Global IoT Healthcare Market Insights and Forecast to 2028

IoT Healthcare Market Outlook - 2028

The global IoT Healthcare market size is projected to reach USD 222260 Million by 2028, from USD 53340 Million in 2021, at a CAGR of 22.1% during 2022-2028. 

Key drivers of the IoT healthcare market include the growing need for reducing costs of patient care and improving healthcare outcomes through IoT deployment in telemedicine. The use of IoT systems in workflow management will fuel the growth of the IoT healthcare market during the forecast period. The gradual developments of network technologies and the need for healthcare analytics in connected imaging will boost the growth of the market in the coming years. The medication management process will drive the expansion of the market in the upcoming years.

IoT Healthcare Market Trends

Telemedicine

Telehealth or remote patient monitoring has emerged as a way to improve the quality of patient care and reduce the burden on medical professionals due to excessive hospital stays. The Internet of things provides quick access to patient data and provides a real-time health tracking system as secondary support to doctors. Wearable devices powered by IoT help doctors to access relevant information on the go and make quick adjustments. This will push the demand for the IoT healthcare market in the coming years. Tracking all the vital health si gns like blood pressure, and the heartbeat becomes seamless as doctors can get detailed reports quickly, and handling emergencies becomes easy. People living in far-off areas can easily access premium healthcare services in the comfort of their homes reducing unnecessary travel expenses. It also ensures all the access points and data are collected into a centralized location for maintaining healthcare interoperability.

Workflow Management

IoT technology is already in place in many hospitals and doctor’s offices as these connected devices create a comprehensive data stream for collecting all the in-the-moment responsive information in one place. IoT effectively optimizes everyday administrative tasks and creates additional revenue opportunities. This is expected to augment the growth of the IoT healthcare market. It can track wheelchairs, infusion pumps, HVAC syste ms, lighting controls, energy management, and power generation to manage building functions.  It also helps in the reconfiguration of Healthcare IT systems. The health insurance claims processing is organized as the system automatically tracks all the requisite data and immediately triggers an alert for fraudulent claim procedures or under coverage. This improves the trust factor with potential patients. Furthermore, it also leads to better communciat ion exchange between multiple physicians for interdepartmental consultations. Cloud computing and EHR systems combine disparate data structures to provide enhanced visibility across all the relevant aspects of a healthcare system. The risk of error and miscalculation due to manual intervention is reduced drastically.

Connected imaging

Over-exposure to extreme levels of radiation during medical imaging is a critical issue for both patients and radiologists. Hence providers need to continuously monitor radiation levels in scanning rooms. An IoT-enabled dosimeter does just that by tracking the radiation minutely and comparing it with previous exposure limits. The device effectively transfers the readings to the EHR systems or the specialist’s mobile app to ensure real-time dosage tracking. This will boost the growth of the IoT healthcare market in the upcoming years. The complete integration of IoT, cloud, and machine learning optimizes the entire workflow process. It can immediately identify even the minutest deviations in device performance or surrounding environmental conditions. ML algorithms then predict the defects and faults beforehand. A full 360-degree view is ensured across all the standalone scanning devices like MRI, ultrasound, CT scans, and X-ray systems. This distributes the workload evenly and prevents outages  or unplanned downtime.

Medication management

Pharmaceutical companies and healthcare organizations are collaborating to improve medication management which is a critical issue in the healthcare industry. IoT-enabled devices and pillboxes have been introduced that are portable, user-friendly, and can be used for longer periods of time. The dispensers use mobile technology to send data directly over the internet and the cloud server. The server has all the information regarding a patient’s scheduled medication dose and whenever any dates are missed a notification is sent directly to the patient’s smartphone. This will drive the expansion of the IoT healthcare market. Tons of valuable prescription data are stored in the electric memory with full intake details. This improves patient medication adherence and reduces prescription errors. A physician can track where exactly the patient has taken the medication in full visual ch arts.

Lack of IT skills

IoT technology suffers from a host of issues. There is a lack of specialized knowledge amongst healthcare professionals to properly implem ent IoT solutions. In addition to it, there are risks related to cybersecurity threats and other data vulnerabilities. This will deter the growth of the IoT healthcare market in the forthcoming years.

IoT Healthcare Market Analysis

Based on type, the medical devices segment is expected to dominate in the IoT healthcare market due to the large-scale adoption of connected medical devices for efficient data tracking and a need for a cost-effectiv e solution.

Based on application, the telemedicine segment will grow the highest due to the need for data collection for effective patient moni toring and updates to professionals in real time.

Based on region, Asia-Pacific will witness considerable growth due to the rising deployment of IoT technologies in the medical industry for increasing the expansion of services to a large patient pool. 

IoT Healthcare Market By Type

• Medical Device
• Systems & Software
• Service
• Connectivity Technology

IoT Healthcare Market By Application

• Telemedicine
• Work Flow Management
• Connected Imaging
• Medication Management

By Company

• Medtronic
• Royal Philips
• Cisco Systems
• Ibm
• Ge Healthcare
• Microsoft
• Sap Se
• Qualcomm Life
• Honeywell Life Care Solutions
• Stanley Healthcare
• Diabetizer
• Proteus Digital Health
• Adheretech
• Cerner
• Physiq

By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA