Product Code: 978-1-68038-857-2
Internet Of Things In Healthcare Market Growth & Trends:
The global internet of things in healthcare market size is expected to reach USD 169.99 billion by 2030 and is expected to grow at 21.2% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The rise in healthcare spending across the globe is driving the demand for the implementation of IoT solutions in the healthcare sector. According to data published by The Lancet, global expenditure on health is anticipated to increase to USD 18.3 trillion by 2040 across the globe. The healthcare industry is evolving from a fee-for-service model to a value-based model wherein treatment outcomes are reimbursed. The pressure of reducing healthcare costs is rising globally as the cost of healthcare is increasing faster compared to the pace of growth of economies.
Rise in prevalence of chronic diseases, such as diabetes, cancer, and congestive heart failure, is significantly contributing to adoption of Remote Patient Monitoring (RPM) services, which, in turn, is expected to boost the demand for IoT solutions in healthcare. For instance, according to the International Diabetes Federation, in 2022, about 540 million patients were estimated to have diabetes across the globe. In addition, according to CDC, around 695,000 people in the U.S. died due to heart disease in 2021. Growing demand for home healthcare services, rising cost of advanced hospital equipment and increasing geriatric & pediatric population are some of the factors driving the demand for RPM, which is expected to boost IoT in healthcare market.
Technological advancements in healthcare IT infrastructure, including use of IoT, AI, and big data are factors boosting the market growth. Moreover, growing demand for efficient & effective treatment and increasing awareness among patients about upgraded technology are also some of the factors expected to boost the internet of things in healthcare market over the forecast period. Advanced technologies, such as smart sensors, robotic pills, microcontrollers, digital networking, automotive microcontrollers, radiofrequency, and sensors, play a significant role in driving the market.
Key players in the market are increasingly focusing on various strategies to maintain a competitive edge in the market. For instance, in August 2023, Wipro ltd launched a new product, Vscan Air. It is a wireless, portable, ultrasound technology-based product that offers whole-body scanning at the point of care and aids medical practitioners in making quicker, more informed decisions. In March 2022, SAP SE announced the acquisition of Taulia, a renowned supplier of working capital management systems. The acquisition boosted SAP's offerings for the CFO office and broadened its business network. Taulia's products continued to be offered separately, being fully integrated into SAP software. Within the SAP Group, Taulia operated as an independent organization with a distinct brand.
Internet Of Things In Healthcare Market Report Highlights:
- Medical devices segment held the largest share of 2023 owing to the growing demand for self-monitoring devices and launch of novel instruments. For instance, in March 2022, Amrita University introduced Amrita Spandanam, a wearable non-prick health monitoring device that can monitor blood pressure and measure blood glucose without pressure cuffs.
- By connectivity technology, the cellular network segment accounted for the largest share in 2023. This can be attributed to benefits of cellular network including increased capacity, less power consumption, and reduced interference.
- By application, telemedicine segment dominated the market in 2023 owing to the increasing number of patients suffering from conditions requiring Long-Term Care (LTC), including Alzheimer's disease, cancer, diabetes, and cardiovascular diseases.
- By end-use, hospitals and clinics segment dominated the market with revenue share in 2023. Rising investments by hospitals for accelerating the adoption of IoT solutions is a key factor propelling the segment growth.
- In 2023, North America dominated the internet of things in healthcare market with a share of 34.5%. Increased usage of telehealth, e-prescribing, mHealth, and other HC IT technologies as a response to COVID-19, as well as increased government requirements & support for IoT solutions in healthcare, are primary growth factors driving the market.
- Asia Pacific region is anticipated to witness fastest growth over the forecast period, owing to the improvement in healthcare infrastructure & increase in healthcare expenditure in developing Asian countries, owing to growth in adoption of advanced technology to cut down medical costs & streamline hospital workflow, are key drivers of demand for IoT in healthcare in the region.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Research Methodology
- 1.3. Information Procurement
- 1.3.1. Purchased database
- 1.3.2. GVR's internal database
- 1.3.3. Secondary sources
- 1.3.4. Primary research
- 1.3.5. Details of primary research
- 1.4. Information or Data Analysis
- 1.4.1. Data analysis models
- 1.5. Market Formulation & Validation
- 1.6. Model Details
- 1.6.1. Commodity flow analysis (Model 1)
- 1.6.2. Approach 1: Commodity flow approach
- 1.6.3. Volume price analysis (Model 2)
- 1.6.4. Approach 2: Volume price analysis
- 1.7. List of Secondary Sources
- 1.8. List of Primary Sources
- 1.9. Objectives
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.2.1. Component outlook
- 2.2.2. Connectivity technology outlook
- 2.2.3. Application outlook
- 2.2.4. End use outlook
- 2.2.5. Regional outlook
- 2.3. Competitive Insights
Chapter 3. Internet of Things (IoT) in Healthcare Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent market outlook
- 3.1.2. Related/ancillary market outlook
- 3.2. Market Dynamics
- 3.2.1. Market driver analysis
- 3.2.1.1. Increasing usage of smartphones
- 3.2.1.2. Growing demand for remote patient monitoring for improved out-of hospital care
- 3.2.1.3. Technologically advanced healthcare IT infrastructure
- 3.2.1.4. Increase in number of initiatives and investments supporting ehealth and digital health
- 3.2.1.5. Rise in healthcare expenditure prompting cost cutting initiatives
- 3.2.2. Market restraint analysis
- 3.2.2.1. Lack of data privacy
- 3.2.2.2. Lack of medical expertise
- 3.3. Internet of Things (IoT) in Healthcare Market Analysis Tools
- 3.3.1. Industry Analysis - Porter's
- 3.3.1.1. Supplier power
- 3.3.1.2. Buyer power
- 3.3.1.3. Substitution threat
- 3.3.1.4. Threat of new entrant
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Technological landscape
- 3.3.2.3. Economic landscape
- 3.4. Internet of Things (IoT) in Healthcare Market COVID 19 Impact
Chapter 4. Internet of Things (IoT) in Healthcare Market: Component Estimates & Trend Analysis
- 4.1. Definitions and Scope
- 4.1.1. Medical Devices
- 4.1.2. System and Software
- 4.1.3. Services
- 4.2. Component Market Share, 2023 & 2030
- 4.3. Segment Dashboard
- 4.4. Global Internet of Things (IoT) in Healthcare Market by Component Outlook
- 4.5. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the following
- 4.5.1. Medical Devices
- 4.5.1.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 4.5.1.2. Wearable External Devices
- 4.5.1.2.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 4.5.1.3. Implanted Medical Devices
- 4.5.1.3.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 4.5.1.4. Stationary Medical Devices
- 4.5.1.4.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 4.5.2. System and Software
- 4.5.2.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 4.5.2.2. Remote Device Management
- 4.5.2.2.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 4.5.2.3. Network Bandwidth Management
- 4.5.2.3.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 4.5.2.4. Data Analytics
- 4.5.2.4.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 4.5.2.5. Application Security
- 4.5.2.5.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 4.5.2.6. Network Security
- 4.5.2.6.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 4.5.3. Services
- 4.5.3.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 4.5.3.2. System Integration Services
- 4.5.3.2.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 4.5.3.3. Consulting, Training, and Education
- 4.5.3.3.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 4.5.3.4. Support and Maintenance Services
- 4.5.3.4.1. Market estimates and forecast 2018 to 2030 (USD Million)
Chapter 5. Internet of Things (IoT) in Healthcare Market: Connectivity Technology Estimates & Trend Analysis
- 5.1. Definitions and Scope
- 5.1.1. Cellular
- 5.1.2. Wi-Fi
- 5.1.3. Bluetooth
- 5.1.4. LPWANs
- 5.1.5. Zigbee
- 5.1.6. RFID
- 5.2. Connectivity Technology Market Share, 2023 & 2030
- 5.3. Segment Dashboard
- 5.4. Global Internet of Things (IoT) in Healthcare Market by Connectivity Technology Outlook
- 5.5. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the following
- 5.5.1. Cellular
- 5.5.1.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 5.5.2. Wi-Fi
- 5.5.2.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 5.5.3. Bluetooth
- 5.5.3.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 5.5.4. LPWANs
- 5.5.4.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 5.5.5. Zigbee
- 5.5.5.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 5.5.6. RFID
- 5.5.6.1. Market estimates and forecast 2018 to 2030 (USD Million)
Chapter 6. Internet of Things (IoT) in Healthcare Market: Application Estimates & Trend Analysis
- 6.1. Definitions and Scope
- 6.1.1. Telemedicine
- 6.1.2. Patient Monitoring
- 6.1.3. Connected Imaging
- 6.1.4. Clinical Operations
- 6.1.5. Medication Management
- 6.1.6. Others
- 6.2. Application Market Share, 2023 & 2030
- 6.3. Segment Dashboard
- 6.4. Global Internet of Things (IoT) in Healthcare Market by Application Outlook
- 6.5. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the following
- 6.5.1. Telemedicine
- 6.5.1.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 6.5.2. Patient Monitoring
- 6.5.2.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 6.5.3. Connected Imaging
- 6.5.3.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 6.5.4. Clinical Operations
- 6.5.4.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 6.5.5. Medication Management
- 6.5.5.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 6.5.6. Others
- 6.5.6.1. Market estimates and forecast 2018 to 2030 (USD Million)
Chapter 7. Internet of Things (IoT) in Healthcare Market: End Use Estimates & Trend Analysis
- 7.1. Definitions and Scope
- 7.1.1. Hospitals and Clinics
- 7.1.2. Clinical Research Organizations
- 7.1.3. Research and Diagnostic Laboratories
- 7.1.4. Others
- 7.2. End Use Market Share, 2023 & 2030
- 7.3. Segment Dashboard
- 7.4. Global Internet of Things (IoT) in Healthcare Market by End Use Outlook
- 7.5. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the following
- 7.5.1. Hospitals and Clinics
- 7.5.1.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 7.5.2. Clinical Research Organizations
- 7.5.2.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 7.5.3. Research and Diagnostic Laboratories
- 7.5.3.1. Market estimates and forecast 2018 to 2030 (USD Million)
- 7.5.4. Others
- 7.5.4.1. Market estimates and forecast 2018 to 2030 (USD Million)
Chapter 8. Internet of Things (IoT) in Healthcare Market: Regional Estimates & Trend Analysis
- 8.1. Regional Market Share Analysis, 2023 & 2030
- 8.2. Regional Market Dashboard
- 8.3. Global Regional Market Snapshot
- 8.4. Market Size, & Forecasts Trend Analysis, 2018 to 2030:
- 8.5. North America
- 8.5.1. U.S.
- 8.5.1.1. U.S. market estimates and forecast, 2018 - 2030 (USD Million)
- 8.5.2. Canada
- 8.5.2.1. Canada market estimates and forecast, 2018 - 2030 (USD Million)
- 8.6. Europe
- 8.6.1. UK
- 8.6.1.1. UK market estimates and forecast, 2018 - 2030 (USD Million)
- 8.6.2. Germany
- 8.6.2.1. Germany market estimates and forecast, 2018 - 2030 (USD Million)
- 8.6.3. France
- 8.6.3.1. France market estimates and forecast, 2018 - 2030 (USD Million)
- 8.6.4. Italy
- 8.6.4.1. Italy market estimates and forecast, 2018 - 2030 (USD Million)
- 8.6.5. Spain
- 8.6.5.1. Spain market estimates and forecast, 2018 - 2030 (USD Million)
- 8.6.6. Norway
- 8.6.6.1. Norway market estimates and forecast, 2018 - 2030 (USD Million)
- 8.6.7. Sweden
- 8.6.7.1. Sweden market estimates and forecast, 2018 - 2030 (USD Million)
- 8.6.8. Denmark
- 8.6.8.1. Denmark market estimates and forecast, 2018 - 2030 (USD Million)
- 8.7. Asia Pacific
- 8.7.1. Japan
- 8.7.1.1. Japan market estimates and forecast, 2018 - 2030 (USD Million)
- 8.7.2. China
- 8.7.2.1. China market estimates and forecast, 2018 - 2030 (USD Million)
- 8.7.3. India
- 8.7.3.1. India market estimates and forecast, 2018 - 2030 (USD Million)
- 8.7.4. Australia
- 8.7.4.1. Australia market estimates and forecast, 2018 - 2030 (USD Million)
- 8.7.5. South Korea
- 8.7.5.1. South Korea market estimates and forecast, 2018 - 2030 (USD Million)
- 8.7.6. Thailand
- 8.7.6.1. Thailand market estimates and forecast, 2018 - 2030 (USD Million)
- 8.8. Latin America
- 8.8.1. Brazil
- 8.8.1.1. Brazil market estimates and forecast, 2018 - 2030 (USD Million)
- 8.8.2. Mexico
- 8.8.2.1. Mexico market estimates and forecast, 2018 - 2030 (USD Million)
- 8.8.3. Argentina
- 8.8.3.1. Argentina market estimates and forecast, 2018 - 2030 (USD Million)
- 8.9. MEA
- 8.9.1. South Africa
- 8.9.1.1. South Africa market estimates and forecast, 2018 - 2030 (USD Million)
- 8.9.2. Saudi Arabia
- 8.9.2.1. Saudi Arabia market estimates and forecast, 2018 - 2030 (USD Million)
- 8.9.3. UAE
- 8.9.3.1. UAE market estimates and forecast, 2018 - 2030 (USD Million)
- 8.9.4. Kuwait
- 8.9.4.1. Kuwait market estimates and forecast, 2018 - 2030 (USD Million)
Chapter 9. Competitive Landscape
- 9.1. Recent Developments & Impact Analysis, By Key Market Participants
- 9.2. Company/Competition Categorization
- 9.3. Vendor Landscape
- 9.3.1. List of key distributors and channel partners
- 9.3.2. Key customers
- 9.3.3. Key company market share analysis, 2023
- 9.3.4. Medtronic
- 9.3.4.1. Company overview
- 9.3.4.2. Financial performance
- 9.3.4.3. Product benchmarking
- 9.3.4.4. Strategic initiatives
- 9.3.5. Cisco Systems, Inc
- 9.3.5.1. Company overview
- 9.3.5.2. Financial performance
- 9.3.5.3. Product benchmarking
- 9.3.5.4. Strategic initiatives
- 9.3.6. IBM Corporation
- 9.3.6.1. Company overview
- 9.3.6.2. Financial performance
- 9.3.6.3. Product benchmarking
- 9.3.6.4. Strategic initiatives
- 9.3.7. GE Healthcare
- 9.3.7.1. Company overview
- 9.3.7.2. Financial performance
- 9.3.7.3. Product benchmarking
- 9.3.7.4. Strategic initiatives
- 9.3.8. Microsoft Corporation
- 9.3.8.1. Company overview
- 9.3.8.2. Financial performance
- 9.3.8.3. Product benchmarking
- 9.3.8.4. Strategic initiatives
- 9.3.9. SAP SE
- 9.3.9.1. Company overview
- 9.3.9.2. Financial performance
- 9.3.9.3. Product benchmarking
- 9.3.9.4. Strategic initiatives
- 9.3.10. Infosys Limited
- 9.3.10.1. Company overview
- 9.3.10.2. Financial performance
- 9.3.10.3. Product benchmarking
- 9.3.10.4. Strategic initiatives
- 9.3.11. Cerner Corporation (Oracle)
- 9.3.11.1. Company overview
- 9.3.11.2. Financial performance
- 9.3.11.3. Product benchmarking
- 9.3.11.4. Strategic initiatives
- 9.3.12. QUALCOMM Incorporated
- 9.3.12.1. Company overview
- 9.3.12.2. Financial performance
- 9.3.12.3. Product benchmarking
- 9.3.12.4. Strategic initiatives
- 9.3.13. Intel corporation
- 9.3.13.1. Company overview
- 9.3.13.2. Financial performance
- 9.3.13.3. Product benchmarking
- 9.3.13.4. Strategic initiatives
- 9.3.14. Wipro ltd
- 9.3.14.1. Company overview
- 9.3.14.2. Financial performance
- 9.3.14.3. Product benchmarking
- 9.3.14.4. Strategic initiatives