Internet Of Things (IoT) In Healthcare Market By Components (Medical Devices [Wearable External Medical Devices, Implanted Medical Devices, and Stationary Medical Devices], Systems & Software, and Services), Applications (Telemedicine, Inpatient Monitoring, Medication Management, and Others), End-users (Hospitals, Clinical Research Organizations, and Others) and Regions (North America, Europe, Latin America, Asia Pacific And Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, And Forecast 2021 – 2028.
The global Internet of Things (IoT) in healthcare market size was valued USD 46.44 billion in 2020 and is projected to expand at a CAGR of 11.5% during the forecast period, 2021 – 2028. The growth of the market is attributed to growing adoption of healthcare information systems with improved device accuracy and connectivity.
Internet of Things (IoT) is a network of physical devices that uses connectivity to enable the exchange of data. In healthcare filed, IoT is used for the data collection, analysis, and monitoring electronic health records that contain personally identifiable information, protected health information, and machine-generated healthcare data. IoT applications in healthcare facilitate important tasks, which include to improve patient outcomes, and helps health practitioners to take some burden off.
Internet of Things (IoT) enabled devices have made remote monitoring in the healthcare sector possible, bringing out the potential to keep patients safe and healthy, and empowering physicians to deliver superlative care. Growing IoT healthcare applications is expected to accelerate the digital transformation of the healthcare industry.
Market Trends, Drivers, Restraints, and Opportunities:
- Rising focus on active patient engagement and patient-centric care is anticipated to drive the growth of Internet of Things (IoT) in healthcare market.
- Growing demand for adoption of cost-control measures in the healthcare sector is expected to boost the market growth during the forecast period.
- Increasing demand for wearable devices amidst the COVID-19 outbreak
- has positively impact on the market growth.
- Reduced cost of care and evolution of artificial intelligence (AI) technology is speculated to propel the market growth
- Outdated infrastructure can hinder the digital growth of the medical industry, which can negatively impact the market growth.
- Government initiatives for promoting digital health coupled with technological advancements can creates huge opportunities for the growth of the Internet of Things (IoT) in healthcare market.
Scope of the Report
The report on the global Internet of Things (IoT) in healthcare market research report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Internet of Things (IoT) in Healthcare Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Components (Medical Devices [Wearable external medical devices, Implanted Medical Devices, and Stationary medical Devices], Systems & Software, and Services), Applications (Telemedicine, Inpatient Monitoring, Medication Management, and Others), and End-users (Hospitals, Clinical Research Organizations, and Others) |
Geographical Zone |
North America, Europe, Latin America, Asia Pacific, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Medtronic PLC, Koninklijke Philips NV, Cisco Systems, International Business Machines Corporation (IBM), and GE Healthcare |
Internet of Things (IoT) in Healthcare Market Segment Insights
Medical devices to accounts considerable market share
Based on components, the market is divided into medical devices, systems & software, and services. The medical devices segment is further bifurcated into wearable external medical devices, implanted medical devices, and stationary medical devices. The medical devices segment is anticipated to account for a considerable market share owing to the growing requirement for cost-effective and efficient solutions to deliver healthcare services. IoT-enabled medical devices play vital role in data gathering and tracking activities, leading to development of various IoT in healthcare.
Medication management segment to account a major market share
On the basis of applications, the global Internet of Things (IoT) in healthcare market is segmented into telemedicine, inpatient monitoring, medication management, and others. The medication management segment is expected to account for a major market share during the forecast period owing to increasing adoption of healthcare information systems, rising demand for systems that can reduce medication errors and improve patient safety. Furthermore, growing adoption of mHealth solutions for medication management is driving the segment growth.
Hospital segment to account a considerable market share
In terms of end-users, the market is segmented into hospitals, clinical research organizations, and others. The hospital segment is expected to account for a considerable market share during the forecast period. Rapid technological advancements in healthcare, increasing investments from major players, supportive governmental rules, rising prevalence of chronic diseases, and increasing demand for cost-effective disease treatment are anticipated to proliferate the market segment.
North America to dominant market
Based on regions, the global Internet of Things (IoT) in healthcare market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market owing to increasing adoption of healthcare IT solutions, presence of key players, and the availability of sophisticated infrastructure. Additionally, increasing initiatives to curb medical expenses and a shifting trend from fee-for-service to a value-based model has given significant boost to the market growth in the region.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Internet of Things (IoT) in Healthcare Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Internet of Things (IoT) in Healthcare Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Internet of Things (IoT) in Healthcare Market - Supply Chain
4.5. Global Internet of Things (IoT) in Healthcare Market Forecast
4.5.1. Internet of Things (IoT) in Healthcare Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Internet of Things (IoT) in Healthcare Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Internet of Things (IoT) in Healthcare Market Absolute $ Opportunity
5. Global Internet of Things (IoT) in Healthcare Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by Applications
5.3.1. Telemedicine Inpatient Monitoring Medication Management Others
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Internet of Things (IoT) in Healthcare Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by End Users
6.3.1. Hospitals Clinical Research Organizations Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Internet of Things (IoT) in Healthcare Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Internet of Things (IoT) in Healthcare Demand Share Forecast, 2019-2026
8. North America Internet of Things (IoT) in Healthcare Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by Applications
8.4.1. Telemedicine Inpatient Monitoring Medication Management Others
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by End Users
8.7.1. Hospitals Clinical Research Organizations Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Internet of Things (IoT) in Healthcare Demand Share Forecast, 2019-2026
9. Latin America Internet of Things (IoT) in Healthcare Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by Applications
9.4.1. Telemedicine Inpatient Monitoring Medication Management Others
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by End Users
9.7.1. Hospitals Clinical Research Organizations Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Internet of Things (IoT) in Healthcare Demand Share Forecast, 2019-2026
10. Europe Internet of Things (IoT) in Healthcare Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by Applications
10.4.1. Telemedicine Inpatient Monitoring Medication Management Others
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by End Users
10.7.1. Hospitals Clinical Research Organizations Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Internet of Things (IoT) in Healthcare Demand Share Forecast, 2019-2026
11. Asia Pacific Internet of Things (IoT) in Healthcare Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by Applications
11.4.1. Telemedicine Inpatient Monitoring Medication Management Others
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by End Users
11.7.1. Hospitals Clinical Research Organizations Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Internet of Things (IoT) in Healthcare Demand Share Forecast, 2019-2026
12. Middle East & Africa Internet of Things (IoT) in Healthcare Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by Applications
12.4.1. Telemedicine Inpatient Monitoring Medication Management Others
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Internet of Things (IoT) in Healthcare Market Size and Volume Forecast by End Users
12.7.1. Hospitals Clinical Research Organizations Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Internet of Things (IoT) in Healthcare Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Internet of Things (IoT) in Healthcare Market: Market Share Analysis
13.2. Internet of Things (IoT) in Healthcare Distributors and Customers
13.3. Internet of Things (IoT) in Healthcare Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Medtronic PLC Koninklijke Philips NV Cisco Systems International Business Machines Corporation (IBM) GE Healthcare