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The global internet of things (IoT) in healthcare market size was USD 57.62 billion in 2019 and is projected to reach USD 352.88 billion by 2027, exhibiting a CAGR of 25.6% during the forecast period.
The supply and demand across several industrial sectors are witnessing massive pressure. Providing essential services to a large number of people simultaneously is becoming challenging for each industry, including healthcare. It is difficult for healthcare service providers to reach each of the patients at a remote location at the right time and treat them properly. As a result, the internet of things emerges specifically to diminish the medical field challenges, and it is continuously gaining traction across the market.
The IoT in healthcare connects all the devices and operating machinery together and allows data transfer and storage using the internet. The capability to connect mobile devices and to automate the patient treatment flow is witnessing a large demand for IoT in the healthcare industry. For the past several years, the healthcare sector of several developed countries has shifted their approaches to electronic health record systems instead of paper-based clinical records. The development of this platform is leading the government to invest in IoT to enable healthcare services to be remotely available. Hence, government initiatives supporting the technology development and acceptance are expected to drive the substantial growth for IoT in the healthcare market. Further, the COVID-19 global pandemic has abruptly accelerated the demand for IoT across the healthcare sector.
Increasing Adoption of IoT Technology in Healthcare amid COVID-19 to Surge Demand
The global novel coronavirus pandemic has caused significant changes in the healthcare industry. Owing to the risk of getting infected while diagnosing or treating patients, many hospitals and diagnostic centers have started adopting IoT-based systems. For instance, according to the World Health Organization (WHO), in 2020, medical staff and patients at a field hospital in Wuhan, China, started adopting Cloud-Mind’s AI-synched bracelets and rings synced with an AI platform. This platform is used for constant monitoring of vital signs including heart rate, temperature, and blood oxygen level during the Covid-19 pandemic.
Rapidly spreading viruses and a limited number of medical staff led the government to take quick initiatives to adopt advanced technologies including IoT, artificial intelligence, block-chain, and machine learning. These technologies help doctors to consult, diagnose, and treat patients even in remote locations. For instance, In April 2020, Union Health Ministry of India launched the mobile application named, ‘Aarogya Setu’. These mobile applications help people to monitor their health status and to detect the risk of COVID-19 infection based on location of the tracking system.
Real-time remote patient monitoring has assisted in controlling the spread of novel coronavirus, thereby augmenting the demand for IoT. Numerous crucial operations and clinical processes can be carried out using centrally connected IoT technology. Additionally, cloud-based Electronic Health Record (EHR) systems help automatically to collect, organize, and store large amounts of clinical data at the database created in the central cloud. Thus, EHR applications using IoT technology can automatically generate a database of the patient’s information, problems, medications, reports, test results, and bills. Healthcare authorities can make valuable decisions through the respective database analysis. Hence, the internet of things based medical applications are gaining traction across the world during the crisis and it is likely to stay after the crisis as well.
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Increasing Adoption of Remote Patient Monitoring System to Favor Growth
The Internet of Things technology that connects various medical devices enables doctors and patients to communicate on virtual platform. The virtual IoT-based connectivity using wearables allow doctors to continuously monitor patient health conditions, even from remote locations, and vice versa. Apart from adopting a camera-based monitoring system, advanced IoT network facilitates video chat or calling for primary consultation. Also, integration of IoT technology in wearables and medical devices have enabled doctors to check different health parameters such as temperature, blood pressure, heartbeats, etc., remotely. Thus, efficient remote patient monitoring can help the doctors and patients to save their time by avoiding hospital visits, which is escalating the adoption of IoT in healthcare.
Advanced Technologies to Accelerate the IoT in Healthcare Market Growth
Digital innovations such as cloud-based computing, virtual health, digital reality, AI and robotics, blockchain, and the Internet of Medical Things (IoMT) are helping to reshape the healthcare future. The emergence of these cutting-edge technologies has strengthened the healthcare connectivity network. Machine learning and artificial intelligence automate data generating and data collecting processes using smart wearables and intelligent robots that are escalating the demand for the healthcare IoT market. Whereas, the generation of large amounts of data encourages the healthcare industry to take advantage of big data analytics to obtain valuable insights and make better decisions. For Instance, in July 2020, Microsoft Corporation introduced Azure IoT connector for Fast Healthcare Interoperability Resources (FHIR). The connector supports managing all the data collected through medical IoT devices.
Rising Support from Government to Promote Digitization will Spur Demand Increasing Government Support to Promote Digitization to Spur Demand
Government agencies in several countries have taken initiative for the development of the healthcare sector. Policies and regulations to promote digitization and a connected world are building a favorable environment for IoT in the healthcare market. For instance, in 2017, China’s central government revealed its Five Year National Science and Technology Innovation Plan, which was aimed to promote digital health. This innovation plan showcased their support to develop technologies for mounting a national platform that can share biomedical big data. Such favorable conditions are anticipating driving the market growth exponentially in the future. Additionally, government spending on the healthcare sector has been escalating continuously from the past several years, with the emergence of advanced technologies. According to the global healthcare outlook report 2019, worldwide healthcare spending is likely to increase at an annual rate of 5.4% during 2018-2022.
Lack of infrastructure and Higher Implementation Costs to Hinder Growth
Despite, developed countries trying to implement each possible technology to advance their healthcare industry, certain factors are still limiting the market growth. The lack of enough infrastructures including high-speed internet connectivity to wearable smart devices limits the market growth. Also, small clinics and government hospitals are still far away from the technology due to high set-up and maintenance costs. Further, lack of knowledge and inefficient technology development is hampering the IoT in healthcare market growth.
Device Segment is likely to Exhibit Significant Growth
The component segment is segregated into devices, software, and services. The advancements in computing power, miniaturization, and wireless technology have driven the development and innovation of connected medical devices. According to Deloitte's MedTech report, published in 2018, the IoT technologies have benefitted the healthcare sector by applying connectivity enhancements across all 21 categories of medical devices to help diagnose, monitor, and treat chronic diseases and health conditions. The increase in demand of such connected devices (medical), mobility, and cloud, demonstrates steady growth in the adoption of IoT devices. However, falling prices of smart sensors and devices put the device segment to the second position in terms of revenue generation.
Device configuration, deployment, installment, medical management, and data-driven capabilities escalating market value for healthcare software and services. The growing demand for remote monitoring and medical databases, software, and service segment is gaining traction across the healthcare industry. Thus, the software segment will hold a large revenue share while the service segment is anticipated to demonstrate a high CAGR.
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COVID-19 Pandemic has Escalated Demand for Remote Patient Monitoring Application
Based on Application, the market for internet of things in healthcare is segmented into telemedicine, patient monitoring, operation and workflow management, remote scanning, sample management, and others.
Among these, the remote patient monitoring segment is anticipating holding a large market share, owing to the growing demand for remote scanning and diagnosis systems during the COVID-19 crisis. As the pandemic has enforced the global healthcare industry to transit from traditional treatment to remote treatment, the growth is again supported by developing wearables and smart devices. The evolving electronic health record systems are expected to drive the telemedicine segment growth. Although, operation and workflow management segments will also demonstrate remarkable growth with developing smart devices and network infrastructure.
Hospitals are leading in Adoption of Remote Monitoring and Management System
The end-user segment is classified into laboratory research, hospitals, clinics, and others. Among this, hospitals will hold a large market share owing to the increasing requirement for remote monitoring and departmental flexible connectivity at the established hospitals. Each time doctors cannot reach the patient immediately, thus hospitals are adopting remote patient monitoring and management systems. Apart from these, affordable prices of remote sensors and wearables are encouraging small clinics to adopt the IoT network to enhance their operations. Additionally, laboratories are further witnessing adoption of the IoT based medical record system to get valuable insights from the databases. Thus, hospitals are anticipating continuing the market leader in the forthcoming years.
North America Internet of Things (IoT) in Healthcare Market Size, 2019 (USD Billion)
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Geographically, the market is studied for five major regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.
Presently, Asia Pacific is dominating the market and anticipated to exhibit the highest growth in the forthcoming years. As the government across developing countries has increased healthcare spending, the demand for the internet of things across APAC is likely to grow over the period. Additionally, technology acceptance led Asian countries to develop cutting-edge health technology solutions.
North America is expected to hold the second position in the healthcare IoT market owing to the presence of prominent market players in the region. Also, the technologically developed United States is one of the early adopters of innovative technologies including artificial intelligence, augmented reality, internet of things, virtual reality, and robotics. The increasing prevalence of chronic diseases in the region is leading to high investments in the advancement of the healthcare sector. The United States is one of the largest adopters of electronic health record systems owing to local government regulations. Hence, government initiatives to deploy advanced technology solutions for efficient health monitoring is expected to drive the market across North America.
Europe holds a moderate market share in the IoT in the healthcare market owing to the high adoption of the mobile health system in the UK, Germany, and other key countries of the region. Latin America, and the Middle East and Africa are expected to showcase average growth in the market during the forecast period. This is attributable to the demand for wearable devices and remote monitoring across Brazil, witnessing greater adoption in the region.
Amazon Web Services, Inc. Offers End-to-End Healthcare Application Connectivity through IoHT Dynamic Platform
Amazon Web Services, Inc. is one of the global leading internet of things (IoT) solution providers. The cutting-edge technologies and robust network connectivity, along with cloud storage facilities have led AWS services to grow across the healthcare industry. The company is leading in the development of the internet of healthcare things (IoHT) platform that can remotely track and monitor patients’ health through connected medical equipment. The company also offers a robust medical database collection that can be used for patients, doctors, and medical authorities for generating valuable insights. Amazon Web Services, Inc. is continuously developing advanced IoHT solutions to strengthen its market position.
Major Companies to Follow Organic and Inorganic Growth Strategies to Stay Competitive in the Market
The global market for internet of things (IoT) in healthcare is highly competitive and this competition is likely to escalate further during the ongoing COVID-19 global pandemic. Prominent and major players are seen to be adopting various strategies such as product launch, merger and acquisition, partnership, and collaboration to upsurge their market value. To boost connectivity and system performance, key players are investing large amount on advanced technologies such as natural language processing, blockchain, machine learning, and artificial intelligence in support of IoT.
An Infographic Representation of Internet of Things (IoT) in Healthcare Market
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The Internet of Things (IoT) in healthcare market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the global IoT in healthcare market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over the recent years.
Value (USD Billion)
Fortune Business Insights says that the global IoT in Healthcare market size was USD 57.62 billion in 2019 and is projected to reach USD 352.88 billion by 2027.
In 2019, the North America market value stood at USD 15.53 billion.
Growing at a CAGR of 25.6%, the market will exhibit steady growth in the forecast period (2020-2027).
The Software segment is the leading segment in this market during the forecast period.
Government initiative to promote digitization across healthcare industry
Microsoft Corporation., Amazon.com, Inc, IBM Corporation, Intel Corporation, and among others are major players of the global market.
Asia-Pacific dominated the market share in 2019.
COVID-19 global pandemic is expected to drive the adoption in the global market.
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