The IoT in healthcare market was valued at US$ 20.15 billion in 2015 and it is projected to reach US$ 135.87 billion in 2025; it is expected to grow at a CAGR of 21.2% from 2016 to 2025.

The IoT in Healthcare helps in delivery of healthcare facilities through improved communication, between patients and healthcare providers, via connected medical devices. IoT in Healthcare enable the stakeholders particularly, providers and patients, to enhance patient care, reduce costs related to healthcare, reduction in errors, improved patient experience, and improved patient outcomes along with better disease management. The growth of the IoT in healthcare market is attributed to the increased adoption of smart devices and wearables, need for workforce optimization, and decreasing cost of sensors. However, high cost associated with smart devices and IoT infrastructure, security and privacy concerns and varying standards and lack of interoperability are the major factor hindering the market growth.

The IoT in healthcare market is expected to witness substantial growth post-pandemic. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth in many areas. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. Factors such as use of robots and IoT devices like smart bracelet that is worn by patients to check patients' temperatures, monitor their heart rates and sugar levels will eventually drive the market growth in forecast period. 

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IoT in Healthcare Market: Strategic Insights

IoT in Healthcare Market

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  CAGR (2015 - 2025)

  21.2%
• Market Size 2015
  US$ 20.15 Billion
• Market Size 2025
  US$ 135.87 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• Koninklijke Philips N.V.
• Medtronic Plc
• Siemen Healthcare GmbH
• Proteus Digital Health, Inc.
• IBM Watson Health
• General Electric Healthcare
• Microsoft Corporation
• Qualcomm Life, Inc.
• STANLEY Healthcare

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Solution

• Medical systems & Devices and Software Solutions & Tools

Services

• Professional Services & Integration Services Application

End-user

• Patients & Individuals
• Diagnostic & Research and Labs
• Hospitals & Healthcare Institutes and Government Authority

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Market Insights

Increased Adoption of Smart Devices and Wearables to Drive IoT in Healthcare Market Growth

The smart devices include smart phones, tablets, and phablets; and wearables such as smart bands, smart shoes, smart clothes, smart watches, sleep headphones and others help in collecting, transferring and analyzing information of data between device and a remote sensor. With the increase in adoption of smart devices and wearables, the demand for healthcare applications has also increased thus, driving the demand for IoT in healthcare market. Many wearable devices are getting immense attention due to their capabilities including devices benefitting patients from chronic illness. Also, some devices have push buttons which can immediately send alerts for emergency medical help. Furthermore, fitness bands are one more addition to the devices in healthcare and IoT. These connected devices record the essential data of the wearer throughout the day and transfer this data wirelessly to users’ devices such as tablets, smartphones, and computers. These devices are considered as a great tool in reducing medical expenses and thus, are increasingly adopted by the people. Moreover, the smartphones with mobile applications for storing health information with inbuilt sensors are another great attraction driving the market for IoT in healthcare. These apps can be connected to the wearable devices of the patients’ to record the data. The applications such as blood pressure monitoring, heart rate etc. using these devices are helping people using smart devices to reduce their medical expenses.

 

Solution-Based Insights

In terms of solution, the IoT in healthcare market is segmented into medical systems & devices and software solutions & tools. In 2015, the medical systems & devices held larger share of the market. Also, the same segment is estimated to continue its dominance during the forecast period.

Service-Based Insights

In terms of services, the IoT in healthcare market is segmented into professional services and integration services. In 2015, the integration services segment held larger share of the market. Whereas, the professional services segment is expected to dominate the market during the forecast period.

Application-Based Insights

Based on application, the IoT in healthcare market is segmented into medication management, patient monitoring, fitness & wellness measurement, clinical workflow management and others. The patient monitoring segment held the largest market share in 2015, also the same segment is estimated to dominate the market during the forecast period.

End User-Based Insights

In terms of end user, the IoT in healthcare market is segmented into patients & individuals, diagnostic & research centers and labs, hospitals and healthcare solution providers, and government authority. The hospital & healthcare solution providers segment held the largest share of the market in 2015. However, the patients & individuals segment is estimated to dominate the market during the forecast period.

 

The IoT in healthcare market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.

IoT in Healthcare Market Report Scope

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Global IoT in Healthcare Market – by Solution

• Medical Systems & Devices

• On-Body Wellness
• On-Body Healthcare
• Implanted

• Software Solutions & Tools

• Data Analytics Tools & Solutions
• Network Management Solutions
• Security Solutions   

Global IoT in Healthcare Market – by Services

• Professional Services
• Integration Services

Global IoT in Healthcare Market – by Application

• Medication Management
• Patient Monitoring
• Fitness & Wellness Measurement
• Clinical Workflow Management
• Others

Global IoT in Healthcare Market – by End- User

• Patients & Individuals
• Diagnostic & Research Centers and Labs
• Hospital and Healthcare Institutes
• Government Authority 

Global IoT in Healthcare Market – by Geography

• North America

  • US
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • Italy
  • UK
  • Spain
  • Rest of Europe

• Asia Pacific (APAC)

  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC

• Middle East & Africa (MEA)

  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

• South America and Central America (SCAM)

  • Brazil
  • Argentina
  • Rest of SCAM

Company Profiles

• GE Healthcare
• IBM Corporation
• Koninklijke Philips N.V.
• Medtronic Public Limited Company
• Microsoft Corporation
• Proteus Digital Health, Inc.
• Qualcomm Life, Inc.
• Siemens Healthcare Gmbh
• Stanley Healthcare
• Verily Life Sciences LLC