Demand for IoT in healthcare solutions in the U.S is poised to surge at an 18.9% CAGR until 2032. Hardware IoT in healthcare is expected to showcase a CAGR of 15.1% during the forecast period. The market for Medication Management in Healthcare is expected to grow to nearly US$ 10 Billion by 2032.
NEWARK, Del., Nov. 8, 2022 /PRNewswire/ — The global IoT in Healthcare Market is worth US$ 181.4 Bn as of now, and expected to reach US$ 952.3 Bn by the year 2032 at an unparalleled CAGR of 18% between 2022 and 2032. Ever increasing usage of Internet of Things (IoT) based connected devices in healthcare sector and software solutions in healthcare oriented operations are humungous key factors driving this market growth.
Other vital factors such as rising chronic condition incidence, rising geriatric population presence of a large target patient population, rising diagnosis rate, rising patient awareness about IoT-based portable diagnostic devices, and improvements in overall healthcare infrastructure are also expected to propel market growth.
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AI, ML, and NLP are helping in analysing the health of the patient. At the same time, security-related risks of IoT in the healthcare vertical can’t be ignored. This factor may restrain the IoT in healthcare market. Future Market Insights has walked through these facts with insights in its latest market study entitled ‘IoT in healthcare Market’.
Key Takeaways from IoT in Healthcare Market
- North America holds a noteworthy market share. This could be reasoned with an increasing emphasis on health management all over the US.
- Europe is also expected to grow on a linear note with the UK and France leading from the front. This could be attributed to growing demand for telemedicine, mHealth, and EHRs (electronic health records).
- The Asia-Pacific is expected to grow at the fastest rate in the IoT in healthcare market with South Korea, India, China holding the baton.
- LATAM is expected to pick up pace in future with increasing focus of the governments in improving healthcare system. For example – different ministries of Brazil, in February 2020, announced collaboration for integrating IoT schemes in healthcare sector.
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- Microsoft Corporation, in October 2020, did announce that it had strategically entered into collaboration with ZEISS Group for enhancing patient care via data-driven healthcare solutions. The major objective is that of improvising on device management, treatment, and enhancing clinical workflow by making use of novel digital connected solution.
- General Electric Company, in May 2019, partnered with NASSCOM for launching and offering digitized healthcare services and solutions in market. The purpose was to upscale digital healthcare via CoE-IoT (Center of Excellence-Internet of Things) platform pertaining to NASSCOM.
- Medtronic, in January 2019, partnered with IBM Watson for providing IQcast. It’s a new-fangled feature of the existing product ‘Sugar.IQ’ for iOS mobile devices all across the US. This software claims to make available a hypoglycemic episode to patients for monitoring the low glucose level. It does work by predicting occurrence 1-4 hours prior.
- Spencer Health Solutions and Royal Philips, in April 2019, started working towards expansion of their rapport for providing chronically ill patients in select EU nations with an in-home adherence to medication on Philips telehealth platform.
“Connected devices are penetrating the healthcare vertical at an alarming rate. This factor is bound to take the IoT in healthcare market by storm in the forecast period”, says an analyst from Future Market Insights.
What is the IoT in Healthcare Market Report up to?
- Future Market Insights offers an exclusive perspective and various real-time insights on the IoT in Healthcare market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on component (IoT in healthcare hardware (portable diagnostic devices and non-portable diagnostic devices), IoT in healthcare software, and IoT in healthcare services), by application (telemedicine, medication management, clinical operations, patient monitoring, connected imaging, and likewise), by technology (Bluetooth-based, Wi-Fi-based, NFC-based, Zigbee-based, RFID-based, and others (Cellular, Satellite, Zwave, EnOcean)), and by end-user (hospitals, pharmaceuticals, and clinics & laboratories).
- Numerous developed economies are increasingly shifting their preferences to electronic health record systems. This factor is actually expected to put the IoT in healthcare market on the top pedestal in the forecast period.
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Key Segments Covered in the IoT in Healthcare Industry Report
IoT in Healthcare by Component:
- IoT in Healthcare Hardware
- Portable Diagnostic Devices
- Non-Portable Diagnostic Devices
- IoT in Healthcare Software
- IoT in Healthcare Services
IoT in Healthcare by Application:
- IoT in Healthcare for Telemedicine
- IoT in Healthcare for Medication Management
- IoT in Healthcare for Clinical Operations
- IoT in Healthcare for Patient Monitoring
- IoT in Healthcare for Connected Imaging
- Other IoT in Healthcare Applications
IoT in Healthcare 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 in Healthcare Technologies (Cellular, Satellite, Zwave, EnOcean)
IoT in Healthcare by End User:
- IoT in Healthcare across Hospitals
- IoT in Healthcare across Pharmaceuticals
- IoT in Healthcare across Clinics & Laboratories
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Table of Content
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary: Global Internet of Things (IoT) in Healthcare Market
4. Market Overview
4.2. Market Dynamics
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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