IoT in Healthcare Market is predicted to expand at an impressive 18.0% CAGR through 2032 | FMI

The global IoT in Healthcare Market is worth US$ 181.4 Billion as of now and is expected to reach US$ 952.3 Billion by the year 2032 at an unparalleled CAGR of 18% between 2022 and 2032.

People across the globe are gaining benevolence regarding self-health management. With wearable medical devices getting adopted, monitoring health concerns has turned out to be easy. The companies like Eversense and Dexcom are among the pioneers to receive approval from the US FDA for glucose monitor devices. They help in monitoring levels of sugar for 3 months.

Along the above-mentioned grounds, Zoll LifeVest 4000, a wearable defibrillator, was tabled for monitoring unusual heartbeats, i.e. arrhythmias in children and adults. Abrupt cardiac arrest could be analyzed through this wearable device.

AI, ML, and NLP are helping in analyzing the health of the patient. At the same time, the security-related risks of IoT in the healthcare vertical can’t be ignored. This factor may restrain the IoT in the healthcare market. Future Market Insights has walked through these facts with insights in its latest market study entitled ‘IoT in Healthcare Market’.

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Key Takeaways from IoT in Healthcare Market

• North America holds a noteworthy market share. This could be reasoned with an increasing emphasis on health management all over the US.
• Europe is also expected to grow on a linear note with the UK and France leading from the front. This could be attributed to growing demand for telemedicine, mHealth, and EHRs (electronic health records).
• The Asia-Pacific is expected to grow at the fastest rate in the IoT in healthcare market with South Korea, India, China holding the baton.
• LATAM is expected to pick up pace in future with increasing focus of the governments in improving healthcare system. For example – different ministries of Brazil, in February 2020, announced collaboration for integrating IoT schemes in healthcare sector.

Competitive Landscape

• Microsoft Corporation, in October 2020, did announce that it had strategically entered into collaboration with ZEISS Group for enhancing patient care via data-driven healthcare solutions. The major objective is that of improvising on device management, treatment, and enhancing clinical workflow by making use of novel digital connected solution.
• General Electric Company, in May 2019, partnered with NASSCOM for launching and offering digitized healthcare services and solutions in market. The purpose was to upscale digital healthcare via CoE-IoT (Center of Excellence-Internet of Things) platform pertaining to NASSCOM.

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• Medtronic, in January 2019, partnered with IBM Watson for providing IQcast. It’s a new-fangled feature of the existing product ‘Sugar.IQ’ for iOS mobile devices all across the US. This software claims to make available a hypoglycemic episode to patients for monitoring the low glucose level. It does work by predicting occurrence 1-4 hours prior.
• Spencer Health Solutions and Royal Philips, in April 2019, started working towards expansion of their rapport for providing chronically ill patients in select EU nations with an in-home adherence to medication on Philips telehealth platform.

“Connected devices are penetrating the healthcare vertical at an alarming rate. This factor is bound to take the IoT in healthcare market by storm in the forecast period”, says an analyst from Future Market Insights.

Key Players

• Apple Inc.
• Cisco Systems Inc.
• GE Healthcare Ltd.
• Google (Alphabet)
• International Business Machines Corporation
• Medtronic PLC
• Microsoft Corporation
• Proteus Digital Health
• Koninklijke Philips N.V.
• QUALCOMM Incorporated
• Abbot Laboratories

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Key Segments Covered in the IoT in Healthcare Industry Report

By Component:

• Hardware
  • Portable Diagnostic Devices
  • Non-Portable Diagnostic Devices
• Software
• Services

By Application:

• Telemedicine
• Medication Management
• Clinical Operations
• Patient Monitoring
• Connected Imaging
• Healthcare Applications

By Technology:

• Bluetooth-based
• Wi-Fi-based
• NFC-based
• Zigbee-based
• RFID-based
• Other Technologies (Cellular, Satellite, Zwave, EnOcean)

By End User:

• Hospitals
• Pharmaceuticals
• Clinics & Laboratories

About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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