IoT in Healthcare

IoT in Healthcare Market by Component (Medical Devices, Services, Systems & Software), Technology (Bluetooth, NFC, Wi-Fi), Application, End-User - Global Forecast 2024-2030

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[183 Pages Report] The IoT in Healthcare Market size was estimated at USD 170.33 billion in 2023 and expected to reach USD 196.48 billion in 2024, at a CAGR 16.10% to reach USD 484.49 billion by 2030.

IoT in Healthcare Market
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The healthcare sector is experiencing a transformative phase driven by the integrating of the Internet of Things (IoT) technology. IoT in healthcare implies using interconnected devices capable of generating, analyzing, and transmitting health-related data. These devices range from wearable fitness trackers to sophisticated medical equipment in hospitals. The IoT in healthcare has witnessed significant growth due to its advantages, such as improved patient monitoring, increased accuracy in diagnosis, enhanced disease management, and optimizations in hospital operations. Furthermore, rising government support and initiatives for promoting digital health are accelerating market growth. In contrast, complex integration supporting multiple devices and protocols and increasing the risk of data breaches and compliance is limiting the adoption of IoT in healthcare sector. However, several market players are investing and working on these issues to overcome them. Moreover, the emerging trend of personalized medicine and telemedicine and the integration of advanced technology in medical devices and wearable technologies are creating lucrative opportunities for market growth.

IoT in Healthcare Market - Global Forecast 2024-2030
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Component: Consumer preference for services as it provide support and maintenance, consulting, and integration services

Medical devices form the backbone of IoT in healthcare, serving as the primary means for data collection and patient monitoring. Implantable devices, embedded into the patient's body, perform monitoring or therapeutic functions. These devices include pacemakers and insulin pumps. Stationary medical devices used within healthcare facilities range from MRI machines to bedside monitors and are crucial for patient diagnosis and monitoring. Stationary devices often are integrated with hospital information systems for data analysis and storage. Wearable devices, such as fitness trackers and smartwatches, monitor health parameters such as heart rate and physical activity. The services component is pivotal for successfully deploying and maintaining IoT solutions in healthcare. Consulting services in IoT healthcare assist organizations in understanding the optimal use of IoT technologies and help formulate roadmaps for implementation. Deployment & integration services ensure that IoT solutions are effectively and properly integrated with existing healthcare systems. They cover the coordination of device installation, software setup, and seamless data synchronization. Support & maintenance services address ongoing needs, such as troubleshooting and updates, while maintenance involves keeping the IoT system running smoothly, often through remote monitoring and periodic checks. Systems and software form the core for data processing, device management, and interoperability in an IoT-enabled healthcare context. The application & data security component involves securing IoT data and applications against breaches and unauthorized access. Data Analytics software that applies data analytics to IoT generates actionable insights from the vast amounts of data medical devices collect. This allows for informed decision-making, personalized treatment plans, and predictive analytics for patient care. Remote device management software enables healthcare providers to remotely manage, monitor, and maintain medical devices.

Technology: Widening availability of wireless technology providing seamless integration in patient monitoring

Bluetooth technology in IoT healthcare enables wireless communication between devices over short distances. It's widely used in patient monitoring systems, including medical devices such as heart rate monitors & sensors, blood pressure devices, and glucose meters, which send data directly to the practitioners' devices. Near-field communication (NFC) technology allows for close-range data exchange between devices. It plays a pivotal role in patient identification, consent verification, and drug traceability scenarios in healthcare. It heavily contributes towards enhancing patient safety and reducing errors in care delivery. Wi-Fi provides a much wider range and higher data transfer rates than the other technologies, making it suitable for transmitting heavy data such as medical imaging. Hospitals widely employ Wi-Fi-based IoT devices for real-time staff, patients, and equipment tracking, enhancing operational efficiency. At the same time, ZigBee is a low-cost, low-power wireless mesh network standard, ideal for applications requiring long battery life and secure networking. Its decentralized network ensures system breakdowns won't occur if a single device fails. It is effective in remote health monitoring and emergency care services. ZigBee-based wearable health aids assist in efficiently tracking patient vitals and generating alerts in anomaly detection.

Application: Adoption of artificial intelligence & advanced analytics in preference to meet the healthcare needs

IoT simplifies clinical operations and workflow management by integrating sophisticated systems that streamline routine procedures and tasks. Wireless diagnostic tools with built-in IoT capabilities are leading to improved services in patient care. Moreover, wearable devices and digital tags also ensure optimal utilization of healthcare resources, reducing operational costs. Connected imaging is another remarkable application of IoT in healthcare. IoT-directed radiology equipment like MRIs, CT scanners, and X-ray machines assist in the analysis of rapid transfer and accurate imaging data. Furthermore, AI-powered IoT devices help deliver precision-centric diagnosis by combining imaging technology with advanced machine learning algorithms. Hospitals can engage in continuous inpatient monitoring through IoT equipment such as heart monitors, oxygen level indicators, and body temperature sensors. IoT also allows seamless data integration, enabling physicians to track a patient's overall health path. In medication management, IoT facilitates automated drug dispensing systems that prevent medication errors, improve patient safety, and optimize inventory management. Telemedicine, particularly crucial during circumstances like a global pandemic, is significantly boosted by IoT. Through wearables, video-conferencing tools, and remote patient monitoring devices, caregivers can evaluate, diagnose, and treat patients remotely, reducing hospital visits and the risk of infections. IoT-powered telemedicine also ensures that healthcare is accessible even in remote locations, democratizing healthcare access.

End-User: Increasing uses of IoT in CRO and hospitals catering better outcomes with faster medical diagnostics

Clinical research organizations (CROs) are crucial in testing, developing, and implementing IoT healthcare solutions. These organizations increase their efficiency by collecting real-time patient data through wearable devices and remote patient monitoring. In addition, government and defense institutions are key in implementing remote patient monitoring in military hospitals. Medical devices can collect vital data such as heart rate, blood pressure, and many other parameters, offering real-time patient information and improving care. On the other hand, IoT adoption in hospitals, surgical centers, and clinics has streamlined multiple workflows. Infusion pumps, monitors, and other devices communicate with electronic health record (EHR) systems, eliminating the need for manual transcription. It also allows staff to monitor patients' health remotely, track medical equipment, and control indoor air quality. Moreover, research and diagnostics laboratories are transforming their capabilities through IoT, which enables labs to operate with fewer human errors. Real-time data from connected devices can be processed and presented in actionable formats, aiding faster medical diagnostics and research outcomes.

Regional Insights

In the Americas, the adoption of IoT in healthcare is propelled by the advanced healthcare infrastructure and the emphasis on reducing the cost of care while improving quality. A significant driving force is the availability of robust telecommunication networks and high smartphone penetration, which facilitate remote patient monitoring and telehealth. This region has increased healthcare expenditures, and government initiatives to modernize healthcare infrastructure support adopting IoT healthcare solutions. The Europe, Middle East, and Africa (EMEA) region showcases a varied landscape in IoT healthcare adoption. In Europe, high healthcare standards and government initiatives drive IoT adoption. Meanwhile, the Middle East is experiencing rapid development in healthcare facilities, focusing on smart hospitals and IoT for enhanced patient care. Africa's adoption of mobile technology is expected to grow with mobile technology usage for healthcare delivery and managing limited resources effectively. APAC is witnessing the fastest growth in the healthcare IoT, underpinned by the rapid economic development in countries. Increasing healthcare awareness, rising disposable incomes, and a growing middle class contribute to the demand for advanced healthcare services. Governments are investing in healthcare infrastructure and digitization while regulatory encouragement, such as favorable policies for telemedicine, propels the IoT in healthcare forward in the region.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the IoT in Healthcare Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the IoT in Healthcare Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • Cynerio and Integra (e-Quip) Announce Strategic Partnership, Revolutionising IoT Security in the UK Healthcare Market

    Cynerio partnered with Integra e-Quip Ltd., which aims to bring the best CMMS solution integrated with cutting-edge IoT security tools to the UK healthcare market. Integrating e-Quip's comprehensive CMMS solution with Cynerio's advanced IoT security platform gives healthcare organizations a powerful solution to mitigate risks and streamline operations. [Published On: 2023-06-26]

  • Cynerio and Sodexo Announce Partnership to Get Ahead of Risks and Attacks on Network-Connected Medical Devices

    Cynerio partnered with Sodexo, enhancing healthcare security by offering institutions comprehensive insights into their Internet of Medical Things (IoMT) landscape. Through this collaboration, healthcare facilities gain access to advanced tools that detect immediate threats and deliver tailored mitigation strategies to tackle each identified risk effectively. This joint venture equips hospitals with the necessary threat intelligence to meticulously catalog all connected devices within their networks, encompassing medical IoT and broader enterprise IoT systems. [Published On: 2023-03-29]

  • E& Enterprise IoT & AI Partners with Stella Technologies to Advance Gcc's Digital Healthcare

    Enterprise IoT & AI partnered with Stella Technologies to expand and explore novel opportunities in the digital healthcare landscape in the GCC region. This partnership, e& enterprise IoT & AI, leverages the system integration capabilities of Stella Technologies to set up a comprehensive go-to-market strategy focused on healthcare regulators, hospital enterprises, and small to medium-sized healthcare businesses. The collaboration is expected to enable enterprises in the healthcare space through a combination of internet of things (IoT) and artificial intelligence (AI) solutions. [Published On: 2023-02-21]

Key Company Profiles

The report delves into recent significant developments in the IoT in Healthcare Market, highlighting leading vendors and their innovative profiles. These include Abbott Laboratories, Agilie, AliveCor, Inc., Appinventiv Technologies Pvt. Ltd., Cerner Corporation by Oracle Corp., Cisco Systems Inc., Claroty Ltd., Cleveroad Inc., Digi International Inc., Finoit Inc., GE Healthcare, Google LLC, HCL Technologies Ltd., Honeywell International Inc., InfiSIM Ltd, International Business Machines Corporation, Johnson & Johnson Services, Inc., Koninklijke Philips N.V., Medtronic PLC, Microsoft Corporation, Ordr, Inc., OSP Labs, QUALCOMM Incorporated, SAP SE, Securitas Healthcare, LLC, Siemens AG, Simon IoT LLC., Software AG, Thales Group, Tiga Health, Toobler Technologies, u-blox AG, and Wipro Limited.

Market Segmentation & Coverage

This research report categorizes the IoT in Healthcare Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Component
    • Medical Devices
      • Implantable
      • Stationary
      • Wearable
    • Services
      • Consulting
      • Deployment & Integration
      • Support & Maintenance
    • Systems & Software
      • Application & Data Security
      • Data Analytics
      • Remote Device Management
  • Technology
    • Bluetooth
    • NFC
    • Wi-Fi
    • ZigBee
  • Application
    • Clinical Operations & Workflow Management
    • Connected Imaging
    • Inpatient Monitoring
    • Medication Management
    • Telemedicine
  • End-User
    • Clinical Research Organization
    • Government & Defense Institutions
    • Hospitals, Surgical Centers, & Clinics
    • Research & Diagnostics Laboratories

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

The report offers valuable insights on the following aspects:

  1. Market Penetration: It presents comprehensive information on the market provided by key players.
  2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
  3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
  4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
  5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

  1. What is the market size and forecast of the IoT in Healthcare Market?
  2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the IoT in Healthcare Market?
  3. What are the technology trends and regulatory frameworks in the IoT in Healthcare Market?
  4. What is the market share of the leading vendors in the IoT in Healthcare Market?
  5. Which modes and strategic moves are suitable for entering the IoT in Healthcare Market?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. IoT in Healthcare Market, by Component
  7. IoT in Healthcare Market, by Technology
  8. IoT in Healthcare Market, by Application
  9. IoT in Healthcare Market, by End-User
  10. Americas IoT in Healthcare Market
  11. Asia-Pacific IoT in Healthcare Market
  12. Europe, Middle East & Africa IoT in Healthcare Market
  13. Competitive Landscape
  14. Competitive Portfolio
  15. List of Figures [Total: 24]
  16. List of Tables [Total: 654]
  17. List of Companies Mentioned [Total: 33]
How IoT is Revolutionizing Healthcare
July 9, 2023
BLOG
How IoT is Revolutionizing Healthcare
The healthcare industry is constantly evolving, and with the growing penetration of mHealth in developed and developing economies, IoT has become the driving force behind this evolution. IoT in healthcare combines smart devices, wearables, and sensors to effectively monitor patient health, improve treatment outcomes, and automate time-consuming tasks. We will dive deep into the world of IoT in healthcare and explore how it is transforming the healthcare industry in this blog post.

Remote Patient Monitoring:

IoT in healthcare has enabled remote patient monitoring, which enables healthcare professionals to monitor patients' health from anywhere in the world. With the help of smart devices and wearables, patients can track their blood pressure, heart rate, and other critical parameters. This information is collected in real-time and is shared with healthcare professionals for analysis. This process has significantly reduced hospital readmissions, resulting in better patient outcomes and cost savings.

Telemedicine:

IoT in healthcare has made it possible to receive healthcare services at your home via telemedicine. Patients can now use smart devices and wearables to consult with healthcare professionals regarding their health issues. This has not only reduced the burden on healthcare facilities but has also given patients greater convenience and access to healthcare.

Predictive Analytics:

IoT in healthcare has enabled predictive analytics, which involves analyzing large amounts of patient data to identify patterns and predict future health trends. With the help of machine learning algorithms, healthcare professionals can predict potential health risks, prevent diseases from occurring, and personalize treatment plans. This has improved patient outcomes, reduced healthcare costs, and increased patient satisfaction.

Wearable Devices:

IoT in healthcare has increased the use of wearable devices, which help patients monitor their health on a day-to-day basis. These devices are equipped with sensors to track vital signs, activity levels, and sleep patterns. This information is then transmitted to healthcare professionals for analysis. Wearable devices have become an essential tool for patients with chronic diseases, as they can effectively manage their conditions with the help of these devices.

Smart Healthcare Facilities:

IoT in healthcare has revolutionized the way healthcare facilities are managed. Smart facilities are equipped with sensors that monitor and manage various aspects of a healthcare facility, including security, energy consumption, and equipment maintenance. With the help of IoT, healthcare facilities can operate more efficiently, leading to cost savings, better patient care, and improved patient satisfaction.

IoT has brought significant changes to the healthcare industry, from remote patient monitoring to smart healthcare facilities. With the growing penetration of mHealth in developed and developing economies, IoT is becoming the driving force behind innovation in healthcare. With the help of IoT, healthcare professionals can improve patient outcomes, personalize treatment plans, and reduce healthcare costs. As IoT continues to revolutionize healthcare, it is clear that patients and healthcare professionals will benefit greatly from this technology.

Frequently Asked Questions
  1. How big is the IoT in Healthcare Market?
    Ans. The Global IoT in Healthcare Market size was estimated at USD 170.33 billion in 2023 and expected to reach USD 196.48 billion in 2024.
  2. What is the IoT in Healthcare Market growth?
    Ans. The Global IoT in Healthcare Market to grow USD 484.49 billion by 2030, at a CAGR of 16.10%
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