IoT in Healthcare Market: Digitization Surge to Propel Valuation Beyond $926.9B by 2031 | SkyQuest Technology
WESTFORD, Mass., June 27, 2024 /PRNewswire/ — According to SkyQuest, the global IoT in Healthcare Market size was valued at USD 215.4 billion in 2022 and is poised to grow from USD 252.1 billion in 2023 to USD 926.9 billion by 2031, growing at a CAGR of 16.8% in the forecast period (2024-2031).
The use of Internet of Things (IoT) in healthcare industry refers to the connection of all connected devices and healthcare equipment through the Internet. The growing digitization of the healthcare industry is projected to bolster the demand for IoT in healthcare across the forecast period. High adoption of electronic health records and the increasing importance of healthcare data are also slated to augment IoT in healthcare market development going forward. The global IoT in healthcare market is segmented into component, end user, application, and region.
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IoT In Healthcare Market Overview:
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Report Coverage |
Details |
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Market Revenue in 2023 |
$ 252.1 billion |
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Estimated Value by 2031 |
$ 926.9 billion |
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Growth Rate |
Poised to grow at a CAGR of 16.8% |
|
Forecast Period |
2024–2031 |
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Forecast Units |
Value (USD Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
Component, Application, End-user and Connectivity |
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Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
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Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
Increase in Adoption of IoT in Healthcare Industry |
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Key Market Drivers |
Integration of AI within the IoT in healthcare is Driving the Market |
Segments covered in IoT in Healthcare Market are as follows:
- Component
- Medical Devices (Wearable External Devices, Implanted Medical Devices, Stationary Medical Devices), System and Software (Remote Device Management, Network Bandwidth Management, Data Analytics, Application Security, Network Security), Services (Deployment and Integration Services, Consulting {Training, and Education}, Support and Maintenance Services)
- Application
- Telemedicine (Store and Forward Telemedicine, Remote Patient Monitoring, Interactive Telemedicine), Clinical Operations and Workflow Management, Connected Imaging, Patient Monitoring, Medical Management, Others
- End-user
- Hospitals, Surgical Centers, Clinics, Clinical Research Organizations, Government & Defense Institutions, Research & Diagnostic Laboratories
- Connectivity
- Cellular, Wi-Fi, Bluetooth, Satellite, Zigbee, Near-field Communication, Others
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Hospitals to Remain at the Top in Terms of IoT in Healthcare Adoption
Growing hospitalization around the world has resulted in an increased burden on these healthcare institutions. To manage this increasing workload, hospitals are quickly investing in advanced digital technologies such as IoT and robotics. High emphasis on improving patient outcomes and the adoption of a patient-centric care approach is also estimated to help promote the use of IoT devices in this sub-segment.
A growing number of clinical trials and high investments in medical R&D are also opening the scope for IoT adoption in clinical research organizations. The increasing complexity of the regulatory framework and the need for more clinical data will also promote the use of IoT devices in clinical research organizations. Meanwhile, rising demand for faster turnaround times from diagnostic and research laboratories will also help promote the demand for IoT technology for diagnostic laboratories and research laboratories over the coming years.
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Telemedicine: Key to Unlocking Full Potential of IoT in Healthcare Business
The growing prevalence of chronic diseases around the world has boosted the demand for novel healthcare solutions thereby resulting in innovations such as telemedicine. Rising demand for better patient monitoring in all scenarios and advancements in telemedicine technology is forecasted to help this segment hold a high share of the global IoT in healthcare market. IoT devices are highly crucial for the proper adoption of telemedicine, and this is why growing demand for telemedicine will benefit market development over the coming years.
Remote patient monitoring is another key application estimated to uplift the demand for IoT in healthcare. Growing demand for home care and the establishment of multiple remote care centers are projected to help promote the adoption of IoT in healthcare across the forecast period and beyond. The use of IoT devices and systems to automate or improve clinical operations1 and workflow management will also help market development in the future. Medication management is also a key application that is expected to gain traction over the coming years and promote the use of IoT technology across the healthcare industry. Medication management, especially for the geriatric population, will be crucial as aging people opt to live more independently worldwide.
In conclusion, the global IoT in healthcare market has a lot of scope owing to rapid digitization in the healthcare space. Increasing awareness regarding the benefits of IoT deployment is estimated to help IoT in healthcare providers gain good revenue from almost all segments. Hospitals are projected to remain the most lucrative end user for new as well as established IoT in healthcare companies operating in the market.
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