Global IoT in Healthcare Market was valued at US$ 52.33 billion in 2020 and is expected to reach US$ 203.59 billion by 2030, growing at an estimated CAGR of 16.3% over the forecast period.
The Internet of Thing (IoT) technology has the ability to revolutionize the conventional paper-based healthcare system by simplifying access to patient data in real-time and remote monitoring in healthcare sector. IoT enables devices and operating machines to interconnect and exchange data over the Internet. The advent of this new healthcare technology highlighted the imminent need for advanced diagnostics and tailored therapeutic instruments. IoT supports the healthcare sector to automate patient user experience, connect mobility solutions and provide healthcare facilities. IoT in healthcare enables patients for the active concentration of their own health and wellbeing by keeping track of themselves and also saving time and money spent on doctor’s visits. Hence, IoT has also improved patient satisfaction and involvement as it has become a much more relaxed and productive way to communicate with doctors.
The companies are introducing other business strategies, such as mergers, new product releases, acquisitions, and alliances that will help them improve their market position. The primary market participants include Apple Inc., Cisco Systems Inc., GE Healthcare Ltd., Google (Alphabet), International Business Machines Corporation, Medtronic PLC, Microsoft Corporation, Qualcomm Life Inc., Proteus Digital Health, Koninklijke Philips N.V., and St. Jude Medical Inc.
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IoT in Healthcare Market by Component
The medical devices segment is expected to have the largest market share in IoT in healthcare market in 2019, based on components. The large-scale adoption of medical devices can be attributed to the increasing need for cost-effective and efficient healthcare services solutions. IoT-enabled medical devices play an important role in the processing and monitoring of data from various activities contributing to the creation of specific IoTs in healthcare use cases. Direct and continuous monitoring of a patient's health is becoming possible with the growing use of sensors by medical devices. Medical device companies are turning themselves into manufacturers of devices/consumables that handle disease/care. IoT-powered medical devices such as subcutaneous drug delivery units, continuous glucose monitors and vital monitoring equipment greatly help digitization in acute care, chronic care or adherence.
IoT in Healthcare Market by Application
Telemedicine has a notable share in the IoT in Healthcare Market. IoT in health care which includes the concepts of telemedicine and telehealth is increasingly gaining popularity thanks to the portable smart-devices, e.g. tablets and smartphones. These devices offer specialized services combined with Internet accessibility to improve user skills and knowledge so that medical staff can make more informed choices and make better and faster decisions. The use of the internet, telehealth and telemedicine networks allows the sharing of electronic information and data for remote monitoring, treatment, telesurgery, and other medical services. This would be useful, particularly in rural areas of countries that are still underdeveloped, where there are inadequate healthcare specialists. In several medical environments, IoT healthcare networks are beneficial, ranging from remote patient monitoring to hospitalized patient management. Remote patient monitoring (RPM) plays a vital part in telemedicine. RPM devices using IoT are carried or worn by patients, collecting and reporting to doctor’s real-time health data about the user, such as blood pressure, oxygen, and blood sugar levels, weight, and ECGs.
IoT in Healthcare Market by Region
North America dominates the IoT in Healthcare Market, and is expected to show a similar pattern over the forecast period. Such growth is due to factors such as the growing acceptance of IT solutions for healthcare, the involvement of key players and the availability of sophisticated infrastructures. Rising measures to curb medical expenses leading to a changing trend from fee-for-service to a value-based model, also provided a significant boost to the market.
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