IoT in Healthcare Market to be Worth $312.7 Billion by 2030

Meticulous Research®-a leading market research company, published a research report titled, 'IoT in Healthcare Market by Component (Monitoring Devices (Glucose, Cardiac, Respiratory, Blood Pressure), Pacemaker, Ventilator, Infusion Pump}, Software), Application (Telehealth, Imaging, Operation Management), End User - Global Forecast to 2030.'

According to this latest publication from Meticulous Research®, the IoT in Healthcare market is projected to reach $312.7 billion by 2030, at a CAGR of 15% from 2023 to 2030.IoT in healthcare provides remote patient monitoring and helps in accurate diagnosis and better treatment, thus improving the quality of healthcare services offered to patients. The growth of this market is driven by the growing adoption of digital solutions in the healthcare sector, increasing focus on patient-centric care delivery, and digital health initiatives across the globe. In addition, the growing focus on telehealth technologies and increasing adoption of IoT for early diagnosis and faster treatment offer market growth opportunities. The high risk of data breaches is creating a challenge for market growth. Expensive IoT infrastructure, deployment, and less utilization of IoT technologies in developing countries are restraining market growth.

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Key Players

Some of the key players in the IoT in healthcare market include Medtronic plc (U.S.), GE Healthcare Technologies Inc. (U.S.), Koninklijke Philips N.V., Philips (Netherlands), Siemens Healthineers (Germany), Abbot Laboratories (U.S.), Boston Scientific Corporation (U.S.), Honeywell Life Care Solutions (U.S.), BIOTRONIK SE & Co. KG (Germany), AgaMatrix, Inc. (U.S.), Securitas Healthcare, LLC. (U.S.), AliveCor (U.S.), iHealth Labs, Inc. (U.S.), Johnson & Johnson (U.S.), Baxter (U.S.), OMRON Healthcare, Inc. (Japan), Intel Corporation (U.S.), International Business Machines Corporation (U.S.), and Microsoft Corporation (U.S.).

The IoT in Healthcare Market is segmented by Component (Medical Devices [by Type {Benchtop & Portable Medical Devices, Implantable Medical Devices, Wearable Medical Devices}, by Product {Imaging Systems, Monitoring Devices, Cardiovascular Devices, Patient Monitors, Ventilators, Infusion Pumps, Anesthesia Machines, Hearing Devices, Dialysis Machine, Other IoT-enabled Medical Devices}], Software [Data Collection and Analytics, Device Integration, Hospital Operation Management, Others], Services), Application (Telehealth/Telemedicine, Hospital Operations & Workflow Management, Inpatient Monitoring, Imaging, Other Applications), End User (Hospitals & Clinics, Home Care & Long-Term Care Centers, Health Insurance Companies, Personal Users, Other End Users), and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

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Based on component, in 2023, the medical devices segment is expected to account for the largest share of the IoT in healthcare market. IoT-enabled medical devices give patients more control over their care and treatment. IoT makes it simple for patients and doctors to manage illnesses. Medical IoT provides more individualized therapy by providing accurate, real-time patient data, improving the overall patient experience.

Based on application, in 2023, the telehealth/telemedicine segment is expected to account for the largest share of the IoT in healthcare market. The growing geriatric population, presence of favorable reimbursements, provision of emergency psychiatric care, and consultation with specialist doctors without a geographic barrier is increasing the demand for telemedicine. Telehealth offers a cost-effective and convenient approach to providing healthcare to geriatric populations with transportation limitations and who need disease treatment. Additionally, the demand for virtual counseling for mental health concerns increased during the COVID-19 pandemic, thereby driving the market

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Based on the end user, the home care & long-term care centers segment is projected to register the highest CAGR during the forecast period. The rise in the geriatric population is increasing the demand for home care & long-term care. An increased trend of independent living among the elderly, growing demand for convenience and ease in care delivery, penetration of digital technologies, and need for emergency response systems in care centers are increasing the penetration of IoT in-home care & long-term care centers. In-home care, the use of IoT sensors and devices continuously monitors the activities of the elder population and sends alerts to the family and healthcare providers.

Based on geography, in 2023, North America is expected to account for the largest share of the IoT in healthcare market. High adoption of advanced technologies, use of e-prescription and telehealth, and increased health consciousness among the population are the factors supporting the large share of this market. The presence of key players; the rise in healthcare IT-enabled hospitals, clinics, and diagnostic labs; and increased emphasis on digital healthcare infrastructure are driving the market.

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Key questions answered in the report-

Which are the high-growth market segments in terms of component, application, end user, and geography?
What was the historical market for IoT in healthcare across the globe?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, restraints, opportunities, and challenges in the IoT in healthcare market?
Who are the major players in the IoT in healthcare market?
What is the competitive landscape, and who are the market leaders in the IoT in healthcare market?
What are the recent developments in the IoT in healthcare market?
What are the different strategies adopted by the major players in the IoT in healthcare market?
What are the geographic trends and high-growth regions/countries?

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