IoT Healthcare Market Size is projected to reach USD 486.34 Billion by 2031, growing at a CAGR of 19.27%: Straits Research

The global IoT healthcare market was valued at USD 99.58 billion in 2022. It is projected to reach USD 486.34 billion by 2031, growing at a CAGR of 19.27% during the forecast period (2023–2031). North America is the most significant shareholder in the global IoT healthcare market and is expected to grow at higher CAGR during the forecast period.

| Source: Straits Research Straits Research

New York, United States, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Internet of things (IoT) can potentially improve the standard of care hospitals provide and ensure their patients' safety. In recent years, there has been a dramatic increase in the use of IoT solutions for tracking, monitoring, and maintenance in the healthcare industry. IoT's end-to-end connectivity, low cost, and capacity to report and monitor in real-time, collect and analyze data, and provide remote medical support make it an attractive technology for the healthcare industry. The Internet of Things has also increased the accessibility of wearable technologies, which have helped improve patients' quality of life. Better disease management and lower healthcare costs are the primary benefits of IoT implementations in the healthcare sector.


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Increased Adoption of Smart Devices and Wearable Drives the Global Market

The collection, transport, and analysis of data between a device and a remote sensor can be facilitated by smartphones, tablets, phablets, and wearables such as fitness trackers, heart rate monitors, blood pressure monitors, sleep trackers, and more. More and more people are using smart devices and wearables, which has increased the demand for healthcare applications and contributed to the expansion of the loT in the healthcare market. Many wearable devices, especially those that aid those with chronic illnesses, have garnered a lot of interest because of their valuable functions. When the user is ready to view the data, the wearable tech device wirelessly syncs with other devices (like smartphones and computers).

Government Initiatives for Promoting Digital Health Creates Tremendous Opportunities

Many countries' governments have begun initiatives to promote digital health. The healthcare system is undergoing a significant overhaul, with measures such as implementing mandatory regulations for electronic health record (HER) systems being just two examples. Several factors are driving the growth of the IoT healthcare market, including rising investment, increased internet users, and a need for healthcare in underserved areas. Prospects for market participants are anticipated to be fruitful due to government initiatives to promote digital health and a low doctor-to-patient ratio.


Report Scope

Report MetricDetails
Market SizeUSD 486.34 Billion by 2031
CAGR19.27% (2023-2031)
Historical Data2020-2021
Base Year2022
Forecast Period2021-2031
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredComponent, Application, End-User, Regions
Geographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/VendorsMedtronic (U.S.), Royal Philips (Netherland), Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), GE Healthcare (U.S.), Microsoft Corporation (U.S.), and SAP SE (Germany), Infosys Limited, Cerner Corporation., Diabetizer Ltd. & Co. KG
Key Market OpportunitiesGovernment Initiatives for Promoting Digital Health
Key Market DriversIncreased Adoption of Smart Devices and Wearable

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Regional Analysis

North America is the most significant shareholder in the global IoT healthcare market and is expected to grow during the forecast period. The United States has a large share of the North American internet of things (IoT) healthcare market because of the widespread adoption of connected healthcare devices and the increasing interest in and funding healthcare IoT solutions. However, the market is anticipated to be restrained by factors such as internet disruptions that reduce the functionality of rugged IoT devices and aging infrastructure that slows the digital development of the healthcare sector. Investment growth, data generation, internet user growth, and the need for healthcare in underserved areas all bode well for the IoT healthcare market.

Europe is expected to grow during the forecast period. Germany and the United Kingdom are predicted to experience significant market growth due to critical regional competitors and the rising prevalence of patients with chronic diseases like COPD, respiratory diseases, and disorders. During the forecast period, the loT healthcare market is expected to grow faster and see higher demand in the German and British markets. It is because the developing industries in these countries have access to better infrastructure. In addition, the well-known R&D activities in these two countries are likely to fuel the expansion of the market.

The widespread availability of high-speed internet and the rising adoption of cutting-edge technologies like artificial intelligence will be the primary factors propelling market expansion. Because developing nations like China and India are rapidly adopting IoT components for use in their healthcare systems. The IoT healthcare market in the Asia Pacific is expanding because of rising internet penetration, demand for better medical care, and rising numbers of people using cloud computing. In addition, it foresaw that 20% of healthcare facilities in the region would implement IoT-based biological sensor technology.

For Latin America, Brazil was the region's most important economic driver, and that trend is anticipated to continue through the forecast horizon. The most significant percentage of life science industry income is attributable to technological developments and various government initiatives encouraging the adoption of digital platforms in the industry. The demand for loT in sectors such as healthcare and utilities will be sustained, however, by technological developments and digitization in countries like Mexico and Columbia. It is anticipated that the market will respond favorably to these factors during the forecast period.

Key Highlights

  • The global IoT healthcare market size was valued at USD 99.58 billion in 2022. It is projected to reach USD 486.34 billion by 2031, growing at a CAGR of 19.27% during the forecast period (2023–2031).
  • Based on components, the global IoT healthcare market is bifurcated into medical devices, services, and systems & software. The systems & software segment is the highest contributor to the market and is expected to grow during the forecast period.
  • Based on application, the global IoT healthcare market is bifurcated into telemedicine, workflow management, connected imaging, inpatient monitoring, medication management, and others. The inpatient monitoring segment is the highest contributor to the market and is expected to grow during the forecast period.
  • Based on end-user, the global IoT healthcare market is bifurcated into hospitals, surgical centers, and clinics, clinical research organizations (CROS), governments, and others. The hospitals segment is the highest contributor to the market and is expected to grow during the forecast period.
  • North America is the most significant shareholder in the global IoT healthcare market and is expected to grow during the forecast period.

The global IoT healthcare market’s major key players are

  • Medtronic
  • Cisco Systems, Inc.
  • IBM Corporation
  • GE Healthcare
  • Microsoft Corporation
  • SAP SE
  • Infosys Limited
  • Cerner Corporation
  • Diabetizer Ltd. & Co. KG


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Global IoT Healthcare Market: Segmentation

By Component

  • Medical Devices
  • Services
  • Systems & Software

By Application

  • Telemedicine
  • Workflow Management
  • Connected Imaging
  • Inpatient Monitoring
  • Medication Management
  • Others

By End-User

  • Hospitals
  • Surgical Centers and Clinics
  • Clinical Research Organizations (CROS)
  • Governments
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA


TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: IoT Healthcare Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Component Overview
    1. Introduction
      1. Market Size & Forecast
    2. Medical Devices
      1. Market Size & Forecast
    3. Services
      1. Market Size & Forecast
  5. Application Overview
    1. Introduction
      1. Market Size & Forecast
    2. Telemedicine
      1. Market Size & Forecast
    3. Workflow Management
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Component
        2. By Application
      3. Canada
        1. By Component
        2. By Application
      4. Mexico
        1. By Component
        2. By Application
      5. Latin America
        1. By Component
        2. By Application
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Component
        2. By Application
      3. France
        1. By Component
        2. By Application
      4. U.K.
        1. By Component
        2. By Application
      5. Italy
        1. By Component
        2. By Application
      6. Spain
        1. By Component
        2. By Application
      7. Rest of Europe
        1. By Component
        2. By Application
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Component
        2. By Application
      3. China
        1. By Component
        2. By Application
      4. Australia
        1. By Component
        2. By Application
      5. India
        1. By Component
        2. By Application
      6. South Korea
        1. By Component
        2. By Application
      7. Rest of Asia-Pacific
        1. By Component
        2. By Application
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Component
        2. By Application
      3. South Africa
        1. By Component
        2. By Application
      4. Kuwait
        1. By Component
        2. By Application
      5. Rest of Middle East & Africa
        1. By Component
        2. By Application
  7. Company Profile
    1. Medtronic
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. Royal Philips
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Cisco Systems, Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations


Table of Content and Figure @ https://straitsresearch.com/report/iot-healthcare-market/toc


Market News

  • In October 2022, Medtronic will use data science to introduce a revolutionary personalized insights program for diabetic patients.
  • In October 2022, Philips made significant strides in MR radiotherapy imaging and simulation for head and neck cancers.


News Media

North America to Dominate the IoT Medical Devices Market, Backed by Increasing Penetration of Connected Devices in Healthcare


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Tags

IoT Healthcare Market IoT Healthcare Market Size IoT healthcare components Smart Devices Medical Device Internet of Things IoT

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