Internet of Things in Healthcare Market Size & Share to Surpass $190 Bn by 2028: Vantage Market Research

WASHINGTON, Oct. 14, 2022 (GLOBE NEWSWIRE) -- The Global IoT in Healthcare Market is valued at USD 73.5 Billion and according to Vantage Market Research's recent analysis the size is expected to reach over USD 190 Billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 25.9% during the forecast period.

The increasing investment in the implementation of cloud computing is one of the key factors driving the market growth. Primarily driven by the growing penetration of connected devices and the adoption of IoT technologies and solutions in various healthcare institutes. Furthermore, the growing demand for advanced healthcare solutions in remote locations is likely to augment the growth of the internet of things (IoT) in the healthcare market. There are a number of different factors driving the growth in demand for IoT platforms in healthcare industry.

Firstly, the population is aging, and the Internet of things (IoT) is currently trending more among people. Secondly, awareness of the internet of things in healthcare has increased, meaning more people are moving towards advanced healthcare solutions such as medical devices for diagnosis and treatment. And finally, new advanced treatments have emerged that are more effective than ever before. For example, connected wheelchairs allow people with disabilities to communicate with health experts or care providers. An increasing number of IoT platform installations for early and better diagnosis and disease tracking is also contributing to the growth of the market.

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Top Companies Profiled in the IoT in Healthcare Market:

  • Medtronic (US)
  • GE Healthcare (US)
  • Koninklijke Philips N.V. (Netherlands)
  • Boston Scientific Corporation (US)
  • Cisco System Inc. (US)
  • Honeywell Life Care Solutions (US)
  • Capsule Technologies (US)
  • Siemens (Germany)
  • Microsoft Corporation (US)
  • QUALCOMM Incorporated (US)
  • IBM Corporation (US)
  • Resideo Technologies (US)
  • SAP SE (Germany)
  • Proteus Digital Health (US)

Key Insights and Findings from the In-depth Report:

  • The global IoT in the healthcare market was valued at USD 73.5 billion in 2021 and is all set to surpass USD 190 billion by 2028, exhibiting a CAGR of 25.9% during the forecast period 2022-2028.
  • The study conducted by vantage market research indicates that remote patient monitoring of heart failure patients resulted in a 50% reduction in the 30-day readmission rate.
  • IoT can automate patient care workflow with the help of healthcare mobility solutions next-gen healthcare facilities and new IoT technologies.
  • Oracle states that there are now about 10 billion IoT sensors, and it predicts that there will be 22 billion by 2025.
  • Deloitte says the IoMT market will reach $158.1 billion in 2022 and calls IoMT one of the key healthcare trends.
  • Goldman Sachs claims that remote patient monitoring devices save $300 billion for healthcare organizations annually from other IoT platform technological benefits.

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Market Dynamics & Growth Drivers:

Cloud Computing Integration to Drive Market Growth

The combination of cloud computing with IoT is likely to boost the market over the forecast period. The use of cloud computing techniques allows users to perform tasks easily using services offered over the internet. The combination of cloud technology with the Internet of Things (IoT) has become a kind of catalyst. The integration of these technologies is likely to bring many benefits to the healthcare sector in the coming years. Due to the rapid development in technology, issues have arisen regarding the storage, management, processing, and access of large amounts of data. Transforming data into useful insights and driving cost-effective and productive solutions is a key reason for integration. Moreover, with the increase in the percentage of IoT devices and automation security concerns have also arisen. Cloud solutions provide organizations with reliable authentication and encryption protocols and keep data secure which further boosts the IoT in healthcare market growth.

Increase in IoT Adoption to Drive Market Growth

The growing adoption of Artificial Intelligence (AI) in healthcare industry is anticipated to drive the growth of the global IoT in the healthcare market during the forecast timeline. Most healthcare organizations are gradually moving towards IoT solutions, because of the benefits it provides. The growth is attributed due to the use of IoT in remote monitoring of patients and the data collected through the sensors which help in driving important insights related to various health-related disorders. However, the medical industry's outdated infrastructure and internet disruptions may hamper the performance of IoT devices, which may hinder market growth in the near future. Moreover, increasing government initiatives to promote digital health industry will further promote the growth of the internet of things in the healthcare market.

How is IoT Platform Used in Healthcare Industry?

  • For hospitals, the Internet of Things has many options for use in many areas. It helps to track medical equipment on the premises, monitor cleanliness to ensure a sterile environment or control medication inventory.
  • For patients, medical IoT offers great opportunities to monitor health status and prevent various diseases. For example, glucometers and automated insulin delivery (AID) systems provide patients with on-the-spot treatment. This is especially valuable for the older generation.
  • For health insurers, the data obtained with IoHT can enhance underwriting and claims management processes. Additionally, insurance companies can get more information about their customer behavior and tailor services based on the data generated.
  • For healthcare professionals, connected devices help provide more personalized services and immediate medical care to patients. IoT allows doctors to more accurately diagnose and control adherence to treatment, while continuously monitoring health status.

Some of the Types of IoT Healthcare Monitoring Device

1. Glucose monitoring

For the more than 30 million Americans with diabetes, glucose monitoring has traditionally been difficult. It is inconvenient to only check glucose levels and record the results manually, but doing so only knowing the patient's glucose level at the time the test is administered.

2. Hand hygiene monitoring

Today, many hospitals and other healthcare operations use IoT devices to remind people to clean their hands when they enter hospital rooms. Devices can also provide instructions on how best to sterilize to minimize a specific risk for a particular patient.

3. Remote patient monitoring

Remote patient monitoring is the most common and known application of IoT devices for the healthcare industry. IoT devices can automatically collect health metrics such as heart rate, temperature, blood pressure, and more from patients who are not physically present or stable in the healthcare facility, without requiring patients to visit providers, or patients do not need to collect it themselves.

4. Heart-rate monitoring

Like glucose, monitoring heart rate can be challenging for patients in healthcare facilities. Periodic heart rate checks do not protect against sharp fluctuations in heart rate, and conventional equipment for continuous heart monitoring in hospitals requires patients to be constantly connected to wire machines, impairing their mobility.

5. Depression and mood monitoring

Healthcare providers ask patients how they are feeling at regular intervals, but were unable to predict sudden mood swings. Information on depressive symptoms and patients' general mood is another type of data that has traditionally been difficult to collect regularly. And, also sometimes patients do not report their feelings accurately. “Mood Aware Device” collects and analyzes the data such as blood pressure heart rate and the device infer information about the mental state of the patient.

Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on IoT in Healthcare Market Forecast Report (2022-2028).

Scope of the Report:

Report AttributesDetails
Market Size in 2021USD 73.5 Billion
Revenue Forecast by 2028   USD 190 Billion
CAGR25.9% from 2022 to 2028
Base Year2021 
Forecast Year2022 to 2028
Key Players  •   Medtronic (US)
  •   GE Healthcare (US)
  •   Koninklijke Philips N.V. (Netherlands)
  •   Boston Scientific Corporation (US)
  •   Cisco System Inc. (US)
  •   Honeywell Life Care Solutions (US)
  •   Capsule Technologies (US)
  •   Siemens (Germany)
  •   Microsoft Corporation (US)
  •   QUALCOMM Incorporated (US)
  •   IBM Corporation (US)
  •   Resideo Technologies (US)
  •   SAP SE (Germany)
  •   Proteus Digital Health (US)

Regional Analysis:

Asia Pacific to Witness Rapid Growth in the Forecasted Timeframe

The health market in the Asia Pacific is expected to grow at the fastest CAGR in the global IoT and the same trend is likely to continue during the forecast period. This is due to the growing demand for healthcare in the region in emerging economies such as China, India, Taiwan, and South Korea. Additionally, the increasing number of smart hospitals and the modernization of network infrastructure are driving the IoT in the healthcare market in this region. Healthcare consulting and remote monitoring are undergoing technological advancements in the field. Additionally, rising health awareness among consumers as well as the growing population is expected to support the growth of IoT in the healthcare market in the near future.

North America held the largest market share in 2021. The US accounts for the largest market share in North America in 2021. This is due to the adoption of healthcare IT solutions in the region. Moreover, the availability of sophisticated infrastructure and the presence of major players is expected to promote the regional growth of the market.

Recent Developments:

  • In 2021: Zyter, Inc. announces the launch of Zyter Smart Hospitals, an end-to-end intelligent solution that leverages the -hospital's individual data systems, departments, people and the latest Internet of Things (IoT) technology on Zyter's robust digital communication and collaboration Connects devices.
  • In 2021: Surgical Theaters collaborated with Medtronic to launch Surgical Theaters SyncaR augmented reality (AR) technology with Medtronic's Stealth Station S8 surgical navigation system.
  • In 2021: Hill ROM introduced a suite of connected solutions to enhance patient outcomes.

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