IoT Healthcare Market to Reach USD 970.43 Billion by 2032; IoT-enabled Devices & Applications Promising Efficient Healthcare Industry: The Brainy Insights

The IoT healthcare market should witness a moderate growth rate owing to the increasing investment in digital technology and rising demand for remote patient monitoring. North America emerged as the most significant IoT healthcare market, with a 42.91% market revenue share in 2022.

Newark, July 31, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the IoT healthcare market will grow from USD 173.01 billion in 2022 to USD 970.43 billion by 2032. The IoT healthcare market is witnessing a rise in demand due to a growing number of stakeholders investing in IoT healthcare systems and devices. Further, the rising adoption of digital technology in different healthcare institutions provides lucrative opportunities to the market players.

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Key Insight of the IoT Healthcare Market

North America region to account for the largest market size during the forecast period.

North America is expected to have the most major IoT healthcare market share during the forecast period. The factors supporting the growth of the regional IoT healthcare market include support from the regional government in terms of investment and incentives offered to the private players. Many agencies perform high-end research and development for manufacturing IoT devices and systems.

The LPWANs segment is expected to augment the market during the forecast period.

The connectivity segment is divided into Wi-Fi, cellular, Bluetooth, Zigbee, LPWANs, RFID and others. The LPWANs segment is expected to augment the market during the forecast period. LPWANs consume lesser power and have a wide range of communication applications across the healthcare industry. The telemedicine industry utilizes LPWANs to provide data connections in remote areas.

The software segment is expected to grow at the highest CAGR during the forecast period.

The product type segment is divided into medical devices, services and software. The medical devices segment further includes implanted medical devices, wearable external devices and stationary medical devices. The services segment further includes support & maintenance services, system integration services and consultation & training. The software segment further includes data analytics, remote device management, application security, network bandwidth management and network security. The software segment is expected to augment the market during the forecast period. The software can be used in different applications such as patient monitoring, telemedicine, connected imaging, etc. The rising adoption of digital technology and connected systems in healthcare institutions is the key factor contributing to the growth of IoT software.

The telemedicine segment is expected to grow at the highest CAGR during the forecast period.

The application segment is divided into patient monitoring, clinical operations, connected imaging, telemedicine, medical management and others. The telemedicine segment is expected to augment the market during the forecast period. Remote consultations and diagnosis are made possible by telemedicine. There are many ways for patients to make an appointment with a healthcare provider using telemedicine technology.

The clinical research organizations segment is expected to grow at the highest CAGR during the forecast period.

The end-users segment is divided into hospitals and clinics, clinical research organizations, government and defence institutions, and research and diagnostic laboratories. The clinical research organizations segment is expected to augment the market during the forecast period. Decentralized clinical operations are nowadays adopted, allowing contract research organizations to access participants' and biometric data online more quickly. This has led to the high adoption of IoT healthcare among clinical research organizations.

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Market Dynamics

Driver: Multi-functions of IoT healthcare

IoT technology can improve the pharmaceutical production process, connect patients to doctors through remote monitoring and virtual visits, and give healthcare professionals instant access to patient data. The Internet of Things is also helping healthcare companies deliver services more effectively while spending less money. IoT is becoming a crucial component of numerous healthcare equipment as AI technology develops and linked gadgets take hold of the market. Hospitals, medical professionals, insurance providers, and patients are just a few places these IoT devices are used. The management of chronic diseases in the elderly population has significantly benefited from IoT.

Restraint: Lower investment in developing regions

The underdeveloped regions need more investments in IoT health care. The stakeholders in these regions need to be made aware of the use of IoT healthcare devices, systems and software applications. Also, investors are hesitant to invest in innovative technologies as they are sceptical about the potential returns on their investments. Also, in underdeveloped regions, the healthcare budget is low as it leads to lower purchasing of smartphones, which further acts as a restraint in the growth of the market in such regions.

Opportunity: Increasing investment in the remote telemedicine industry

The COVID-19 pandemic catalyzed the quick uptake of telemedicine and remote patient monitoring, causing a seismic upheaval in the healthcare sector. Not only have these technologies changed the way healthcare is provided, but they have also created new investment opportunities. Over the years, there has been high investment in IoT healthcare devices and systems that can be used for telemedicine departments. The rapid growth of urbanization and the increased prevalence of physical illness have increased the overall demand for IoT healthcare. Second, telemedicine and remote patient monitoring could drastically lower healthcare expenses. These technologies can save patients' and healthcare providers' costs by removing the need for in-person appointments and hospital stays.

Challenges: Data privacy issues

The main issue with IoT is privacy because all linked devices communicate data in real-time. If an end-to-end connection is not secure, personal information is sometimes compromised. Many private companies can use the personal information of others for their gain. These factors act as a challenge to market growth.

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Some of the major players operating in the IoT healthcare market are:

• Cisco Systems Inc.
• Medtronic
• IBM Corporation
• Microsoft Corporation
• GE Healthcare
• Infosys Limited
• Cerner Corporation
• QUALCOMM Incorporated
• Wipro ltd.
• Intel Corporation
• Koninklijke Philips N.V.
• Siemens Healthineers
• Abbot Laboratories,
• Honeywell Life Care Solutions
• Boston Scientific Corporation
• Securitas Healthcare, LLC.
• Johnson & Johnson
• OMRON Healthcare

Key Segments Cover in the Market:

By Connectivity:

• Wi-Fi
• Cellular
• Bluetooth
• Zigbee
• Others

By Product Type:

• Medical Devices

o Implanted Medical Devices
o Wearable External Devices
o Stationary Medical Devices

• Services

o Support & Maintenance Services
o System Integration Services
o Consultation & Training

• Software

o Data Analytics
o Remote Device Management
o Application Security

By Application:

• Patient Monitoring
• Clinical Operations
• Connected Imaging
• Telemedicine
• Medical Management
• Others

By End-users:

• Hospitals and Clinics
• Clinical Research Organizations
• Government and Defense Institutions
• Research and Diagnostic Laboratories

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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