Internet of Things in Healthcare Market Size to USD

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

According to the Comprehensive Research Report by Market Research Future (MRFR), “The Internet of Things in the healthcare market Information by Segment, Application, Communication Technology, End User and Region – Forecast to 2030“The market size was estimated at USD 81.90 billion in 2021 and is expected to grow from USD 102.79 billion in 2022 to USD 632.53 billion in 2030, showing a compound annual growth rate (CAGR) of 25.50% during the forecast period ( 2022 – 2030).

Market scope

Medical delivery drones have been in high demand during this pandemic due to limited mobility and emergency delivery of medical equipment and drugs. Instead of a manned transport center, drones are used. The government is working to deliver life-saving medical care in partnership with technology providers. Additionally, market participants are introducing drones with IoT capabilities that are satellite-based and can carry medical supplies and medicines. For example, KORE (US) launched electric drones equipped with IoT to transport important medical equipment in June 2021.

The drone uses eSIM technology and satellite communication to operate, allowing for faster delivery of goods. The installation of this technology aims to support the rapid delivery of medical supplies. Drones also aim to transport COVID vaccines and other medical supplies to remote and rural areas of the world. As a result, the internet of things in the healthcare sector has made great strides to meet the demand.

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Scope of Report:

Report Attribute Details
Market Size in 2030 USD 632.53 billion
CAGR 25.50%
Base Year 2021
Prediction Time 2022-2030
Historical Data 2020
Predictions Units Amount (USD Billion)
Report Spread Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Composite Parts By Component, Application, Connectivity Technology and End User
Combined Areas North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers Increasing Deployment of Healthcare Delivery Drones to Drive Market Growth
The number of chronic diseases is increasing worldwide

Competitive Outlook

Major market companies are investing heavily in R&D to expand their product lines, which will fuel further growth in the healthcare internet of things market. In addition, market participants launch new products, enter into contracts, acquire companies, raise investments, and collaborate with other organizations to expand their global footprint. Online healthcare competitors must provide affordable products to grow and succeed in a highly competitive field.

Local manufacturing to reduce operating costs is one of the main business methods used by Internet of Things manufacturers in healthcare to serve customers and expand market share.

One of the first HealthTech businesses in India to offer integrated telemedicine solutions and care platforms is Healthnet (India). HNG provides case management and rural health connectivity systems by integrating healthcare services, ICT, medical devices, and patient information systems. Automated, an in-patient room switching system that can perform remote patient monitoring and attempt to continuously monitor a patient’s respiratory rate, heart rate, and other clinical parameters remotely, was launched in February 2022 by Health Net, a division of Apollo Hospitals.

Key Players

  • Royal Philips NV (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)

Browse In-Depth Market Research Report (120 Pages) on Online Healthcare Devices:

Market Segmentation

Medical devices, systems and software, and services are all included in the Internet of Things in the health care market segment, according to the segments. In terms of revenue from internet of things in healthcare, the systems and software segment holds the largest market share in 2021. This is due to the increasing use of technology in the industry. Throughout the forecast period, it is expected that IoT systems and software used to track patient health and manage devices will continue to grow. The market is further segmented into remote device management, network bandwidth management, data analytics, application security, and systems and software-based network security. Because of their use in patient diagnosis, data analysis tools and software are gaining popularity in the healthcare sector.

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

By communication 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 Medical Research Centers, Hospitals and Clinics, Research and Diagnostic Laboratories, Others.

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Regional Perspectives

North America, Europe, Asia-Pacific, and Rest of the World are the regions where the market is segmented in the study. At the time of the study, the North American Internet of Things in Health market held the largest market share. This is due to the region’s growing need for cost-effective disease treatment, rapid technological advancements, increased investment from leading companies, supportive government regulations, and an increase in the number of patients with chronic diseases.

Due to the growing demand for hospital mHealth, electronic health records, and telemedicine, Europe has the largest market share in the Internet of Things in the healthcare sector. The Internet of Things healthcare market in Germany had the largest market share, and the UK market had the fastest growth rate in continental Europe.

Due to the large number of patients, rapidly 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. Furthermore, the Asia-Pacific region’s internet of things in healthcare market was led by China, which had the largest market share, and India, which had the fastest growth rate. Asia-Pacific is therefore expected to experience the fastest growth in the forecast period of 2022–2030.

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