In a groundbreaking revelation, the Global IoT In Healthcare Industry demonstrated remarkable growth, as evidenced by a significant increase in sales. In 2022, the market reached an impressive valuation of US$ 181.4 billion, with a highly anticipated projection to surge to a staggering US$ 952.3 billion by 2032. This extraordinary growth is underpinned by a compelling compound annual growth rate (CAGR) of 18.0%.

One of the key highlights in this meteoric rise is the market’s year-on-year (Y-o-Y) growth rate, which surged to an astounding 20.7% between 2021 and 2022, surpassing its previous valuation of US$ 150.3 billion. Such exponential growth reaffirms the industry’s robust potential and underscores the increasing demand for IoT in healthcare.

The driving force behind this extraordinary growth is the growing global awareness of self-health management, prompting a surge in the adoption of wearable medical devices for health risk monitoring. Notably, Eversense and Dexcom have earned coveted FDA certification for their glucose monitoring devices, designed to continually monitor blood sugar levels for up to three months, revolutionizing diabetes management.

In addition to these groundbreaking advancements, the introduction of the Zoll LifeVest 4000, a wearable defibrillator capable of monitoring arrhythmias in both children and adults, has emerged as a pivotal development in the diagnosis and prevention of sudden cardiac arrest. This innovative device brings a new level of security and peace of mind to healthcare consumers.

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Key Takeaways from IoT in Healthcare Market

• North America has a sizable market share. This could be explained by a growing emphasis on health management throughout the United States.
• Europe is likewise predicted to develop linearly, with the United Kingdom and France leading the way. This may be due to increased demand for telemedicine, mHealth, and EHRs (electronic health records).
• The Asia-Pacific region is predicted to grow at the fastest rate in the IoT in healthcare market, led by South Korea, India, and China.
• With countries focusing more on upgrading healthcare systems, LATAM is projected to pick up speed in the future. For example, in February 2020, many Brazilian ministries established a collaboration to integrate IoT systems in the healthcare sector.

Competitive Landscape

• Microsoft Corporation announced in October 2020 that it had entered into a strategic relationship with ZEISS Group to improve patient care through data-driven healthcare solutions. The primary goal is to improve device management, treatment, and clinical workflow by utilising a revolutionary digitally connected approach.
• In May 2019, General Electric Company teamed with NASSCOM to create and deliver digitised healthcare services and solutions in the market. The goal was to improve digital healthcare through the NASSCOM CoE-IoT (Centre of Excellence-Internet of Things) platform.
• Medtronic, in January 2019, partnered with IBM Watson for providing IQcast. It’s a new-fangled feature of the existing product ‘Sugar.IQ’ for iOS mobile devices all across the US. This software claims to make available a hypoglycemic episode to patients for monitoring the low glucose level. It does work by predicting occurrence 1-4 hours prior.
• Spencer Health Solutions and Royal Philips, in April 2019, started working towards expansion of their rapport for providing chronically ill patients in select EU nations with an in-home adherence to medication on Philips telehealth platform.

“Connected devices are penetrating the healthcare vertical at an alarming rate. This factor is bound to take the IoT in healthcare market by storm in the forecast period”, says an analyst from Future Market Insights.

Key Players:

• Apple Inc.
• Cisco Systems Inc.
• GE Healthcare Ltd.
• Google (Alphabet)
• International Business Machines Corporation
• Medtronic PLC
• Microsoft Corporation
• Proteus Digital Health
• Koninklijke Philips N.V.
• QUALCOMM Incorporated
• Abbot Laboratories

What is the IoT in Healthcare Market Report up to?

• Future Market Insights offers an exclusive perspective and various real-time insights on the IoT in Healthcare market in its latest study, presenting historical demand assessment of 2016 to 2021 and projections for 2022 to 2032.
• The research study is based on component (IoT in healthcare hardware (portable diagnostic devices and non-portable diagnostic devices), IoT in healthcare software, and IoT in healthcare services), by application (telemedicine, medication management, clinical operations, patient monitoring, connected imaging, and likewise), by technology (Bluetooth-based, Wi-Fi-based, NFC-based, Zigbee-based, RFID-based, and others (Cellular, Satellite, Zwave, EnOcean)), and by end-user (hospitals, pharmaceuticals, and clinics & laboratories).
• Numerous developed economies are increasingly shifting their preferences to electronic health record systems. This factor is actually expected to put the IoT in healthcare market on the top pedestal in the forecast period.

Key Segments Covered in the IoT in Healthcare Industry Report

IoT in Healthcare by Component:

• IoT in Healthcare HardwarePortable Diagnostic DevicesNon-Portable Diagnostic Devices
• IoT in Healthcare Software
• IoT in Healthcare Services

IoT in Healthcare by Application:

• IoT in Healthcare for Telemedicine
• IoT in Healthcare for Medication Management
• IoT in Healthcare for Clinical Operations
• IoT in Healthcare for Patient Monitoring
• IoT in Healthcare for Connected Imaging
• Other IoT in Healthcare Applications

IoT in Healthcare by Technology:

• Bluetooth-based IoT in Healthcare
• Wi-Fi-based IoT in Healthcare
• NFC-based IoT in Healthcare
• Zigbee-based IoT in Healthcare
• RFID-based IoT in Healthcare
• Other IoT in Healthcare Technologies (Cellular, Satellite, Zwave, EnOcean)

IoT in Healthcare by End User:

• IoT in Healthcare across Hospitals
• IoT in Healthcare across Pharmaceuticals
• IoT in Healthcare across Clinics & Laboratories