Healthcare IoT Technology Market to Grow with a CAGR of 18.19% through 2028
Rising demand for remote patient monitoring and increasing
healthcare efficiency and cost reduction are likely to drive the market in the
forecast period.
According to TechSci Research report, “Healthcare
IoT Technology Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Healthcare IoT Technology Market
stood at USD 17.77 billion in 2022 and is anticipated to grow with a CAGR of 18.19%
in the forecast period. The escalating costs of healthcare delivery globally
have become a significant driver of the Healthcare IoT Technology market. As
populations age and the prevalence of chronic diseases increases, the demand
for healthcare services has surged. This surge, however, has put immense
pressure on healthcare systems and budgets, making cost containment and
efficiency paramount. Healthcare IoT technologies offer a range of solutions to
address these challenges. Firstly, through remote patient monitoring, IoT
devices enable healthcare providers to proactively manage chronic conditions,
reducing the frequency of costly hospital admissions and readmissions. This, in
turn, leads to substantial cost savings. Additionally, IoT-driven data
analytics and predictive modeling assist in optimizing resource allocation,
reducing waste, and streamlining operations in healthcare facilities. These
technologies also enable healthcare professionals to make data-driven
decisions, which can lead to more efficient and effective care. Furthermore, as
the Internet of Things continues to evolve, the cost of IoT devices and
connectivity solutions has decreased, making them more accessible to healthcare
organizations of all sizes. This affordability encourages broader adoption and
investment in IoT-driven healthcare technologies, further driving market
growth. In essence, the need to rein in escalating healthcare costs and improve
operational efficiency has become a powerful driver in the global Healthcare
IoT Technology market. These technologies offer a promising path towards a more
sustainable and cost-effective healthcare system.
The aging global population and the
increasing burden of chronic diseases represent another significant driver
propelling the Healthcare IoT Technology market forward. As life expectancy
increases, there is a growing proportion of elderly individuals worldwide.
Elderly populations often face multiple chronic health conditions,
necessitating ongoing medical care and monitoring. Simultaneously, the
prevalence of chronic diseases like diabetes, cardiovascular disease, and
respiratory disorders continues to rise across all age groups. Healthcare IoT
technology addresses these challenges by offering continuous, remote monitoring
solutions. Wearable devices and sensors can track vital signs, medication
adherence, and other health metrics in real-time. This continuous monitoring
enables early detection of health deteriorations and timely interventions,
ultimately improving the quality of life for elderly patients and those with
chronic diseases.Moreover, the data collected through IoT devices aids in the
development of personalized treatment plans and better management of chronic
conditions. Machine learning algorithms can analyze this data to predict
disease progression, reducing the risk of complications and hospitalizations. Given
the increasing prevalence of these health challenges and the desire for
improved quality of life among aging populations, the demand for Healthcare IoT
Technology continues to rise. This demographic shift and the associated
healthcare needs make the adoption of IoT-driven healthcare solutions not just
desirable but increasingly necessary, thereby driving growth in the market.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Healthcare
IoT Technology Market.”
The Global Healthcare IoT Technology Market is
segmented into node, software solution, platform, service and region.
Based on node, The Connectivity IC segment had the
largest market share in 2022 & expected to maintain in the forecast period.
Connectivity ICs enable seamless data communication and integration among
various healthcare IoT devices, such as wearable sensors, medical equipment,
and patient monitoring devices. This connectivity allows for real-time data
transmission to healthcare providers, enhancing patient care and clinical
decision-making. Healthcare IoT involves a wide range of devices from different
manufacturers. Connectivity ICs often support multiple communication protocols
and standards, facilitating interoperability among these devices. This
interoperability is crucial for creating comprehensive healthcare IoT
ecosystems. With Connectivity ICs, healthcare professionals can remotely
monitor patients' health status. This capability is particularly valuable for
patients with chronic conditions, as it allows for continuous tracking and
early intervention, reducing hospital readmissions and improving patient
outcomes. Connectivity ICs are designed
with robust security features to protect sensitive healthcare data. This is
vital in healthcare, where patient privacy and data security are paramount, and
strict regulatory requirements, such as HIPAA in the United States, must be
adhered to.
Based on software solution, The Remote Monitoring segment had the
largest market share in 2022 and is projected to experience rapid growth during
the forecast period. Remote monitoring allows healthcare providers to
continuously track patients' health conditions and vital signs, even when they
are outside healthcare facilities. This leads to early detection of issues,
timely interventions, and improved patient outcomes, especially for individuals
with chronic illnesses. By preventing hospital readmissions and minimizing the
need for frequent in-person visits, remote monitoring significantly reduces
healthcare costs. It enables a shift from reactive care to proactive and
preventive care, which is more cost-effective in the long run. The global
population is aging, leading to a higher prevalence of chronic diseases and an
increased demand for healthcare services.
Major companies operating in the Global Healthcare
IoT Technology Market are:
- Cisco Systems Inc.
- IBM Technology Corporation
- GE HealthCare Technologies, Inc
- Microsoft Corporation
- Siemens Healthineers GmBH
- Amazon Web Services Inc
- Intel Corporation
- Honeywell International Inc.
- Qualcomm Technologies, Inc
- Medtronic plc
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“The Global Healthcare IoT Technology market is
expected to rise in the upcoming years and register a significant CAGR during
the forecast period. The
increasing adoption of IoT devices in healthcare: IoT devices are being
increasingly adopted in healthcare to collect and transmit data from patients,
equipment, and other healthcare devices. This data can be used to improve
patient care, manage chronic diseases, and reduce healthcare costs. The growing
demand for personalized and preventive healthcare: IoT technology can be used
to collect data about patients' health and lifestyle habits. This data can be
used to develop personalized healthcare plans and to prevent diseases. The
rising need to improve the efficiency and effectiveness of healthcare delivery:
IoT technology can be used to improve the efficiency and effectiveness of
healthcare delivery by automating tasks, improving communication between
healthcare providers, and reducing the risk of medical errors. Therefore, the
market of Healthcare IoT Technology is expected to boost in the upcoming years.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Healthcare IoT Technology – Global Industry Size, Share, Trends,
Opportunity, and Forecast, Segmented
By Node
(Connectivity IC, Logic Device, Memory Device, Processor, and Sensor), By
Software Solution (Data Management, Network Bandwidth Management, Real-Time
Streaming Analytics, Remote Monitoring, and Security Solution), By Platform
(Application Management, Device Management, and Network Management), By Service
(Managed Services and Professional Services), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Healthcare IoT Technology Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers make sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Healthcare IoT Technology Market.
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