IoT Healthcare Market By Type (Devices, System & Software, and Services), By Application (Patient Monitoring, Clinical Operation, and Workflow Optimization, Connected Imaging, Fitness, and Wellness Measurement, Drug Development, and Others), By End-User (Healthcare Providers, Patients, Healthcare Payers, Research Laboratories, and Government Authorities), Industry Trends, Estimation & Forecast, 2023-2030

Market Overview

The Internet of Things (IoT) allows the centralized network of interconnected devices that can generate and exchange data within a single framework. IoT healthcare enables to collect a massive amount of data about the patient’s illness which taken time to collect it manually. Medical IoT devices drop notifications to people about critical parts via mobile apps and other linked devices. IoT in healthcare enables machine-to-machine communication, interoperability, information exchange, and data movement that makes healthcare service delivery effectively. The IoT for healthcare track data and gathered information in real-time, which provides a passive accumulation of analytics materials, with IoT-powered wearables, sensors, data analytics, and mobile opportunities, battling chronic diseases become more efficient and accessible.

Global IoT healthcare market is estimated to grow at a CAGR of 21.8% until 2030.

Market Dynamics

The increasing technological advancements by the companies in IoT for healthcare is boosting the global IoT healthcare market. For instance, Resideo Technologies, Inc. has upgraded telehealth software to manage remote patient care. LifeStream update includes pain monitoring scale, patient health surveys, nearly 100 educational videos, and updated user interface to help healthcare providers improve patient care and reduce readmission rates, and drive efficiencies. Further, STANLEY Healthcare has introduced a cloud-based solution for monitoring conditions. The STANLEY Healthcare AeroScout Links IoT platform integrates smart sensors to enable small hospitals, pharmacies, outpatient service providers and other organizations to monitor cold storage and other aspects of their operations to maintain at specific conditions for safe patient care. Additionally, the rise in investment for healthcare IoT solutions, implementation of IoT solutions for reduced cost of care are key driving factors of the market. However, data privacy and security is a key factor restraining market growth. IoT healthcare devices capture and transmit data in real-time. Cybercriminals can hack into the system and compromise Personal Health Information (PHI) of both patients as well as doctors and can misuse patient’s data to create fake IDs to buy drugs and medical equipment that they can sell later. Owing to these problems, patients hesitate to adopt IoT technology applications in disease monitoring, which further hinders the growth of the market. Lack of competence in deploying IoT solutions is also one of the factors that might hamper the market growth. Moreover, the rising adoption of telepresence technology and increasing awareness among consumers would provide lucrative opportunities for the market in the coming years.

Market Segmentation

The global IoT healthcare market is mainly classified based on type, application, and end-user. Type is further segmented into Devices, System & Software, and Services. By application, the market is divided into Patient Monitoring, Clinical Operation and Workflow Optimization, Connected Imaging, Fitness and Wellness Measurement, Drug Development, and Others. By end-user, the market is further divided into Healthcare Providers, Patients, Healthcare Payers, Research Laboratories, and Government Authorities.

The device for IoT healthcare includes wearable, implanted, and other stationary devices that are used in patient healthcare management. Wearable sensor devices are used to measure normal lifestyle and fitness activity trackers. They are used for measurement of temperature, blood pressure, pulse rate, and glucose concentration.

Wearable sensor devices are available as smartwatches, smart bands, smart goggles, and smart contact lenses. The commercialization of wearable sensor devices to capture human vitals and biometrics and delivers data from the patient to edge computing devices, as well as to the cloud, which is boosting the market growth. For instance, VivaLNK, have introduced IoT-enabled medical wearable Sensor Platform, complete with a range of sensors, edge computing technologies, and an Internet of Health Things (IoHT) data cloud. The wearable sensor is used to capture human vitals and biometrics. It delivers data from the patient to edge computing devices, as well as to the cloud, for application integration and analysis.

Regional Analysis

Based on geography, the global IoT healthcare market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided between the U.S., Canada, and Mexico.

Further, the region is segmented into Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America is a dominant region for the IoT healthcare market and would continue to maintain its dominance in the forecast period, which is attributed to technological advancements, rising awareness among people, increasing demand for low disease treatment for chronic diseases such as diabetes, asthma, and supportive government rules. The expansion of companies in the U.S. market for healthcare IoT is boosting the market growth. For instance, Medisante, the leading provider of medical IoT, have entered the U.S. market. Medisante USA, Inc. opened its new headquarters in Bridgewater, New Jersey. Medisante allows clinical software vendors and healthcare providers to radically simplify the integration of Patient-Generated Health Data (PGHD) and cost-effectively scale remote patient monitoring.

Competitive landscape

Major players operating in the IoT healthcare industry include Medtronic, Royal Philips, Cisco Systems, Inc., IBM Corporation, GE Healthcare, Microsoft Corporation, SAP SE, Qualcomm Life, Honeywell Life Care Solutions, Stanley Healthcare, Apple Inc.

The increasing partnerships between companies to develop IoT in Healthcare, commercialization of regulatory approved devices integrated with sensors to measure the body vitals, and delivers data from the patient are some of the strategies adopted by the company to increase their market share. For instance, on April 30, 2019, Nasscom has partnered with GE Healthcare to work on digital healthcare solutions in India. This strategic partnership would focus on co-creating solutions for real-world healthcare challenges in the areas of digital applications for early detection, productivity solutions, and remote and connected care, among others. Moreover, on November 29, 2017, GE Healthcare has expanded its partnership with Intel to enhance patient care and reduce costs for hospitals and health systems using digital imaging solutions, deployed via the cloud.

IoT Healthcare Market Key Segments

By Type
• Devices
o Implantable Sensor Devices
o Wearable Sensor Devices
o Others Sensor Devices
• System & Software
o Network Layer
o Database Layer
o Analytics Layer
• Services
o Architecture (System integration)
o Consulting
o Application Development (support and maintenance)
 
By Application
• Patient Monitoring
• Clinical Operation and Workflow Optimization
• Connected Imaging
• Fitness and Wellness Measurement
• Drug Development
• Other Applications

By End-User
• Healthcare Providers
• Patients
• Healthcare Payers
• Research Laboratories
• Government Authority

Key Global IoT Healthcare Industry Players
• Medtronic
• Royal Philips
• Cisco Systems, Inc.
• IBM Corporation
• GE Healthcare
• Microsoft Corporation
• SAP SE
• Qualcomm Life
• Honeywell Life Care Solutions
• Stanley Healthcare
• Apple Inc.

Table of Content

1. Market Introduction
1.1. Executive Summary
1.2. Market Definition
1.3. Market Scope

2. Research Methodology
2.1. Primary Research
2.2. Research Methodology
2.3. Assumptions & Exclusions
2.4. Secondary data sources

3. IoT Healthcare Market Overview
3.1. Report Segmentation & Scope
3.2. Key Market Trend
3.3. Drivers
3.3.1. Technological Advancements
3.3.2. Rise in Investment for Healthcare IoT Solutions
3.3.3. Implementation of IoT Solutions for Reduced Cost of Care
3.4. Restraints
3.4.1. Data Privacy and Security
3.4.2. Lack of Competence in Deploying IoT Solutions
3.5. Opportunity
3.5.1. Rising Adoption of Telepresence Technology
3.5.2. Increasing Awareness among Consumers
3.6. Porter’s Five Forces Analysis
3.6.1. Porter’s Five Forces Analysis
3.7. Market Share Analysis

4. Type Overview
4.1. Introduction
4.1.1. Market Size & Forecast
4.2. Devices
4.2.1. Market Size & Forecast
4.2.1.1. Implantable Sensor Devices
4.2.1.2. Wearable Sensor Devices
4.2.1.3. Others Sensor Devices
4.3. System & Software
4.3.1. Market Size & Forecast
4.3.1.1. Network Layer
4.3.1.2. Database Layer
4.3.1.3. Analytics Layer
4.4. Services
4.4.1. Market Size & Forecast
4.4.1.1. Architecture (System integration)
4.4.1.2. Consulting
4.4.1.3. Application Development (support and maintenance)

5. Application Overview
5.1. Introduction
5.1.1. Market Size & Forecast
5.2. Patient Monitoring
5.2.1. Market Size & Forecast
5.3. Clinical Operation and Workflow Optimization
5.3.1. Market Size & Forecast
5.4. Connected Imaging
5.4.1. Market Size & Forecast
5.5. Fitness and Wellness Measurement
5.5.1. Market Size & Forecast
5.6. Drug Development
5.6.1. Market Size & Forecast
5.7. Others
5.7.1. Market Size & Forecast

6. End-User Overview
6.1. Introduction
6.1.1. Market Size & Forecast
6.2. Healthcare Providers
6.2.1. Market Size & Forecast
6.3. Patients
6.3.1. Market Size & Forecast
6.4. Healthcare Payers
6.4.1. Market Size & Forecast
6.5. Research Laboratories
6.5.1. Market Size & Forecast
6.6. Government Authorities
6.6.1. Market Size & Forecast

7. IoT Healthcare Market Regional Overview
7.1. Introduction
7.1.1. Market Size & Forecast
7.2. North America IoT Healthcare Market
7.2.1. North America Market Size & Forecast, By Country
7.2.2. North America Market Size & Forecast, By Type
7.2.3. North America Market Size & Forecast, By Application
7.2.4. North America Market Size & Forecast, By End-User
7.2.5. The U.S.
7.2.5.1. Market Size and Forecast
7.2.6. Canada
7.2.6.1. Market Size and Forecast
7.2.7. Mexico
7.2.7.1. Market Size and Forecast
7.3. Europe IoT Healthcare Market
7.3.1. Europe Market Size & Forecast, By Country
7.3.2. Europe Market Size & Forecast, By Type
7.3.3. Europe Market Size & Forecast, By Application
7.3.4. Europe Market Size & Forecast, By End-User
7.3.5. Germany
7.3.5.1. Market Size and Forecast
7.3.6. France
7.3.6.1. Market Size and Forecast
7.3.7. UK
7.3.7.1. Market Size and Forecast
7.3.8. Italy
7.3.8.1. Market Size and Forecast
7.3.9. Spain
7.3.9.1. Market Size and Forecast
7.3.10. Rest of Europe
7.3.10.1. Market Size and Forecast
7.4. Asia-Pacific IoT Healthcare Market
7.4.1. Asia-Pacific Market Size & Forecast, By Country
7.4.2. Asia-Pacific Market Size & Forecast, By Type
7.4.3. Asia-Pacific Market Size & Forecast, By Application
7.4.4. Asia-Pacific Market Size & Forecast, By End-User
7.4.5. Japan
7.4.5.1. Market Size and Forecast
7.4.6. China
7.4.6.1. Market Size and Forecast
7.4.7. Australia
7.4.7.1. Market Size and Forecast
7.4.8. India
7.4.8.1. Market Size and Forecast
7.4.9. South Korea
7.4.9.1. Market Size and Forecast
7.4.10. Rest of Asia-Pacific
7.4.10.1. Market Size and Forecast
7.5. South America IoT Healthcare Market
7.5.1. South America Market Size & Forecast, By Country
7.5.2. South America Market Size & Forecast, By Type
7.5.3. South America Market Size & Forecast, By Application
7.5.4. South America Market Size & Forecast, By End-User
7.5.5. Brazil
7.5.5.1. Market Size and Forecast
7.5.6. Argentina
7.5.6.1. Market Size and Forecast
7.5.7. Rest of South America
7.5.7.1. Market Size and Forecast
7.6. Middle East & Africa IoT Healthcare Market
7.6.1. Middle East & Africa Market Size & Forecast, By Country
7.6.2. Middle East & Africa Market Size & Forecast, By Type
7.6.3. Middle East & Africa Market Size & Forecast, By Application
7.6.4. Middle East & Africa Market Size & Forecast, By End-User
7.6.5. GCC Countries
7.6.5.1. Market Size and Forecast
7.6.6. Egypt
7.6.6.1. Market Size and Forecast
7.6.7. South Africa
7.6.7.1. Market Size and Forecast
7.6.8. Rest of Middle East & Africa
7.6.8.1. Market Size and Forecast

8. Company Profile
8.1. Medtronic
8.1.1. Company Basic Information, Manufacturing Base, Sales Area and Its Competitors
8.1.2. Medtronic Product Category, Application, and Specification
8.1.3. Medtronic Financial Performance (2016-2018)
8.1.4. Main Business/Business Overview
8.2. Royal Philips
8.3. Cisco Systems, Inc.
8.4. IBM Corporation
8.5. GE Healthcare
8.6. Microsoft Corporation
8.7. SAP SE
8.8. Qualcomm Life
8.9. Honeywell Life Care Solutions
8.10. Stanley Healthcare
8.11. Apple Inc.