Device Management, Network Bandwidth Management, Data Analytics, Application Security, Network Security)
- Services (System Integration Services, Consulting, Training, and Education, Support and Maintenance Services)
By Connectivity Technology
- Cellular
- Wi-Fi
- Bluetooth
- LPWANs
- Zigbee
- RFID
By Application
- Telemedicine
- Patient Monitoring
- Connected Imaging
- Clinical Operations
- Medical Management
- Others
By End-use
- Hospitals and Clinics
- Clinical Research Organizations
- Research and Diagnostic Laboratories
- Others
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for IoT in healthcare in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global IoT In Healthcare Market Share by Region (Representative Graph)
The report also covers a detailed competitive landscape including company profiles of key players operating in the global market. The key players in the IoT in healthcare market includes Medtronic, Cisco Systems Inc., IBM Corporation, GE Healthcare, Microsoft Corporation, SAP SE, Infosys Limited, Cerner Corporation, QUALCOMM Incorporated, Amazon, Intel corporation, Wipro ltd. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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