IoT in Healthcare Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028

May 08 15:10 2024
IoT in Healthcare Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028
Cisco (US), IBM (US), GE Healthcare (US), Microsoft (US), SAP (Germany), Medtronic (Ireland), Royal Philips (Netherlands), Resideo Technologies (US), Securitas (Sweden), Bosch (Germany), Armis (US), Oracle (US), PTC (US), Huawei (China), Seimens ( Germany), R-Style Lab (US), HQSoftware (Estonia), Oxagile (US), Softweb Solutions (US), OSP Labs (US).
IoT in Healthcare Market by Component (Medical Device, Systems & Software, Services, and Connectivity Technology), Application (Telemedicine, Connected Imaging, and Inpatient Monitoring), End User and Region – Global Forecast to 2028

The global IoT in Healthcare market size is projected to grow from USD 127.7 billion in 2023 to USD 289.2 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 17.8% during the forecast period. Various factors such as the rising focus on active patient engagement and patient-centric care, growing need for the adoption of cost-control measures in healthcare, increasing adoption of high-speed network technologies for IoT connectivity, evolution of complementing technologies, including AI and big data, and need for healthcare services in remote locations are expected to drive the growth of the IoT in healthcare market.

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 The rising penetration of smartphones, growing prevalence of chronic and lifestyle disorders, increasing healthcare costs, and rising self-health management leading to the increasing demand for better healthcare services will drive the market.

Medical Devices segment to hold the highest market share during the forecast period

The large-scale adoption of medical devices can be attributed to the growing need for cost-effective and efficient solutions for delivering healthcare services. With an increasing prevalence of chronic, age-related health conditions, fast-paced growth in the medical device industry has been observed globally. Some newly emerging technologies, including cloud computing, the internet of things (IoT), and artificial intelligence, have contributed significantly to the advancement in the medical device industry.

Wearable External Medical Devices segment to grow at the highest CAGR during the forecast period

Wearable external medical devices are becoming increasingly popular for monitoring and managing various health conditions. Factors such as increasing health awareness, preference for preventive care, rising need for the extended home health monitoring of patients owing to the growing geriatric population, and subsequent prevalence of chronic diseases are making wearable devices common in-home care settings.

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Unique Features in the IoT in Healthcare Market

 IoT devices make it possible to remotely monitor vital signs, activity levels, and medication adherence over time. This continuous monitoring enables healthcare providers to take timely action and enhance patient outcomes.

Wearable Internet of Things (IoT) devices, such fitness trackers, smartwatches, and biosensors, gather health data in real-time, enabling users to monitor chronic ailments, keep track of their health, and take preventative action for improved wellness management.

IoT solutions optimise inventory levels, cut waste, and improve operational efficiency by facilitating asset tracking and management in healthcare facilities, including medications, medical equipment, and supplies.

Predictive maintenance solutions enabled by the Internet of Things (IoT) keep an eye on medical equipment’s state, anticipate any malfunctions, and plan proactive maintenance to save downtime, guarantee equipment availability, and enhance patient care.

Healthcare practitioners can conduct virtual visits, consultations, and follow-ups with patients thanks to IoT technologies, which facilitate telemedicine and remote consultations. This increases patient access to care, particularly in rural or underserved areas.

Major Highlights of the IoT in Healthcare Market

The broad use of IoT technology in healthcare environments, motivated by the need for telemedicine, remote patient monitoring, and increased operational effectiveness.

IoT devices make it possible to remotely monitor patients’ vital signs and health state continuously, which helps with early health issue discovery and lowers hospital readmission rates.

By optimising resource utilisation, streamlining processes, and avoiding needless hospitalisations through remote monitoring and preventive treatment, IoT technologies assist healthcare providers in cutting costs.

By facilitating proactive management of chronic illnesses, medication adherence monitoring, and individualised treatment plans, IoT-enabled healthcare interventions improve patient outcomes.

IoT solutions save costs and increase workflow efficiency in the healthcare industry by automating tasks like asset tracking, inventory management, and facility maintenance.

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Top Companies in the IoT in Healthcare Market

Key and innovative vendors in the IoT in Healthcare market include Cisco (US), IBM (US), GE Healthcare (US), Microsoft (US), SAP (Germany), Medtronic (Ireland), Royal Philips (Netherlands), Resideo Technologies (US), Securitas (Sweden), Bosch (Germany), Oracle (US), PTC (US), Huawei (China), Siemens (Germany), HQSoftware (Estonia), Comarch SA (Poland), Telit (UK), Kore Wireless (US), ScienceSoft (US), Intel (US), AgaMatrix (US), and Welch Allyn (US).

Cisco is engaged in the provision of hardware, software, networking, and system communication technology-based products and services. The offerings of the company cater to verticals, such as energy, government, education, financial services, retail, sports and entertainment, manufacturing, healthcare, transportation, and hospitality. Products and services offered by Cisco are divided into five segments: infrastructure platforms, services, applications, security, and other products. Cisco delivers IoT products under the term Internet of Everything (IoE). The company launched a fog computing platform that supports IoT applications, real-time big data, and real-time analytics. Cisco offers field network products and embedded network products, such as switches and routers, and cybersecurity solutions for IoT. It further offers wireless, enterprise networking, security, and collaboration portfolios to help meet the growing demand for IoT. Enhanced security, reduced complexity, and lower costs are some key benefits offered by Cisco IoT solutions.

IBM is one of the leading providers of IT and business services to clients in 175 countries. It operates through six business segments: cognitive solutions, technology services, cloud platforms, Global Business Services (GBS), systems, and global financing. IBM caters to various verticals, such as aerospace and defense, education, healthcare, oil and gas, automotive, electronics, insurance, retail and consumer products, banking and finance, energy and utilities, life sciences, telecommunications, media and entertainment, chemicals, government, manufacturing, travel and transportation, construction, and metals and mining. It offers the Watson IoT platform in the market, which provides comprehensive IoT services, such as connectivity, information management, real-time analytics, and risk and security management. The Watson IoT platform?provides support to the main IoT product, such as connecting, storing, analyzing, and managing data along with monitoring support through the Watson IoT platform dashboard. IBM provides the Cognitive IoT for Healthcare solution that focuses on analyzing data collected from patients or individuals. The data is also collected through the signals generated from sensors in everyday objects, environmental sensors, and wearables.

GE Healthcare is a unit of the General Electric company, a global provider of transformational medical technologies and services. The company offers efficient healthcare solutions by digitally connecting traditionally existing technologies with advanced technologies, such as precision, diagnostics, and monitoring. The solutions offered by GE Healthcare in the IoT in healthcare market include remote patient monitoring and digital solutions. GE Healthcare’s comprehensive portfolio of remote patient monitoring solutions includes clinical alarm management, a safety initiative for healthcare providers incorporating sophisticated technology, and consulting to help reduce challenges, such as alarm fatigue, and improve workflows, thereby creating a healing environment for patients and their families. Other offerings include care ports, such as the Web Viewer for remote access the patient’s clinical information in near real-time, and network solutions (CARESCAPE NETWORK), for delivering a robust and expandable platform for Clinical Information Logistics. GE Healthcare’s digital solutions include asset performance management, which provides data-driven insights that are used to optimize resource utilization, increase resource availability, and reduce the operating costs of the healthcare equipment.

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