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Valued at $56.1 billion in 2017, the global internet of things (IoT) in healthcare market is expected to generate revenue worth $267.6 billion by 2023, registering a CAGR of 30.2% during the forecast period (2018–2023).
Among all regions, APAC is expected to be the fastest-growing market for IoT in healthcare, demonstrating a CAGR of 34.4% during the forecast period. Increasing prevalence of chronic and lifestyle-related diseases coupled with the rising demand for better medical facilities is the key factor boosting investments in the healthcare information technology (HIT) in the region.
Factors Governing IoT in Healthcare Market
Players in the IoT in healthcare market are actively focusing on strategic measures such as partnerships and collaborations to provide technologically advanced solutions to healthcare organizations for improved services. For instance, in March 2018, Koninklijke Philips N.V. entered into a partnership with Hologic Inc. to offer novel, integrated imaging solutions for women's healthcare. These solutions included diagnostic imaging modalities and informatics technologies for screening medical conditions in women. With such partnerships and collaborations, companies are trying to cater to the growing demand for advanced healthcare solutions and, in the process, increase their share in the market.
The IoT in healthcare market is also being driven by increasing investments in IoT by both public and private organizations across the world. For instance, in November 2015, the European Union (EU) launched the Connecting Europe Facility (CEF) program and invested $18.2 million for the deployment of digital service infrastructure (DSI). The CEF invited proposals from EU member states to provide pan-EU digital services in four different areas: eHealth, eProcurement, eIdentification (eID), and online dispute resolution (ODR). In the U.K., the government launched IoTUK, a three-year national program, with an investment of $52.8 million for the development of the country’s IoT network.
Healthcare organizations across the world are increasingly deploying cloud-based solutions for the seamless exchange of patient information. Cloud computing supports storage and retrieval of a huge volume of patient information, further facilitating better clinical management in hospitals and other emergency care settings. IoT-supported cloud platforms allow physicians, nurses, and other healthcare professionals to access comprehensive data sets with respect to patient health records in real-time for making informed decisions. Owing to these benefits of cloud technology in the healthcare industry, healthcare providers are opting for this technology for improving clinical workflow, thus boosting the demand for IoT solutions globally.
IoT in Healthcare Market Segmentation Analysis
The systems and software category is expected to be the fastest-growing component category in the IoT in healthcare market, advancing at a CAGR of 32.9% during the forecast period. Furthermore, of the various application areas of the IoT technology in healthcare, telemedicine accounted for the largest share in the market. Also, during the forecast period, the IoT in healthcare market is expected to witness the fastest growth in the Wi-Fi category. These findings may be attributed to the increasing adoption of the technology, as Wi-Fi-supported IoT solutions in healthcare help in seamless data sharing and continuous patient monitoring, thus reducing the number of hospital visits and resulting in improved patient outcomes.
Hospitals, surgical centers, and clinics, as an end-user category, accounted for the largest share in the IoT in healthcare market in 2017, mainly due to the rise in the number of clinics and hospitals, globally.
Geographical Analysis of IoT in Healthcare Market
Globally, North America was the largest market for IoT solutions in healthcare, contributing 44.3% revenue in 2017. Some of the factors driving the North American IoT in healthcare market are the developed healthcare infrastructure, increasing government initiatives to boost the adoption of IoT solutions in healthcare, and growing prevalence of chronic diseases in the region. Additionally, increasing R&D activities in the HIT sector and advancements in technology have significantly contributed to the market growth in the region.
In terms of growth, APAC is projected to be the fastest-growing IoT in healthcare market globally, primarily driven by the increasing investments by public and private organizations in the HIT sector, surging geriatric population, and rising prevalence of chronic diseases in the region.
Competitive Landscape of IoT in Healthcare Market
The global IoT in healthcare market is consolidated in nature. Some of the key players operating in the market are Stanley Black & Decker Inc., Proteus Digital Health Inc., and Medtronic plc. These players are mainly focusing on mHealth applications, wearable sensors, and health analytics solutions supported by IoT.
Recent Strategic Developments of Major Market Players
In recent years, players in the IoT in healthcare market have taken several strategic measures, including product launches and partnerships, to increase their market share. For instance, in February 2018, GE Healthcare launched LOGIQ E10, a high-end radiology ultrasound system that is fully digital and supported by cloud connectivity, artificial intelligence technology, and advanced algorithms to obtain and reconstruct data for accurate diagnosis.
Similarly, in November 2017, Otsuka Pharmaceutical Co. Ltd. (Otsuka) and Proteus Digital Health (Proteus) announced the U.S. Food and Drug Administration (USFDA) approval of the ABILIFY MYCITE (aripiprazole tablets with sensor) digital medicine system, a drug–device combination product comprising Otsuka’s oral aripiprazole tablets embedded with an ingestible event marker (IEM) sensor.
IOT Healthcare Market Size Breakdown by Segment
The internet of things (IOT) healthcare market report offers comprehensive market segmentation analysis along with market estimation for the period 2013–2023.
Based on Component
Based on Technology
Based on Application
Based on End User
Key Questions Addressed in the Report