IoT In Healthcare Market Size Growing at 19.20 % CAGR, Set to Reach USD 388.18 Billion by 2027 says Brandessence Market Research

Rhea-AI Summary

The Global IoT in Healthcare Market was valued at USD 113.53 billion in 2020, with projections to reach USD 388.18 billion by 2027, reflecting a CAGR of 19.20% from 2022 to 2029. The market is driven by the increasing prevalence of chronic diseases, a growing elderly population, and advancements in digital technology. However, concerns regarding data privacy due to cyber threats pose challenges. Dominant players include GE Healthcare, Google, and Apple. The medical devices segment is leading, while telemedicine is anticipated to capture the highest revenue share.

Positive

• Projected growth from USD 113.53 billion in 2020 to USD 388.18 billion by 2027.
• Strong CAGR of 19.20% expected from 2022 to 2029.
• Increased demand for healthcare technology due to chronic diseases and aging population.

Negative

• Rising data privacy risks associated with cyberattacks.

LONDON, April 4, 2023 /PRNewswire/ -- The Global IoT in Healthcare Market was worth USD 113.53 billion in 2020 and is projected to amass a valuation of USD 388.18 billion by 2027, registering a CAGR of 19.20% over the assessment timeline of 2022-2029.

The healthcare sector is witnessing a widespread technological transformation. Advanced technologies like IoT are being integrated into various healthcare dimensions. This in turn is facilitating real time health monitoring along with other benefits. IoT based healthcare entities are enabling medical providers to enhance patient outcomes and save plenty of lives in case of any medical emergency by allowing them to diagnose an illness before it gets too late. IoT devices are strengthening communication between patients, doctors, and caregivers.

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Global IoT in Healthcare Market Outlook (2022-2029)

The growing prevalence of infectious and chronic ailments, surge in the geriatric population base, along with rapid internet proliferation are primarily augmenting the outlook of this business sphere.

Alongside, widespread technological enhancements in the field and rising digital literacy among the masses are aiding the outlook of this market vertically.

Moreover, rising R&D activities in the field, increasing adoption of smart healthcare devices, coupled with growing health cognizance of the masses are adding momentum to the progression of this industry.

On the contrary, rising data privacy risks due to the increasing instances of cyberattacks is hindering the remuneration scope of this marketplace.     

Competitive Hierarchy

The prominent players characterizing the competitive terrain of the Global IoT in Healthcare Market are GE Healthcare Ltd., Google (Alphabet), International Business Machines Corporation, QUALCOMM Incorporated, Abbot Laboratories, Apple Inc., Cisco Systems Inc., Medtronic PLC, Microsoft Corporation, Proteus Digital Health, Koninklijke Philips N.V., and Others.

Segmental Outlook

By Component:

• Medical Devices:
• Wearable External Medical Devices
• Implanted Medical Devices
• Stationary Medical Devices
• System and Software:
• Remote Device Management
• Network Bandwidth Management
• Data Analytics
• Application Security
• Network Security
• Services:
• Deployment and Integration
• Consulting
• Support and Maintenance
• Connectivity Technology

By Application:

• Telemedicine
• Store-and-forward Telemedicine
• Remote Patient Monitoring
• Interactive Medicine
• Clinical Operations and Workflow Management
• Connected Imaging
• Inpatient Monitoring
• Medication Management
• Others

By End-User:

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

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Region-Wise Outlook

Which is the most dominant region in the Global IoT in Healthcare Market?

North America is currently dominating the industry in terms of volume share. This is attributable to the widespread digitalization, rapidly evolving healthcare infrastructure, and the presence of prominent players.

Which is the fastest growing region in this business sphere?

Asia Pacific is reckoned to emerge as the fastest growing region in this business vertical owing to the rising healthcare expenditure, surge in the geriatric population base, growing prevalence of chronic and lifestyle-based diseases, along with technological advancements in the field.

Category-Wise Outlook

Which is the top performing component segment in this marketplace?

The medical devices segment is one of the top performing component segments in this market. This is ascribed to the to the escalating demand for efficient and affordable medical devices.

Which is the leading application segment in this industry?

The telemedicine segment is slated to lead the industry in terms of revenue share. This is credited to the widespread internet proliferation, increasing demand for remote patient monitoring, and growing digital literacy among the masses.

Which end user segment is projected to showcase significant growth over 2022-2029?

The hospital, surgical centers, and clinics segment is likely to amass notable gains over the estimated timeframe. This is attributed to the rising patient pool worldwide and widespread technological advancements in the healthcare sector.

Comparing the historical outlook and ongoing trends of this market

The Global IoT in Healthcare Market is expected to garner significant returns over the assessment timeline of 2022-2029.

The breakout of the Coronavirus pandemic created profitable prospects for this business vertical. Increasing infection rates led to a rapid rise in the patient pool, which in turn created a massive shortage of healthcare equipment as well as professionals to ensure the effective treatment of all the patients. Apart from that, patients suffering from other ailments were reluctant to visit healthcare centres due to contamination risks. This increased the adoption of IoT based healthcare devices which could facilitate remote health consulting and other activities. IoT technologies further enabled healthcare professionals to constantly monitor a patient's health status remotely. These factors together stimulated the dynamics of this industry sphere during the pandemic era.

Increasing health awareness among the masses is another crucial development stimulant for this market sphere. This has been a growing trend of self-health management wherein individuals are keen about monitoring their health and take efficient preventive measures in case of any abnormalities. It is impossible for people to physically visit healthcare centers frequently to monitor their health. This has given rise to the popularity of remote health monitoring devices including wearables. With the help of these devices and technologies people can easily monitor their health based on various parameters. This in turn is adding traction to the overall growth of this industry vertically.

On Special Requirement IoT in Healthcare Market Report is also available for below region:

North America

• U.S, Canada

Europe

• Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

• South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

• Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

• Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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Major Developments

In July 2022, Stanley Security and Healthcare was acquired by Securitas. This acquisition is aimed at enhancing the position of the latter as a security solutions provider.

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FAQ

What is the growth forecast for the IoT in Healthcare Market?

The IoT in Healthcare Market is projected to grow from USD 113.53 billion in 2020 to USD 388.18 billion by 2027, at a CAGR of 19.20%.

What factors are driving the growth of the IoT in Healthcare Market?

Key drivers include the increasing prevalence of chronic diseases, a growing geriatric population, and advancements in digital technology.

Which segment is expected to lead the IoT in Healthcare Market?

The medical devices segment is expected to be the top performing component in the market.

What are the challenges faced by the IoT in Healthcare Market?

Challenges include rising data privacy risks associated with increasing cyberattacks.

Who are the key players in the IoT in Healthcare Market?

Prominent players include GE Healthcare, Google, Apple, and IBM.