Internet of Things in Healthcare Market Size to Hit USD

New York, USA, March 15, 2023 (GLOBE NEWSWIRE) -- Internet of Things in Healthcare Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Internet of things in healthcare market Information By Component, Application, Connectivity Technology, End User and Region - Forecast till 2030" the market size was valued at USD 81.90 billion in 2021 and is projected to grow from USD 102.79 billion in 2022 to USD 632.53 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 25.50% during the forecast period (2022 - 2030).

Market Scope

Drones for healthcare delivery were more in demand during the pandemic because of the restricted mobility and urgent deliveries of medical equipment and drugs. In place of the manned transportation facility, drones are used. The government is working to deliver life-saving medical help in conjunction with technology suppliers. Additionally, market participants are introducing drones with IoT capabilities that are satellite-based and can carry medical supplies and medications. For instance, KORE (US) launched IoT-equipped electric drones to transport essential medical equipment in June 2021.

The drone uses eSIM technology and satellite connectivity to work, which enables quick goods delivery. The incorporation of these technologies seeks to support the quick delivery of medical supplies. The drones also intend to transport COVID vaccinations and other medical supplies throughout remote and rural areas of the world. As a result, the internet of things in the healthcare sector has made tremendous advancements in order to meet the need.

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Report Scope:

Report AttributeDetails
Market Size in 2030USD 632.53 Billion
Base Year2021
Forecast Period2022-2030
Historical Data2020
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredBy Component, Application, Connectivity Technology and End User
Geographies CoveredNorth America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market DriversIncreasing Deployment of Healthcare Delivery Drones to Boost Market Growth
Increasing number of chronic cases across the globe

Competitive Outlook

Major market companies are investing a lot of money in R&D to expand their product lines, which will spur further growth in the market for the internet of things in healthcare. Additionally, market participants are launching new products, entering into contracts, acquiring companies, increasing investments, and collaborating with other organizations in order to expand their global footprint. Healthcare internet of things competitors must provide affordable products in order to grow and thrive in a sector that is becoming more and more competitive.

Manufacturing locally to cut operational costs is one of the main business methods used by manufacturers in the internet of things in healthcare to serve customers and increase the market sector.

One of the first HealthTech businesses in India to offer integrated telemedicine solutions and care platforms is Healthnet (India). HNG offers condition management and rural health connect programmes by integrating healthcare services, ICT, medical tools, and patient information systems. Automated, an innovative in-patient room automation system that can do remote patient monitoring and triaging to continuously monitor a patient's breathing rate, heart rate, and other clinical parameters remotely, was introduced in February 2022 by Health Net, a division of Apollo Hospitals.

Key Players

  • Koninklijke Philips N.V. (Netherlands)
  • Medtronic (US)
  • Honeywell Life Care Solutions (US)
  • GE Healthcare (US)
  • Boston Scientific Corporation (US)
  • Cisco System Inc. (US)
  • Microsoft Corporation (US)
  • SAP SE (Germany)
  • Proteus Digital Health (US)
  • QUALCOMM Incorporated (US)
  • IBM Corporation (US)
  • Resideo Technologies (US)
  • Capsule Technologies (US)
  • Siemens (Germany)

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Market Segmentation

Medical devices, systems and software, and services are all included in the internet of things in healthcare market segmentation, according to components. In terms of income from the internet of things in healthcare, the systems and software segment held the biggest market share in 2021. This is primarily due to the industry's expanding use of technology. Throughout the forecast period, it is anticipated that the IoT systems and software used to track patient health and manage devices will continue to expand. The market is further divided into remote device management, network bandwidth management, data analytics, application security, and network security based on systems and software. Due to their use in patient diagnosis, data analytics tools and software are gaining popularity in the healthcare sector.

By application the market is segmented into Inpatient Monitoring, Medication Management, Telemedicine, Clinical Operations and Workflow Management, Connected Imaging, Others

By Connectivity Technology the market is segmented into Wi-Fi, Bluetooth Low Energy, Zigbee, Near Field Communication, Cellular, Satellite

By End User the market is segmented into Clinical Research Organizations, Hospitals and Clinics, Research and Diagnostic Laboratories, Others

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Regional Insights

North America, Europe, Asia-Pacific, and the Rest of the World are the regions into which the market is divided in the study. During the study period, the North American Internet of Things in Healthcare market held the biggest market share. This is due to the region's growing need for cost-effective disease treatment, quick technical breakthroughs, rising investments from leading companies, supporting governmental regulations, and rise in the number of chronic disease patients.

Due to growing hospital demand for mHealth, electronic health records, and telemedicine, Europe holds a sizable market share in the internet of things in the healthcare sector. The internet of things in the healthcare market in Germany had the biggest market share, and the market in the UK had the quickest rate of growth in the continent of Europe.

Due to its vast patient population, quickly evolving healthcare infrastructure, growing public awareness, and rising healthcare spending, the Asia-Pacific Internet of Things in Healthcare Market holds the second-largest market share. In addition, the Asia-Pacific region's internet of things in healthcare market was led by China, which had the greatest market share, and India, which had the quickest rate of growth. Asia-Pacific is therefore expected to experience the fastest growth over the projected period of 2022–2030.

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Internet of Things in Healthcare Market Size to Hit USD